Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 359. Purchase and sale of acceptances of intermediate credit banks and agricultural credit corporations
Statutory text
Every Federal reserve bank shall have power to purchase and sell in the open market, either from or to domestic banks, firms, corporations, or individuals, acceptances of Federal intermediate credit banks and of national agricultural credit corporations, whenever the Board of Governors of the Federal Reserve System shall declare that the public interest so requires.
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. 67–6 § 14(f) · 42 Stat. 4
Enacted · 12 U.S.C. § 359
Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480
0 of 1 references resolved to an enrolled provision · 1 partial
Editorial Notes
Codification
Section is comprised of subsec. (f) of section 14 of act , as added . For classification to this title of remainder of section 14, see Codification note under section 353 of this title.
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
National Agricultural Credit Corporation
Title II of the Agricultural Credits Act, act , title II, §§ 201–217, 42 Stat. 1461, authorized creation of national agricultural credit corporations, prior to repeal by Pub. L. 86–230, , § 24, 73 Stat. 466. Prior to such repeal, act , § 77, 48 Stat. 292, had prohibited the creation, after , of national agricultural credit corporations authorized to be formed under the Agricultural Credits Act.
Credits
1913–1935 · 2 acts
- 1913Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480
- 1935amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.
Show as published
(Dec. 23, 1913, ch. 6, § 14(f), as added Mar. 4, 1923, ch. 252, title IV, § 405, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)