§ 351. — Obligations of cooperative marketing association as issued or drawn for agricultural purposes.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC351]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 351. Obligations of cooperative marketing association as
issued or drawn for agricultural purposes
Notes, drafts, bills of exchange, or acceptances issued or drawn by
cooperative marketing associations composed of producers of agricultural
products shall be deemed to have been issued or drawn for an
agricultural purpose, within the meaning of sections 348 and 349 to 352
of this title, if the proceeds thereof have been or are to be advanced
by such association to any members thereof for an agricultural purpose,
or have been or are to be used by such association in making payments to
any members thereof on account of agricultural products delivered by
such members to the association, or if such proceeds have been or are to
be used by such association to meet expenditures incurred or to be
incurred by the association in connection with the grading, processing,
packing, preparation for market, or marketing of any agricultural
product handled by such association for any of its members: Provided,
That the express enumeration in this section of certain classes of paper
of cooperative marketing associations as eligible for rediscount shall
not be construed as rendering ineligible any other class of paper of
such associations which is now eligible for rediscount.
(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.)
Codification
Section is comprised of fourth par. of section 13A, formerly section
13a, as added Mar. 4, 1923. Pars. 1 to 3 and 5 of section 13A are set
out as sections 348, 349, 350 and 352 of this title, respectively.
Section Referred to in Other Sections
This section is referred to in section 412 of this title.
