2017 US Code
Title 12 - Banks and Banking
Chapter 3 - Federal Reserve System
Subchapter IX - Powers and Duties of Federal Reserve Banks
Sec. 345 - Rediscount of notes, drafts, and bills for member banks; limitation of amount
| 12 U.S.C. § 345 (2017) |
| §345. Rediscount of notes, drafts, and bills for member banks; limitation of amount |
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The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of section 84 of this title: Provided, however, That nothing in this section shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks. |
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(Dec. 23, 1913, ch. 6, §13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Apr. 12, 1930, ch. 140, 46 Stat. 162.) |
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CODIFICATION
Section is comprised of the fifth par. of section 13 of act Dec. 23, 1913, as amended. The fifth par. constituted the third par. of section 13 in 1916 (39 Stat. 752), became the fourth par. in 1923 (42 Stat. 1478), and became the fifth par. in 1932 (47 Stat. 715). For further details, see Codification notes set out under sections 343 and 344 of this title. For classification to this title of other pars. of section 13, see Codification note set out under section 342 of this title. AMENDMENTS1930—Act Apr. 12, 1930, among other changes, inserted proviso. |
| United States Code, 2012 Edition, Supplement 5, Title 12 - BANKS AND BANKING |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 12 - BANKS AND BANKING CHAPTER 3 - FEDERAL RESERVE SYSTEM SUBCHAPTER IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS Sec. 345 - Rediscount of notes, drafts, and bills for member banks; limitation of amount |
| section 345 |
| 2017 |
| January 12, 2018 |
| No |
| standard |
| 38 Stat. 264, 958 39 Stat. 752 42 Stat. 1478 46 Stat. 162 47 Stat. 715 |
