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.
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Source location: Title 12, Chapter 3, § 419; chapter-003-federal-reserve-system.md
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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.
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Federal law — U.S. Code and appendices · legal_authorities
§ 419. Delivery of notes prior to delivery to banks
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.
(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.)
Editorial Notes
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 Ref-
erences in Text note set out under section 226 of this
title and Tables.
CODIFICATION
Section is comprised of the eighth par. (formerly the
ninth par.) of section 16 of act Dec. 23, 1913. For classi-
fication to this title of other pars. of section 16, see
Codification note set out under section 411 of this title.
On authority of act May 29, 1920, which abolished of-
fices of Assistant Treasurers and distributed their func-
tions, ‘‘designated depositary’’ substituted for ‘‘sub-
treasury’’ in 1926 ed. of the Code.
AMENDMENTS
1994—Pub. L. 103–325, which directed general amend-
ment of ‘‘[t]he 9th undesignated paragraph of section 16
of the Federal Reserve Act (12 U.S.C. 419)’’, was exe-
cuted to this section to reflect the probable intent of
Congress. Prior to amendment, section read as follows:
‘‘When such notes have been prepared, they shall be de-
posited in the Treasury, or in the designated depositary
or mint of the United States nearest the place of busi-
ness of each Federal reserve bank and shall be held for
the use of such bank subje