§ 248-1. — Rules and regulations for transfer of funds and charges therefor among banks; clearing houses.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC248-1]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER II--BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Sec. 248-1. Rules and regulations for transfer of funds and
charges therefor among banks; clearing houses
The Board of Governors of the Federal Reserve System shall make and
promulgate from time to time regulations governing the transfer of funds
and charges therefor among Federal reserve banks and their branches, and
may at its discretion exercise the functions of a clearing house for
such Federal reserve banks, or may designate a Federal reserve bank to
exercise such functions, and may also require each such bank to exercise
the functions of a clearing house for depository institutions.
(Dec. 23, 1913, ch. 6, Sec. 16 (par.), 38 Stat. 268; Aug. 23, 1935, ch.
614, Sec. 203(a), 49 Stat. 704; Pub. L. 96-221, title I, Sec. 105(d),
Mar. 31, 1980, 94 Stat. 140.)
Codification
Section is comprised of fourteenth par. of section 16 of act Dec.
23, 1913, which was formerly classified to section 248(o) of this title.
For classification to this title of other pars. of section 16, see
Codification note set out under section 411 of this title.
Amendments
1980--Pub. L. 96-221 substituted ``depository institutions'' for
``its member banks''.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed the name of the Federal
Reserve Board to Board of Governors of the Federal Reserve System.
Effective Date of 1980 Amendment
Amendment by Pub. L. 96-221 effective on first day of sixth month
which begins after Mar. 31, 1980, see section 108 of Pub. L. 96-221, set
out as a note under section 248 of this title.
Section Referred to in Other Sections
This section is referred to in sections 348, 461 of this title.
