§ 374. — Acting as agent for nonmember bank in getting discounts from reserve bank.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC374]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER X--POWERS AND DUTIES OF MEMBER BANKS
Sec. 374. Acting as agent for nonmember bank in getting
discounts from reserve bank
No member bank shall act as the medium or agent of a nonmember bank
in applying for or receiving discounts from a Federal reserve bank under
the provisions of this chapter, except by permission of the Board of
Governors of the Federal Reserve System.
(Dec. 23, 1913, ch. 6, Sec. 19(e), formerly Sec. 19 (par. 8), 38 Stat.
270; June 21, 1917, ch. 32, Sec. 10, 40 Stat. 239; Aug. 23, 1935, ch.
614, title II, Sec. 203(a), 49 Stat. 704; renumbered Sec. 19(e), Pub. L.
89-597, Sec. 2(b), Sept. 21, 1966, 80 Stat. 824.)
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 comprised of part of subsec. (e), formerly eighth par.,
of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89-597.
Remainder of subsec. (e) of such section 19 is classified to section 463
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.
Section Referred to in Other Sections
This section is referred to in sections 248, 1424, 1828, 3105 of
this title.
