§ 349. — Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC349]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 349. Rediscount for intermediate credit banks of
obligations given for agricultural purposes; discount of notes
made pursuant to section 1031
Any Federal reserve bank may, subject to regulations and limitations
to be prescribed by the Board of Governors of the Federal Reserve
System, rediscount such notes, drafts, and bills mentioned in section
348 of this title for any Federal intermediate credit bank, except that
no Federal reserve bank shall rediscount for a Federal intermediate
credit bank any such note or obligation which bears the indorsement of a
nonmember State bank or trust company which is eligible for membership
in the Federal reserve system in accordance with subchapter VIII of this
chapter. Any Federal reserve bank may also, subject to regulations and
limitations to be prescribed by the Board of Governors of the Federal
Reserve System, discount notes payable to and bearing the indorsement of
any Federal intermediate credit bank covering loans or advances made by
such bank pursuant to the provisions of section 1031 \1\ of this title
which have maturities at the time of discount of not more than nine
months, exclusive of days of grace, and which are secured by notes,
drafts, or bills of exchange eligible for rediscount by Federal Reserve
banks.
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\1\ See References in Text note below.
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(Dec. 23, 1913, ch. 6, Sec. 13A (par.), formerly Sec. 13a, as added Mar.
4, 1923, ch. 252, title IV, Sec. 404, 42 Stat. 1479; amended May 19,
1932, ch. 191, Sec. 5, 47 Stat. 160; Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704; renumbered Sec. 13A, Pub. L. 102-242, title
I, Sec. 142(e)(1), Dec. 19, 1991, 105 Stat. 2281.)
References in Text
Subchapter VIII of this chapter, referred to in text, was in the
original ``section 9 of this Act'', meaning section 9 of act Dec. 23,
1913, ch. 6, 38 Stat. 251, as amended, known as the Federal Reserve Act.
Section 9 of the act is classified generally to subchapter VIII
(Sec. 321 et seq.) of this chapter.
Section 1031 of this title, referred to in text, was repealed by
Pub. L. 92-181, title V, Sec. 5.26(a), Dec. 10, 1971, 85 Stat. 624. See
section 2074 of this title.
Codification
Section is comprised of second par. of section 13A, formerly section
13a, as added Mar. 4, 1923. Pars. 1, 3 to 5 of section 13A are set out
as sections 348, 349 to 352 of this title, respectively.
Amendments
1932--Act May 19, 1932, inserted last sentence.
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 351, 412 of this title.
