§ 266. — Statechartered banks and other institutions as depositaries of public money; fiscal agents; duties.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC266]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER V--FEDERAL DEPOSIT INSURANCE CORPORATION
Sec. 266. State-chartered banks and other institutions as
depositaries of public money; fiscal agents; duties
Banks, savings banks, and savings and loan, building and loan,
homestead associations (including cooperative banks), and credit unions
created under the laws of any State and the deposits or accounts of
which are insured by a State or agency thereof or corporation chartered
pursuant to the laws of any State may be depositaries of public money
and may be employed as fiscal agents of the United States. The Secretary
of the Treasury is authorized to deposit public money in any such
institution, and shall prescribe such regulations as may be necessary to
enable such institutions to become depositaries of public money and
fiscal agents of the United States. Each such institution shall perform
all such reasonable duties as depositary of public money and fiscal
agent of the United States as may be required of it including services
in connection with the collection of taxes and other obligations owed
the United States.
(Pub. L. 95-147, Sec. 2(d), Oct. 28, 1977, 91 Stat. 1228.)
Codification
Section was not enacted as part of the Federal Reserve Act, which
comprises this chapter.
