r · 285 TITLE 12.--BANK K . .1%,M and Wltl1dl‘$1W8lS» of Federal- reserve notes to and by tm; Fpderal`1*€S€l’V€ brink 120 which heyis accredited. The · mid Federal Reserve Beerd may at any tltrxe cell upon .a Fed- A .,.,-Q1 reserve Imllk fer additional security to protect me Federal- rlierx·t- mtes issued to lt. (Dec. 23, 1923, c. 6, §.·1Q, 38. Stat.
- =ls; sept. 7, 1916, c. 461., 39 Stat.`754; June 21,1917, c. 32, § 7,
4e: s;:u.c:236.)` c _- t — ‘ _ ‘ ,413. Reserves against deposits and notes; circulation of `myee; return of BBW? bank of jssue, for credit or redemp· " lien; retirement, destruction.-—Every Federal reserve lgauk
- Smeg; iueietuiu reS~eB'eS ih gold or lewful money of11ot less,
Q alum 35 per centum against ite deposits and reserves in gold of we Wires than 40 per centum against ite Federal reserve notes in ;¤·1ual.circulafio;1:-Pr0vided,.he10cuer, That when the Fed- ,m2 rl·>:orrc agent holds gold or goclrl .certlHeates_ aeccollateral -1`·»¤· lbilerel reserve notes issued tg thebduk such gold or gold . m·:i;;··uter shell be counted-es‘ perl; of the gold reserve whlch >u··l: bank is required to malutali1`agaiusfits Federal reserve ‘ ’ i»·»:»e- in actual circulation. Notes so paid out shell bear upon 12.vér faces a distinctive letter_ and sexialuumber which`. shalll xw resigned by the Federal Reserve Board to each· Federal _ ;·l·»t·;·vt·` hzguk. Whenever Federal reserye notes, issued tlu·ough» mw l—`erlex·z1l reserve_bauk shall be received by another Federal ·r}-3··r-re bsmk, they sliall. be promptly returriedjor credit or
- ·(··1empti·o¤ to the Federal reserve b‘zmk· thri-nf?-k_which they
xr.-re originally iésued, or upon direction of ch Federal resorw bank, they shall be forwhrded direct to the Treasurer of the Vnitcd States to bé retired.- ’No Federal reserve bank shall pay. out rrotm issued tlirough another under penalty of a tarot 1w por ceutum upoe the face value of zloteseo paid out, Noted
- »a·1·$&·x1tcd_for redemptiorrat the Treasurylof the United States
shall beipaid onto! the redemption fund and returned to the l·`4·¤lr·r:1l·`reserre banks through irlnlch the§ were originally fissued, and thereupon such Federel·"re.serve bailk shell, uporr demand of `the Secretary of the Treasury, relmpurse such reé demptiou fmid lu lawful money or, if `éuch Federal reserve wwe have been redeemed-=by“ the Treasurer in gold,or gold l·r·rliii43,t!es, thee such fuxideshall befrelmlmrsed_ to the extent ._ deemed necessary by the Secretary of the Treasury in gold or gum ceertlticdtes, and such Federal reserve muh shall.- soloug ee mgylef its Federal reserve notes remain outstanding, malnmin trial;. the Treasurer in gold an emountmumcleut in the ` jmlgmieut otjtlie `Secretary to provide for ull redemptlqile to bemmle by the Trmsurer, N Federal resérvemuatee received by the Tagearizrer otlnerrrise than for redemption may_ be exchanged for gold out ot the redemption ·fund.herelnattel· prorided and murxned to the reserve bank tl1rough·_wl1lcl; they were originally issued, or ·they·¤mey be- returaed to such bank for the credit of tis? United States. . Federal reserve notes} undt for elrculatlou rlmll he ret11r¤ed‘by' the Federal reserve agents ro the Oomp- " lroller et the Currency for cancellation and dwtruction, (Dec. $5%. 1923, c."6, { 16,38 Stat. 266; June 21; 1917, c. 32,] 7, 40 2%mt.2%.) ° ‘ ° . , r· . _ N . 414. Gold deposlts_·l¤‘T1`re•nr1ry for redemption of issued notes; autherlt}; M Reserve Board, respecting issuamze of notes} irterest-;· lien.-··—·-Tire Federal Reserve Beard shall require em-ln Federal rwerve bank to maidtaipou deposit ip tlxe Trees; ery of the United States n rum ln gold eumcleut ln` the judgment ot the Secretary ot the ·r;ea,¤¤ry‘o·mr~‘me redemption of the
- Federal reserve notes mum to such bairk, but in ine event
less than 5 per eentum of the total amount oti notes issued , less the eniomit oi geld oi·"g0ld certidmtes held by the Federal reserve agent · as collateral security ;. but reucla deposit o£ gold eelmll be (mused and included es part of the ,40 per ceutum reeerve berelnbefore required; The board s/hell hire the right, acting rhreegu the Federal remrve egexlt, to grant, ln whole or lu part, erto reject entirely the dpplicstiw et any; Federal
ie 42m BANKING — § 417 reserve bank for Federal reserve notes; but to 'the extent thutfsuch application nimy be granted thee Federal Reserve Board shall, through its local Federal rewrve agent, supply Federnl reserve notes to the banks { eo epplyieg, and eneh, bank shell be Charged with`the` amount of notes issued to it end shell pay such raterof interest as may be established by the Federal _Ileserve`»Board on only thet amount of! sueh notes _whi‘ch equals the totel amount ot its outstanding Federal reservfenotee less the amount of gold or gold wertiilcntcs held by the Eederal reserve. agent-as collateral security,. e Federal reserve notes issued to any such bank shall, upon. delivery, together with such notes of such Federelreserve bank as may · be issued under sections 4441 to 448°ofthis ehapter npon security ot United States 2,per centum Government bonds, become a drsti and poremount lien on all the assets ofnsuch bank; (Dec. Z3, 1923, cr 6, 5 16, 38_ Stat. 266; June 21, 1917, ez 32, 5 7, 40 Stat., ‘236-)_. ’ ./ t * 1 ` 415. Reduction of liability`· for outstanding notes by/d deposit-I ing notes ond collaterhl; reissue of depositd notes; nse of wb ·· lateral for redemption.-Q-—Auy' Federal reurre bunk-imny nt eny time reduce its liahlllty for outstanding Federal reserve notes by depositing with the Federal reserve agen! its Federal hereserve notes, gold, gold'ce1‘tiHcal‘£es, or lawful money, of the United States. Federal reserve notes so deposited shall not bo reissued, _ except upon compliance with the conditions. of an orlgin;1l’ issue. — ._.· · l' I - . ’ _ l - The Federalreserve agent shall hold such gold, gold certificates,. or lawful money. available exélesively (or eichenge for the outstanding Federal reserve note; when offered by the re§ serve bank of which he is_ a director.· Upon the request of the Secretary ot, the Treasury the Federal Rmrve Boord shall require the Federal reéervergent to trimmit to tm Truéurer of the»United States so `mnch ot the'g~old held jby-jhig an tool- A lateral seourity iordfederal reserve notes ee- mo.? be required ’tor the erclnsivea purpose" of the r@mption of ee& Federal __ reserve notes, but snelr gold when deposlted with the Treasurer shall be counted and considered as lf eollaternl xcnritr on deposit with the Federal reserve agent. .·(Dec. %, 19@,`c. 6, f {16, 38 Stat. 267; June 21, 191'Ae; $7, 46 Stat.; @6.) · . 416. Withdrawal of collateral depoaltm .m_ protect adm; substitution · of other oolloternl or-‘ oi nets.-—Any Federel_:reserv‘e.bonk may at its diseretdon wnmomweouéagmz. deposited with the local Eédernl remrve egent for the protee— f _tion of its Federnl reserve notm Issued to it and-sha1l et the same time snbstltute therefor ether collateral of . eqnel amouet °Y\'ftll` the almrovel of `the Federal reserve agent under texte-_ .. lotions to prescribed by the Federol_`Reeerre Board. . Any 6 Eedernl reserve bouk may retire eny of its _Federal· reserve] notes by depositing them with the Federal rmrjre 'agent or with the éllreusnrer. of the United SIa·tee.fond Such Federal reserve bank- shall thereupon be entitled to `xeceiro beck the, colleteral deposited with the Federal reeerre `ngent for the security! ot such notes; Federal reserve hunks elmll not be _, required to maintain the reserve or the redemption fund here- . tofore provided for ngnlnet Federal reserre noted which here hgh retired; Federal reserve notes eo deposited shall not be _r zoned except upon oomplianoe with the conditions of on original issne. (Dec. 23,19%, e. 6, 5 16, Stet. 267 `;- June 21, -1917, c; 36, § 7, 40 Stat. @6.), ·· T _ · _417. Custody and safe-keeping of nots tuned to aml°eollnt·, · `ernl deposited with reserre a:ge·nt.—·—··All_ Federal reeerre notes and ollgold, gold certltieotes, and lawful money lseued to or deposited with no Federal reserve agent under the provisions of this chapter shell hereafter be held for sueh agent, under such ~ ri1les_ and reguletione ns the Federal Reeerre Board may pref eeribe, in the joint cnetody of himself uname Federal reserve bunk to vghleh he ls. ncoreditedi Such arent and mich Federal
