§ 345. — Rediscount of notes, drafts, and bills for member banks; limitation of amount.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC345]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 345. Rediscount of notes, drafts, and bills for member
banks; limitation of amount
The aggregate of notes, drafts, and bills upon which any person,
copartnership, association, or corporation is liable as maker, acceptor,
indorser, drawer, or guarantor, rediscounted for any member bank, shall
at no time exceed the amount for which such person, copartnership,
association, or corporation may lawfully become liable to a national
banking association under the terms of section 84 of this title:
Provided, however, That nothing in this section shall be construed to
change the character or class of paper now eligible for rediscount by
Federal reserve banks.
(Dec. 23, 1913, ch. 6, Sec. 13 (par.), 38 Stat. 264; Mar. 3, 1915, ch.
93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Apr. 12, 1930,
ch. 140, 46 Stat. 162.)
Codification
Section is comprised of the fifth par. of section 13 of act Dec. 23,
1913, as amended. The fifth par. constituted the third par. of section
13 in 1916 (39 Stat. 752), became the fourth par. in 1923 (42 Stat.
1478), and became the fifth par. in 1932 (47 Stat. 715). For further
details, see Codification notes set out under sections 343 and 344 of
this title. For classification to this title of other pars. of section
13, see Codification note set out under section 342 of this title.
Amendments
1930--Act Apr. 12, 1930, among other changes, inserted proviso.
Section Referred to in Other Sections
This section is referred to in sections 84, 412, 461 of this title.
