Acting as agent for nonmember bank in getting discounts from reserve bank

  1. Law
  2. USC 12
  3. Banks And Banking
  4. FEDERAL RESERVE SYSTEM
  5. POWERS AND DUTIES OF MEMBER BANKS
  6. Acting as agent for nonmember bank in getting discounts from reserve bank

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§374. Acting as agent for nonmember bank in getting discounts from reserve bank

No member bank shall act as the medium or agent of a nonmember bank in applying for or receiving discounts from a Federal reserve bank under the provisions of this chapter, except by permission of the Board of Governors of the Federal Reserve System.

(Dec. 23, 1913, ch. 6, §19(e), formerly §19 (par. 8), 38 Stat. 270 ; June 21, 1917, ch. 32, §10, 40 Stat. 239 ; Aug. 23, 1935, ch. 614, title II, §203(a), 49 Stat. 704 ; renumbered §19(e), Pub. L. 89–597, §2(b), Sept. 21, 1966, 80 Stat. 824 .)

References in Text

This chapter, referred to in text, was in the original "this Act", meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251 , as amended, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.

Codification

Section is comprised of part of subsec. (e), formerly eighth par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597. Remainder of subsec. (e) of such section 19 is classified to section 463 of this title.

Change of Name

Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.


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