§ 332. — Depositaries of public money; financial agents; security required.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC332]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
Sec. 332. Depositaries of public money; financial agents;
security required
All banks or trust companies incorporated by special law or
organized under the general laws of any State, which are members of the
Federal reserve system, when designated for that purpose by the
Secretary of the Treasury, shall be depositaries of public money, under
such regulations as may be prescribed by the Secretary; and they may
also be employed as financial agents of the Government; and they shall
perform all such reasonable duties, as depositaries of public money and
financial agents of the Government, as may be required of them. The
Secretary of the Treasury shall require of the banks and trust companies
thus designated satisfactory security, by the deposit of United States
bonds or otherwise, for the safe keeping and prompt payment of the
public money deposited with them and for the faithful performance of
their duties as financial agents of the Government.
(Dec. 23, 1913, ch. 6, Sec. 9 (par.), as added May 7, 1928, ch. 507, 45
Stat. 492.)
Codification
Section is comprised of the fifteenth par. of section 9 of act Dec.
23, 1913, as amended. The fifteenth par. constituted the thirteenth par.
of section 9 in 1928 (45 Stat. 492), became the fourteenth par. in 1935
(49 Stat. 704), and became the fifteenth par. in 1950 (64 Stat. 458).
For further details, see Codification notes set out under sections 321
and 329a of this title.
