§ 352a. — Repealed.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC352a]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 352a. Repealed. Pub. L. 85-699, title VI, Sec. 601, Aug.
21, 1958, 72 Stat. 697
Section, act Dec. 23, 1913, ch. 6, Sec. 13b, as added June 19, 1934,
ch. 653, Sec. 1, 48 Stat. 1105; amended Aug. 23, 1935, ch. 614, title
III, Sec. 323, 49 Stat. 714, authorized Federal Reserve Banks to make
loans to industrial and commercial businesses and to discount or
purchase industrial obligations from financial institutions, and created
an industrial advisory committee.
Effective Date of Repeal
Section 601 of Pub. L. 85-699 provided that the repeal of this
section is effective one year after Aug. 21, 1958.
Savings Provision
Section 601 of Pub. L. 85-699 provided that the repeal of this
section shall not affect the power of any Federal Reserve bank to carry
out, or protect its interest under, any agreement theretofore made or
transaction entered into in carrying on operations under this section.
Fund for Management Counseling
Section 602(a), (b) of Pub. L. 85-699 provided that:
``(a) Within sixty days after the enactment of this Act [Aug. 21,
1958], each Federal Reserve bank shall pay to the United States the
aggregate amount which the Secretary of the Treasury has heretofore paid
to such bank under the provisions of section 13b of the Federal Reserve
Act [this section]; and such payment shall constitute a full discharge
of any obligation or liability of the Federal Reserve bank to the United
States or to the Secretary of the Treasury arising out of subsection (e)
of said section 13b [subsec. (e) of this section] or out of any
agreement thereunder.
``(b) The amounts repaid to the United States pursuant to subsection
(a) of this section shall be covered into a special fund in the Treasury
which shall be available for grants under section 7(d) of the Small
Business Act [section 636(d) of Title 15, Commerce and Trade]. Any
remaining balance of funds set aside in the Treasury for payments under
section 13b of the Federal Reserve Act [this section] shall be covered
into the Treasury as miscellaneous receipts.''
