§ 361. — Bills receivable, bills of exchange, acceptances; regulations by Board of Governors.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC361]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Sec. 361. Bills receivable, bills of exchange, acceptances;
regulations by Board of Governors
The discount and rediscount and the purchase and sale by any Federal
reserve bank of any bills receivable and of domestic and foreign bills
of exchange, and of acceptances authorized by this chapter, shall be
subject to such restrictions, limitations, and regulations as may be
imposed by the Board of Governors of the Federal Reserve System.
(Dec. 23, 1913, ch. 6, Sec. 13 (par.), 38 Stat. 264; Sept. 7, 1916, ch.
461, 39 Stat. 753; Aug. 23, 1935, ch. 614, Sec. 203(a), 49 Stat. 704.)
References in Text
This chapter, referred to in text, was in the original ``this Act'',
meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the
Federal Reserve Act. For complete classification of this Act to the
Code, see References in Text note set out under section 226 of this
title and Tables.
Codification
Section is based on the tenth par. of section 13 of act Dec. 23,
1913, as amended. The tenth par. constituted the eighth par. of section
13 in 1916 (39 Stat. 753), became the ninth par. in 1923 (42 Stat.
1478), and became the tenth par. in 1932 (47 Stat. 715). For further
details, see Codification notes under sections 342 to 344 of this title.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed the name of the Federal
Reserve Board to Board of Governors of the Federal Reserve System.
Section Referred to in Other Sections
This section is referred to in section 412 of this title.
