§ 346. — Discount of acceptances.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC346]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 346. Discount of acceptances
Any Federal reserve bank may discount acceptances of the kinds
hereinafter described, which have a maturity at the time of discount of
not more than ninety days' sight, exclusive of days of grace, and which
are indorsed by at least one member bank: Provided, That such
acceptances if drawn for an agricultural purpose and secured at the time
of acceptance by warehouse receipts or other such documents conveying or
securing title covering readily marketable staples may be discounted
with a maturity at the time of discount of not more than six months'
sight exclusive of days of grace.
(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; Mar. 4, 1923,
ch. 252, title IV, Sec. 403, 42 Stat. 1479.)
References in Text
Words ``hereinafter described'' are from the sixth par. of section
13 of the Federal Reserve Act, see Codification note below. Reference
could be to acceptances described in the remaining paragraphs of section
13, which are contained in sections 82, 347, 347c, and 372 of this
title, or to acceptances described in subsequent sections of the Federal
Reserve Act, sections 14 et seq. of act Dec. 23, 1913.
Codification
Section is comprised of the sixth par. of section 13 of act Dec. 23,
1913, as amended. The sixth par. constituted the fourth par. of section
13 in 1916 (39 Stat. 752), became the fifth par. in 1923 (42 Stat.
1478), and became the sixth par. in 1932 (47 Stat. 715). For further
details, see Codification notes 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.
Section Referred to in Other Sections
This section is referred to in sections 84, 412, 461 of this title.
