§ 243. — Assessments upon Federal reserve banks to pay expenses.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC243]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER II--BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Sec. 243. Assessments upon Federal reserve banks to pay expenses
The Board of Governors of the Federal Reserve System shall have
power to levy semiannually upon the Federal reserve banks, in proportion
to their capital stock and surplus, an assessment sufficient to pay its
estimated expenses and the salaries of its members and employees for the
half year succeeding the levying of such assessment, together with any
deficit carried forward from the preceding half year and such
assessments may include amounts sufficient to provide for the
acquisition by the Board in its own name of such site or building in the
District of Columbia as in its judgement alone shall be necessary for
the purpose of providing suitable and adequate quarters for the
performance of its functions. After September 1, 2000, the Board may
also use such assessments to acquire, in its own name, a site or
building (in addition to the facilities existing on such date) to
provide for the performance of the functions of the Board. After
approving such plans, estimates, and specifications as it shall have
caused to be prepared, the Board may, notwithstanding any other
provision of law, cause to be constructed on any site so acquired by it
a building or buildings suitable and adequate in its judgement for its
purposes and proceed to take all such steps as it may deem necessary or
appropriate in connection with the construction, equipment, and
furnishing of such building or buildings. The Board may maintain,
enlarge, or remodel any building or buildings so acquired or constructed
and shall have sole control of such building or buildings and space
therein.
(Dec. 23, 1913, ch. 6, Sec. 10 (par.), 38 Stat. 261; June 3, 1922, ch.
205, 42 Stat. 621; June 19, 1934, ch. 653, Sec. 4, 48 Stat. 1108; Aug.
23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 106-569,
title X, Sec. 1001, Dec. 27, 2000, 114 Stat. 3027.)
Codification
Section is comprised of third par. of section 10 of act Dec. 23,
1913. For classification to this title of other pars. of section 10, see
note set out under section 241 of this title.
Amendments
2000--Pub. L. 106-569 inserted ``After September 1, 2000, the Board
may also use such assessments to acquire, in its own name, a site or
building (in addition to the facilities existing on such date) to
provide for the performance of the functions of the Board.'' after first
sentence, inserted ``or buildings'' after ``building'' wherever
appearing in third and fourth sentences, and substituted ``constructed
on any site'' for ``constructed on the site'' in third sentence.
1934--Act June 19, 1934, inserted provisions after ``the preceding
half year'' in first sentence and inserted second and third sentences.
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.
