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12 U.S.C. § 467 — Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer

submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 406 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Treasury Secretary must accept gold or Special Drawing Right deposits from Federal Reserve banks. These deposits are credited to the Federal Reserve System's account and repaid in the same form. The Board of Governors controls when and how these funds are paid out.

This section is a single, undivided provision, and covers several related steps. The Secretary of the Treasury must receive deposits of gold, gold certificates, or Special Drawing Right certificates from a Federal Reserve bank or Federal Reserve agent, made with the Treasurer or another approved government depositary. These deposits are credited to that bank or agent's account with the Board of Governors of the Federal Reserve System. The Secretary sets, by regulation, the form of the receipt the Treasurer or depositary gives for each deposit, and a copy of that receipt goes to the Board of Governors once the depositary confirms the deposit was made. Deposits are held under the Board of Governors' control. Gold or gold certificate deposits must be paid back in gold certificates, and Special Drawing Right certificate deposits must be paid back in Special Drawing Right certificates, whenever the Board of Governors orders payment to a Federal Reserve bank or agent — either at the Treasury or at the nearest U.S. subtreasury. The payment order the Board of Governors uses must be signed by the Board's chairman or vice chairman, or another official the Board names by regulation, and the Secretary of the Treasury must approve the form of that order. Expenses needed to carry out this section — including the cost of the certificates or receipts and all other costs of handling these deposits — are paid by the Board of Governors and charged to the Federal Reserve banks. Finally, nothing in this section changes a specific 1900 banking law (as later amended), and this section does not apply to deposits, receipts, or certificates made or issued under those earlier laws.
the actual law source: uscode.house.gov ↗public domain

The Secretary of the Treasury is authorized and directed to receive deposits of gold or of gold certificates or of Special Drawing Right certificates with the Treasurer or any designated depositary of the United States when tendered by any Federal Reserve bank or Federal Reserve agent for credit to its or his account with the Board of Governors of the Federal Reserve System. The Secretary shall prescribe by regulation the form of receipt to be issued by the Treasurer or designated depositary to the Federal Reserve bank or Federal Reserve agent making the deposit, and a duplicate of such receipt shall be delivered to the Board of Governors of the Federal Reserve System by the Treasurer at Washington upon proper advices from any designated depositary that such deposit has been made. Deposits so made shall be held subject to the orders of the Board of Governors of the Federal Reserve System and deposits of gold or gold certificates shall be payable in gold certificates, and deposits of Special Drawing Right certificates shall be payable in Special Drawing Right certificates, on the order of the Board of Governors of the Federal Reserve System to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the subtreasury of the United States nearest the place of business of such Federal Reserve bank or such Federal Reserve agent. The order used by the Board of Governors of the Federal Reserve System in making such payments shall be signed by the chairman or vice chairman, or such other officers or members as the Board may by regulation prescribe. The form of such order shall be approved by the Secretary of the Treasury.

The expenses necessarily incurred in carrying out these provisions, including the cost of the certificates or receipts issued for deposits received, and all expenses incident to the handling of such deposits shall be paid by the Board of Governors of the Federal Reserve System and included in its assessments against the several Federal Reserve banks.

Nothing in this section 1 shall be construed as amending section six of the Act of March fourteenth, nineteen hundred, as amended by the Acts of March fourth, nineteen hundred and seven, March second, nineteen hundred and eleven, and June twelfth, nineteen hundred and sixteen, nor shall the provisions of this section 1 be construed to apply to the deposits made or to the receipts or certificates issued under those Acts.

Source credit: (Dec. 23, 1913, ch. 6, § 16 (pars.), as added June 21, 1917, ch. 32, § 8, 40 Stat. 238; amended May 29, 1920, ch. 214, § 1, 41 Stat. 654; Jan. 30, 1934, ch. 6, § 2(b)(7), (8), 48 Stat. 339, 340; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 89–3, § 2, Mar. 3, 1965, 79 Stat. 5; Pub. L. 90–269, § 7, Mar. 18, 1968, 82 Stat. 50; Pub. L. 90–349, § 5(d), June 19, 1968, 82 Stat. 189.)

history & why it existsrecord from the source credit
  • 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 40 Stat. 238
  • 1920Amended · Act of May 29, 1920, ch. 214 · 41 Stat. 654
  • 1934Amended · Act of Jan. 30, 1934, ch. 6 · 48 Stat. 339, 340
  • 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
  • 1965Amended · Pub. L. 89-3 · 79 Stat. 5
  • 1968Amended · Pub. L. 90-269 · 82 Stat. 50
  • 1968Amended · Pub. L. 90-349 · 82 Stat. 189

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

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