12 U.S.C. § 419 — Delivery of notes prior to delivery to banks

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 42 words · no verdicts yet

in plain englishAI-generated · not legal advice

This law covers newly printed currency notes. Once the notes are ready, they must be delivered to the Federal Reserve Board of Governors. The Board holds them under the Treasury Secretary's control until they're sent out to banks.

Once the currency notes covered by this chapter have been prepared, they must be delivered to the Board of Governors of the Federal Reserve System. The Board holds the notes there, but they stay subject to the order of the Secretary of the Treasury. It's the Secretary who controls when and how those notes are then delivered out to banks, in line with the rest of this chapter's rules.

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

When such notes have been prepared, the notes shall be delivered to the Board of Governors of the Federal Reserve System subject to the order of the Secretary of the Treasury for the delivery of such notes in accordance with this chapter.

Source credit: (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267; May 29, 1920, ch. 214, § 1, 41 Stat. 654; Pub. L. 103–325, title VI, § 602(g)(4), Sept. 23, 1994, 108 Stat. 2293.)

history & why it existsrecord from the source credit

1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 267
1920Amended · Act of May 29, 1920, ch. 214 · 41 Stat. 654
1994Amended · Pub. L. 103-325 · 108 Stat. 2293

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

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