12 U.S.C. § 350 — Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 61 words · no verdicts yet

in plain englishAI-generated · not legal advice

A Federal Reserve Bank may buy and sell debentures and similar debt issued by a Federal intermediate credit bank or a national agricultural credit corporation. It can only do this to the same extent, and under the same limits, that apply to buying and selling bonds under Title I of the Federal Farm Loan Act.

This section has no lettered subsections; it is one connected rule. A Federal Reserve Bank may also buy and sell debentures and other similar obligations issued by a Federal intermediate credit bank or by a national agricultural credit corporation. It may only do this to the same extent, and subject to the same limits, that govern its buying and selling of bonds issued under Title I of the Federal Farm Loan Act.

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

Any Federal reserve bank may also buy and sell debentures and other such obligations issued by a Federal intermediate credit bank or by a national agricultural credit corporation, but only to the same extent as and subject to the same limitations as those upon which it may buy and sell bonds issued under title I of the Federal Farm Loan Act.

Source credit: (Dec. 23, 1913, ch. 6, § 13A (par.), formerly § 13a, as added Mar. 4, 1923, ch. 252, title IV, § 404, 42 Stat. 1480; renumbered § 13A, Pub. L. 102–242, title I, § 142(e)(1), Dec. 19, 1991, 105 Stat. 2281.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 42 Stat. 1480
1991Amended · Pub. L. 102-242 · 105 Stat. 2281

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

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