12 U.S.C. § 394 — Federal reserve banks as depositaries for and fiscal agents of Home Owners’ Loan Corporation
submitted 92 years ago by ch. 168 to r/title-12-BANKS-AND-BANKING · 29 words · no verdicts yet
This law lets Federal Reserve banks serve the Home Owners' Loan Corporation. They can act as its depositaries, custodians, and fiscal agents. The Secretary of the Treasury must approve this arrangement.
Federal Reserve banks are authorized — meaning permitted, not required — to act as depositaries (holding money or property), custodians (safeguarding assets), and fiscal agents (handling financial transactions) for the Home Owners' Loan Corporation. This authorization requires the approval of the Secretary of the Treasury before the Federal Reserve banks can provide these services.
The Federal Reserve banks are authorized, with the approval of the Secretary of the Treasury, to act as depositaries, custodians, and fiscal agents for the Home Owners’ Loan Corporation.
Source credit: (Apr. 27, 1934, ch. 168, § 8, 48 Stat. 646.)
- 1934Enacted · Act of Apr. 27, 1934, ch. 168 · 48 Stat. 646
A history note hasn’t been published yet. The record shows enactment by ch. 168 on 1934-04-27.
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