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12 U.S.C. § 395 — Federal reserve banks as depositaries, custodians and fiscal agents for Commodity Credit Corporation
submitted 83 years ago by ch. 241 to r/title-12-BANKS-AND-BANKING · 19 words · no verdicts yet
in plain englishAI-generated · not legal advice
This law lets Federal Reserve banks serve the Commodity Credit Corporation. They may act as its depositaries, custodians, and fiscal agents.
This is a one-sentence authorization. Federal Reserve banks are permitted — not required — to act as depositaries (holding money or property), custodians (safeguarding assets), and fiscal agents (handling financial transactions) for the Commodity Credit Corporation. The section does not attach any conditions to this authorization or describe the Commodity Credit Corporation itself.
the actual law source: uscode.house.gov ↗public domain
The Federal Reserve banks are authorized to act as depositaries, custodians, and fiscal agents for the Commodity Credit* Corporation.
Source credit: (July 16, 1943, ch. 241, § 3, 57 Stat. 566.)
history & why it existsrecord from the source credit
- 1943Enacted · Act of July 16, 1943, ch. 241 · 57 Stat. 566
A history note hasn’t been published yet. The record shows enactment by ch. 241 on 1943-07-16.
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