12 U.S.C. § 393 — Federal reserve banks as depositaries for Farm Credit System
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 34 words · no verdicts yet
This law lets Federal Reserve banks act as depositaries and fiscal agents for Farm Credit System institutions. That includes Federal land banks, Federal intermediate credit banks, and banks for cooperatives.
This is a short authorization. Federal Reserve banks are allowed — but not required — to act as depositaries (places that hold money or property) and fiscal agents (entities that handle financial transactions) for institutions in the Farm Credit* System. The law lists which institutions qualify: any Federal land bank, any Federal intermediate credit bank, any bank for cooperatives, or any other institution that is part of the Farm Credit System. This section does not describe what the Farm Credit System is beyond naming these institution types — it simply authorizes the Federal Reserve banks to provide these services to them.
The Federal Reserve banks are authorized to act as depositaries for and fiscal agents of any Federal land bank, Federal intermediate credit* bank, bank for cooperatives, or other institutions of the Farm Credit System.
Source credit: (Dec. 23, 1913, ch. 6, § 15 (par.), as added Mar. 4, 1923, ch. 252, title IV, § 406, 42 Stat. 1480; amended Pub. L. 92–181, title V, § 5.41, formerly § 5.27(b), Dec. 10, 1971, 85 Stat. 625; renumbered § 5.41(b), Pub. L. 99–205, title II, § 205(a)(2), Dec. 23, 1985, 99 Stat. 1703; renumbered § 5.41, Pub. L. 100–233, title VIII, § 805(ff)(2), Jan. 6, 1988, 101 Stat. 1717.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 42 Stat. 1480
- 1971Amended · Pub. L. 92-181 · 85 Stat. 625
- 1985Amended · Pub. L. 99-205 · 99 Stat. 1703
- 1988Amended · Pub. L. 100-233 · 101 Stat. 1717
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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