12 U.S.C. § 392 — Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 58 words · no verdicts yet
No postal savings or government funds may go into a bank outside the Federal Reserve System. This rule applies within the continental United States. The Treasury Secretary can still choose to use member banks as depositaries.
No public funds from the postal savings system, and no other government funds, may be deposited within the continental United States* in any bank that doesn't belong to the Federal Reserve System created by this chapter. There's one clarification: nothing in this chapter stops the Secretary of the Treasury from using member banks — banks that do belong to the system — as depositaries.
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.
Source credit: (Dec. 23, 1913, ch. 6, § 15 (par.), 38 Stat. 265; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 7517, 60 Stat. 1352.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 265
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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