§ 350. — Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC350]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 350. Purchase and sale of debentures and like obligations
of intermediate credit banks and agricultural credit
corporations
Any Federal reserve bank may also buy and sell debentures and other
such obligations issued by a Federal intermediate credit bank or by a
national agricultural credit corporation, but only to the same extent as
and subject to the same limitations as those upon which it may buy and
sell bonds issued under title I of the Federal Farm Loan Act.
(Dec. 23, 1913, ch. 6, Sec. 13A (par.), formerly Sec. 13a, as added Mar.
4, 1923, ch. 252, title IV, Sec. 404, 42 Stat. 1480; renumbered
Sec. 13A, Pub. L. 102-242, title I, Sec. 142(e)(1), Dec. 19, 1991, 105
Stat. 2281.)
References in Text
Title I of the Federal Farm Loan Act, referred to in text, is title
I of act July 17, 1916, ch. 245, 39 Stat. 360. Title I was classified to
chapter 7 (Sec. 641 et seq.) of this title, and was repealed by Pub. L.
92-181, title V, Sec. 5.26(a), Dec. 10, 1971, 85 Stat. 624.
Codification
Section is comprised of third par. of section 13A, formerly section
13a, as added Mar. 4, 1923. Pars. 1, 2, 4 and 5 of section 13A are set
out as sections 348, 349, 351 and 352 of this title, respectively.
National Agricultural Credit Corporation
Title II of the Agricultural Credits Act, act Mar. 4, 1923, title
II, Secs. 201-217, 42 Stat. 1461, authorized creation of national
agricultural credit corporations, prior to repeal by Pub. L. 86-230,
Sept. 18, 1959, Sec. 24, 73 Stat. 466. Prior to such repeal, act June
16, 1933, Sec. 77, 48 Stat. 292, had prohibited the creation, after June
16, 1933, of national agricultural credit corporations authorized to be
formed under the Agricultural Credits Act.
Section Referred to in Other Sections
This section is referred to in sections 347, 351, 412 of this title.
