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12 U.S.C. § 413 — Distinctive letter and serial number of notes; cancellation of notes unfit for circulation; accounting; apportionment of credit among Federal Reserve banks

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 89 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law sets rules for Federal Reserve notes. Each note must have a distinctive letter and serial number for its issuing bank. Worn-out notes must be destroyed under Treasury procedures, with credit split among the twelve Federal Reserve banks.

Federal Reserve notes must carry on their faces a distinctive letter and serial number, which the Board of Governors of the Federal Reserve System assigns to each Federal Reserve bank. Notes unfit for circulation must be canceled, destroyed, and accounted for, following procedures the Secretary of the Treasury prescribes, at locations the Secretary designates. After such notes are destroyed, the Board of Governors of the Federal Reserve System divides the credit for them among the twelve Federal Reserve banks.
the actual law source: uscode.house.gov ↗public domain

Federal Reserve notes shall bear upon their faces a distinctive letter and serial number which shall be assigned by the Board of Governors of the Federal Reserve System to each Federal Reserve bank. Federal Reserve notes unfit for circulation shall be canceled, destroyed, and accounted for under procedures prescribed and at locations designated by the Secretary of the Treasury. Upon destruction of such notes, credit with respect thereto shall be apportioned among the twelve Federal Reserve banks as determined by the Board of Governors of the Federal Reserve System.

Source credit: (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 266; June 21, 1917, ch. 32, § 7, 40 Stat. 236; Jan. 30, 1934, ch. 6, § 2(b)(3), (4), 48 Stat. 338; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; June 12, 1945, ch. 186, § 1(a), 59 Stat. 237; July 19, 1954, ch. 547, 68 Stat. 495; Pub. L. 89–3, § 1, Mar. 3, 1965, 79 Stat. 5; Pub. L. 89–427, § 3, May 20, 1966, 80 Stat. 161; Pub. L. 90–269, § 3, Mar. 18, 1968, 82 Stat. 50.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 266
  • 1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 236
  • 1934Amended · Act of Jan. 30, 1934, ch. 6 · 48 Stat. 338
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
  • 1945Amended · Act of June 12, 1945, ch. 186 · 59 Stat. 237
  • 1954Amended · Act of July 19, 1954, ch. 547 · 68 Stat. 495
  • 1965Amended · Pub. L. 89-3 · 79 Stat. 5
  • 1966Amended · Pub. L. 89-427 · 80 Stat. 161
  • 1968Amended · Pub. L. 90-269 · 82 Stat. 50

A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.

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