§ 331. — Certifying checks on State banks admitted as members.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC331]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 331. Certifying checks on State banks admitted as members
It shall be unlawful for any officer, clerk, or agent of any bank
admitted to membership under authority of this subchapter, to certify
any check drawn upon such bank unless the person or company drawing the
check has on deposit therewith at the time such check is certified an
amount of money equal to the amount specified in such check. Any check
so certified by duly authorized officers shall be a good and valid
obligation against such bank, but the act of any such officer, clerk, or
agent in violation of this subchapter, may subject such bank to a
forfeiture of its membership in the Federal reserve system upon hearing
by the Board of Governors of the Federal Reserve System.
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), as added June 21, 1917, ch. 32,
Sec. 3, 40 Stat. 234; amended Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 9 of act Dec. 23, 1913, which is classified
generally to this subchapter (Sec. 321 et seq.).
Codification
Section is comprised of the fourteenth par. of section 9 of act Dec.
23, 1913, as amended. The fourteenth par. constituted the eleventh par.
of section 9 in 1917 (40 Stat. 232), became the twelfth par. in 1927 (44
Stat. 1229), became the thirteenth par. in 1935 (49 Stat. 704), and
became the fourteenth par. in 1950 (64 Stat. 458). For further details,
see Codification notes set out under sections 321 and 329a of this
title.
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.
