§ 347c. — Advances to individuals, partnerships, and corporations; security; interest rate.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC347c]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 347c. Advances to individuals, partnerships, and
corporations; security; interest rate
Subject to such limitations, restrictions, and regulations as the
Board of Governors of the Federal Reserve System may prescribe, any
Federal reserve bank may make advances to any individual, partnership,
or corporation on the promissory notes of such individual, partnership,
or corporation secured by direct obligations of the United States or by
any obligation which is a direct obligation of, or fully guaranteed as
to principal and interest by any agency of the United States. Such
advances shall be made for periods not exceeding 90 days and shall bear
interest at rates fixed from time to time by the Federal reserve bank,
subject to the review and determination of the Board of Governors of the
Federal Reserve System.
(Dec. 23, 1913, ch. 6, Sec. 13 (par.), as added Mar. 9, 1933, ch. 1,
title IV, Sec. 403, 48 Stat. 7; amended Aug. 23, 1935, ch. 614, title
II, Sec. 203(a), 49 Stat. 704; Pub. L. 90-505, Sec. 3(b), Sept. 21,
1968, 82 Stat. 856.)
Codification
Section is comprised of the thirteenth par. of section 13 of act
Dec. 23, 1913, as added by act Mar. 9, 1933. For additional details
concerning the enactment and numbering of the first twelve and
fourteenth pars. of section 13, see Codification notes set out under
sections 92, 342 to 347, 347d, 361, 372, and 373 of this title.
Amendments
1968--Pub. L. 90-505 added promissory notes secured by any
obligation which is a direct obligation of, or fully guaranteed as to
principal and interest by, any agency of the United States to the list
of types of promissory notes on which federal reserve banks may make
advances to individuals, partnerships, and corporations.
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.
Section Referred to in Other Sections
This section is referred to in sections 84, 412, 461 of this title.
