Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 356. Purchase of commercial paper from member banks and sale of same
Statutory text
Every Federal reserve bank shall have power to purchase from member banks and to sell, with or without its indorsement, bills of exchange arising out of commercial transactions, as hereinbefore defined.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 63–6 § 14(c) · 38 Stat. 103
Enacted · 12 U.S.C. § 356
(Dec. 23, 1913, ch. 6, § 14(c), 38 Stat. 264.)
Source evidence
Code source credit
(Dec. 23, 1913, ch. 6, § 14(c), 38 Stat. 264.)
0 of 1 references resolved to an enrolled provision · 1 partial
Editorial Notes
Codification
Section is comprised of subsec. (c) of section 14 of act . For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
Credits
(Dec. 23, 1913, ch. 6, § 14(c), 38 Stat. 264.)