12 U.S.C. § 1434 — Depositaries of public money; financial agents

submitted 94 years ago by ch. 522 to r/title-12-BANKS-AND-BANKING · 75 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section concerns Depositaries of public money; financial agents. When designated for that purpose by the Secretary of the Treasury, each Federal Home Loan Bank shall be a depositary of public money, except receipts from customs, under such regulations as may be prescribed by said Secretary; and it may also be employed as a financial agent of the Government; and it shall perform all such reasonable duties as depositary of public money and financial agent of the Government as may be required of it.

When designated for that purpose by the Secretary of the Treasury, each Federal Home Loan Bank must be a depositary of public money, except receipts from customs, under such regulations as can be prescribed by said Secretary; and it can also be employed as a financial agent of the Government; and it must perform all such reasonable duties as depositary of public money and financial agent of the Government as can be required of it.

the actual law source: uscode.house.gov ↗public domain

When designated for that purpose by the Secretary of the Treasury, each Federal Home Loan Bank shall be a depositary of public money, except receipts from customs, under such regulations as may be prescribed by said Secretary; and it may also be employed as a financial agent of the Government; and it shall perform all such reasonable duties as depositary of public money and financial agent of the Government as may be required of it.

Source credit: (July 22, 1932, ch. 522, § 14, 47 Stat. 736.)

history & why it existsrecord from the source credit

1932Enacted · Act of July 22, 1932, ch. 522 · 47 Stat. 736

A history note hasn’t been published yet. The record shows enactment by ch. 522 on 1932-07-22.

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