§ 356. — Purchase of commercial paper from member banks and sale of same.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC356]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 356. Purchase of commercial paper from member banks and
sale of same
Every Federal reserve bank shall have power to purchase from member
banks and to sell, with or without its indorsement, bills of exchange
arising out of commercial transactions, as hereinbefore defined.
(Dec. 23, 1913, ch. 6, Sec. 14(c), 38 Stat. 264.)
Codification
Section is comprised of subsec. (c) of section 14 of act Dec. 23,
1913. For classification to this title of remainder of section 14, see
Codification note under section 353 of this title.
Section Referred to in Other Sections
This section is referred to in sections 263, 412 of this title.
