§ 341. — General enumeration of powers.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC341]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 341. General enumeration of powers
Upon the filing of the organization certificate with the Comptroller
of the Currency a Federal reserve bank shall become a body corporate and
as such, and in the name designated in such organization certificate,
shall have power--
First. To adopt and use a corporate seal.
Second. To have succession after February 25, 1927, until dissolved
by Act of Congress or until forfeiture of franchise for violation of
law.
Third. To make contracts.
Fourth. To sue and be sued, complain and defend, in any court of law
or equity.
Fifth. To appoint by its board of directors a president, vice
presidents, and such officers and employees as are not otherwise
provided for in this chapter, to define their duties, require bonds for
them and fix the penalty thereof, and to dismiss at pleasure such
officers or employees. The president shall be the chief executive
officer of the bank and shall be appointed by the board of directors,
with the approval of the Board of Governors of the Federal Reserve
System, for a term of five years; and all other executive officers and
all employees of the bank shall be directly responsible to him. The
first vice president of the bank shall be appointed in the same manner
and for the same term as the president, and shall, in the absence or
disability of the president or during a vacancy in the office of
president, serve as chief executive officer of the bank. Whenever a
vacancy shall occur in the office of the president or the first vice
president, it shall be filled in the manner provided for original
appointments; and the person so appointed shall hold office until the
expiration of the term of his predecessor.
Sixth. To prescribe by its board of directors, bylaws not
inconsistent with law, regulating the manner in which its general
business may be conducted, and the privileges granted to it by law may
be exercised and enjoyed.
Seventh. To exercise by its board of directors, or duly authorized
officers or agents, all powers specifically granted by the provisions of
this chapter and such incidental powers as shall be necessary to carry
on the business of banking within the limitations prescribed by this
chapter.
Eighth. Upon deposit with the Treasurer of the United States of any
bonds of the United States in the manner provided by existing law
relating to national banks, to receive from the Secretary of the
Treasury circulating notes in blank, registered and countersigned as
provided by law, equal in amount to the par value of the bonds so
deposited, such notes to be issued under the same conditions and
provisions of law as relate to the issue of circulating notes of
national banks secured by bonds of the United States bearing the
circulating privilege, except that the issue of such notes shall not be
limited to the capital stock of such Federal reserve bank.
But no Federal reserve bank shall transact any business except such
as is incidental and necessarily preliminary to its organization until
it has been authorized by the Comptroller of the Currency to commence
business under the provisions of this chapter.
(Dec. 23, 1913, ch. 6, Sec. 4 (pars.), 38 Stat. 254; Feb. 25, 1927, ch.
191, Sec. 18, 44 Stat. 1234; Aug. 23, 1935, ch. 614, title II, Sec. 201,
49 Stat. 703; Pub. L. 103-325, title VI, Sec. 602(g)(1), Sept. 23, 1994,
108 Stat. 2293.)
References in Text
This chapter, referred to in the Fifth, Seventh, and closing pars.,
was in the original ``this Act'', meaning act Dec. 23, 1913, ch. 6, 38
Stat. 251, as amended, known as the Federal Reserve Act. For complete
classification of this Act to the Code, see References in Text note set
out under section 226 of this title and Tables.
Codification
Section is comprised of pars. 4 and 5 of section 4 of act Dec. 23,
1913. For classification to this title of other pars. of section 4, see
Codification note set out under section 301 of this title.
Amendments
1994--Pub. L. 103-325 amended eighth power by substituting
``Secretary of the Treasury'' for ``Comptroller of the Currency''.
1935--Act Aug. 23, 1935, amended fifth power.
1927--Act Feb. 25, 1927, amended second power.
Effective Date of 1935 Amendment
Section 201 of act Aug. 23, 1935, provided that the amendment made
by that section is effective Mar. 1, 1936.
Transfer of Functions
For transfer of functions to Secretary of the Treasury, see note
under section 121 of this title.
Section Referred to in Other Sections
This section is referred to in section 442 of this title.
