12 U.S.C. § 464 — Checking against and withdrawal of reserve balance
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 52 words · no verdicts yet
A member bank may draw down and withdraw from the reserve balance it is required to keep at a Federal Reserve bank, in order to pay its existing debts, following rules and penalties the Federal Reserve Board sets.
The required balance carried by a member bank with a Federal reserve bank may, under the regulations and subject to such penalties as may be prescribed by the Board of Governors of the Federal Reserve System, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities.
Source credit: (Dec. 23, 1913, ch. 6, § 19(f), formerly § 19 (par. 9), 38 Stat. 270; Aug. 15, 1914, ch. 252, 38 Stat. 691; June 21, 1917, ch. 32, § 10, 40 Stat. 239; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; July 7, 1942, ch. 488, § 3, 56 Stat. 648; renumbered § 19(f), Pub. L. 89–597, § 2(b), Sept. 21, 1966, 80 Stat. 824.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 270
- 1914Amended · Act of Aug. 15, 1914, ch. 252 · 38 Stat. 691
- 1917Amended · Act of June 21, 1917, ch. 32 · 40 Stat. 239
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
- 1942Amended · Act of July 7, 1942, ch. 488 · 56 Stat. 648
- 1966Amended · Pub. L. 89-597 · 80 Stat. 824
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
all 0 arguments · sorted by: best
no arguments yet — make the first case