§ 359. — Purchase and sale of acceptances 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: 12USC359]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 359. Purchase and sale of acceptances of intermediate
credit banks and agricultural credit corporations
Every Federal reserve bank shall have power to purchase and sell in
the open market, either from or to domestic banks, firms, corporations,
or individuals, acceptances of Federal intermediate credit banks and of
national agricultural credit corporations, whenever the Board of
Governors of the Federal Reserve System shall declare that the public
interest so requires.
(Dec. 23, 1913, ch. 6, Sec. 14(f), as added Mar. 4, 1923, ch. 252, title
IV, Sec. 405, 42 Stat. 1480; amended Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
Codification
Section is comprised of subsec. (f) of section 14 of act Dec. 23,
1913, as added Mar. 4, 1923. For classification to this title of
remainder of section 14, see Codification note under section 353 of this
title.
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.
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. 8, 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 263, 412 of this title.
