12 U.S.C. § 421 — Examination of plates and dies

Page 162 TITLE 12—BANKS AND BANKING § 419 title I, § 3, June 4, 1963, 77 Stat. 54; Pub. L. 103–325, title VI, § 602(g)(3), 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, known as the Federal Reserve Act. For complete classi- fication 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 the seventh par. (formerly the eighth par.) of section 16 of act Dec. 23, 1913. For classification to this title of other pars. of section 16, see Codification note set out under section 411 of this title. AMENDMENTS 1994—Pub. L. 103–325, which directed amendment of ‘‘[t]he 1st sentence of the 8th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 418)’’ by substituting ‘‘the Secretary of the Treasury shall’’ for ‘‘the Comptroller of the Currency shall under the direction of the Secretary of the Treasury,’’ was exe- cuted by making the substitution in this section for ‘‘the Comptroller of the Currency shall, under the di- rection of the Secretary of the Treasury,’’ to reflect the probable intent of Congress. 1963—Pub. L. 88–36, which directed amendment of ‘‘[t]he first sentence of the ninth paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 418)’’ by insert- ing ‘‘$1, $2,’’ after ‘‘notes of the denominations of’’, was executed by making the insertion in this section, to re- flect the probable intent of Congress. 1918—Act Sept. 26, 1918, which directed general amendment of ‘‘the ninth paragraph of section sixteen of the Federal reserve Act, as amended by the Acts ap- proved September seventh, nineteen hundred and six- teen, and June twenty-first, nineteen hundred and sev- enteen,’’ was executed to the eighth par. of section 16 of act Dec. 23, 1913 (now classified to this section), to reflect the probable intent of Congress. Prior to amend- ment, text read as follows: ‘‘In order to furnish suitable notes for circulation as Federal reserve notes, the Comptroller of the Currency shall, under the direction of the Secretary of the Treasury, cause plates and dies to be engraved in the best manner to guard against counterfeits and fraudulent alterations, and shall have printed therefrom and numbered such quantities of such notes of the denominations of $5, $10, $20, $50, $100, as may be required to supply the Federal reserve banks. Such notes shall be in form and tenor as directed by the Secretary of the Treasury under the provisions of this Act and shall bear the distinctive numbers of the several Federal reserve banks through which they are issued.’’ § 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 subject to the order of the Comp- troller of the Currency for their delivery, as provided by this chapter.’’ § 420. Control and direction of plates and dies; expense of issue and retirement of notes paid by banks The plates and dies to be procured by the Sec- retary of the Treasury for the printing of such circulating notes shall remain under his control and direction, and the expenses necessarily in- curred in executing the laws relating to the pro- curing of such notes, and all other expenses inci- dental to their issue and retirement, shall be paid by the Federal reserve banks, and the Board of Governors of the Federal Reserve Sys- tem shall include in its estimate of expenses lev- ied against the Federal reserve banks a suffi- cient amount to cover the expenses herein pro- vided for. (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267; Pub. L. 103–325, title VI, § 602(g)(5), Sept. 23, 1994, 108 Stat. 2293.) Editorial Notes REFERENCES IN TEXT Phrase ‘‘herein provided for’’, referred to in text, probably means as provided for in section 16 of act Dec. 23, 1913. For classification to this title of section 16, see Codification note set out under section 411 of this title. CODIFICATION Section is comprised of the ninth par. (formerly the tenth 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. AMENDMENTS 1994—Pub. L. 103–325, which directed amendment of ‘‘[t]he 10th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 420)’’ by substituting ‘‘Secretary of the Treasury’’ for ‘‘Comptroller of the Currency’’ and ‘‘Board of Governors of the Federal Re- serve System’’ for ‘‘Federal Reserve Board’’, was exe- cuted by making the substitutions in this section to re- flect the probable intent of Congress. § 421. Examination of plates and dies The Secretary of the Treasury may examine the plates, dies, bed pieces, and other material Page 163 TITLE 12—BANKS AND BANKING § 461 1 See References in Text note below. used in the printing of Federal Reserve notes and issue regulations relating to such examina- tions. (Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267; Pub. L. 103–325, title VI, § 602(g)(6), Sept. 23, 1994, 108 Stat. 2293.) Editorial Notes CODIFICATION Section is comprised of the tenth (formerly the elev- enth) 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. AMENDMENTS 1994—Pub. L. 103–325, which directed general amend- ment of ‘‘[t]he 11th undesignated paragraph of section 16 of the Federal Reserve Act (12 U.S.C. 421)’’, was exe- cuted to this section to reflect the probable intent of Congress. Prior to amendment, text read as follows: ‘‘The examination of plates, dies, bed pieces, and so forth, and regulations relating to such examination of plates, dies, and so forth, of national-bank notes pro- vided for in section 108 of this title, is extended to in- clude notes herein provided for.’’ § 422. Omitted Editorial Notes CODIFICATION Section, act Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267, which made permanent appropriations for printing notes besides authorizing use of certain printing stock on hand Dec. 23, 1913, was superseded by act June 26, 1934, ch. 756, § 1(a), (b)(3), 48 Stat. 1225. SUBCHAPTER XIII—CIRCULATING NOTES AND BONDS SECURING SAME §§ 441 to 448. Omitted Editorial Notes CODIFICATION Sections, act Dec. 23, 1913, ch. 6, § 18, 38 Stat. 268, as amended by acts Mar. 9, 1933, ch. 1, title IV, § 401, 48 Stat. 6; Sept. 23, 1994, Pub. L. 103–325, title VI, § 602(g)(7), 108 Stat. 2293, are omitted as obsolete. Section 441 provided that at any time during a period of twenty years from Dec. 23, 1915, any member bank desiring to retire the whole or any part of its circu- lating notes file with the Treasurer of the United States an application to sell for its account, at par and accrued interest, United States bonds, securing circula- tion to be retired. Section 442 related to purchase of bonds by reserve banks. Section 443 related to transfer of bonds purchased, payment, and cancellation of circulating notes of mem- ber banks. Section 444 related to issuance of circulating notes to reserve banks purchasing bonds. Section 445 provided for issuance of circulating notes to Federal Reserve banks. Act June 12, 1945, ch. 186, § 3, 59 Stat. 238, provided that all power and authority with respect to the issuance of circulating notes, known as Federal Reserve bank notes, pursuant to this section would cease and terminate on June 12, 1945. Section 446 related to exchange by reserve banks of bonds bearing circulating privilege for those without such privilege. Section 447 related to form of bonds and conditions of issuance. Section 448 related to exchange of one-year gold notes for 3 per centum gold bonds. SUBCHAPTER XIV—BANK RESERVES § 461. Reserve requirements (a) Establishment of applicable definitions, pay- ment of interest, obligations as deposits, and regulations The Board is authorized for the purposes of this section 1 to define the terms used in this section,1 to determine what shall be deemed a payment of interest, to determine what types of obligations, whether issued directly by a mem- ber bank or indirectly by an affiliate of a mem- ber bank or by other means, and, regardless of the use of the proceeds, shall be deemed a de- posit, and to prescribe such regulations as it may deem necessary to effectuate the purposes of this section 1 and to prevent evasions thereof. (b) Additional definitions; required amounts of reserves maintained against transaction ac- counts; waiver of ratio limits in extraor- dinary circumstances; supplemental re- serves; reserves related to foreign obliga- tions or assets; exemption for certain depos- its; discount and borrowing; transitional ad- justments; additional exemptions and waiv- ers; earnings on balances (1) The following definitions and rules apply to this subsection, subsection (c), and sections 248–1, 248a, 342, 360, and 412 of this title: (A) The term ‘‘depository institution’’ means— (i) any insured bank as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813] or any bank which is eligible to make application to become an insured bank under section 5 of such Act [12 U.S.C. 1815]; (ii) any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make application to become an insured bank under section 5 of such Act; (iii) any savings bank as defined in section 3 of the Federal Deposit Insurance Act or any bank which is eligible to make applica- tion to become an insured bank under sec- tion 5 of such Act; (iv) any insured credit union as defined in section 1752 of this title or any credit union which is eligible to make application to be- come an insured credit union pursuant to section 1781 of this title; (v) any member as defined in section 1422 of this title; (vi) any savings association (as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]) which is an insured de- pository institution (as defined in such Act [12 U.S.C. 1811 et seq.]) or is eligible to apply to become an insured depository institution under the Federal Deposit Insurance Act; and (vii) for the purpose of sections 248–1, 342 to 347, 347c, 347d, and 372 of this title, any as- sociation or entity which is wholly owned by or which consists only of institutions re- ferred to in clauses (i) through (vi). (B) The term ‘‘bank’’ means any insured or noninsured bank, as defined in section 3 of the