Title 12 — Banks and Banking
Chapter 3 — Federal Reserve System
§ 392. Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries
Statutory text
No public funds of the postal savings, or any Government funds, shall be deposited in the continental United States in any bank not belonging to the system established by this chapter: Provided, however, That nothing in this chapter shall be construed to deny the right of the Secretary of the Treasury to use member banks as depositaries.
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 § 15 · 38 Stat. 103
Enacted · 12 U.S.C. § 392
Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265
0 of 1 references resolved to an enrolled provision · 1 partial
Editorial Notes
References in Text
This chapter, referred to in text, was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.
Codification
Words “of the Philippine Islands, or” after “No public funds” were deleted on authority of 1946 Proc. No. 2695, which granted independence to the Philippine Islands pursuant to section 1394 of Title 22. Proc. No. 2695 is set out as a note under section 1394 of Title 22, Foreign Relations and Intercourse.
Section is comprised of second par. of section 15 of act . Par. 1 of section 15 and par. 3 of section 15, as added Mar. 4, 1923, ch. 252, title IV, § 406, 42 Stat. 1480, are classified to sections 391 and 393, respectively, of this title.
Credits
1913–1946 · 2 acts
- 1913Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265
- 1946Proc. No. 2695, eff. , 11 F.R. 7517, 60 Stat. 1352.
Show as published
(Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265; Proc. No. 2695, eff. , 11 F.R. 7517, 60 Stat. 1352.)