§ 391. — Federal reserve banks as Government depositaries and fiscal agents.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC391]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XI--DEPOSITARIES AND FISCAL AGENTS
Sec. 391. Federal reserve banks as Government depositaries and
fiscal agents
The moneys held in the general fund of the Treasury, except the 5
per centum fund for the redemption of outstanding national-bank notes
may, upon the direction of the Secretary of the Treasury, be deposited
in Federal reserve banks, which banks, when required by the Secretary of
the Treasury, shall act as fiscal agents of the United States; and the
revenues of the Government or any part thereof may be deposited in such
banks, and disbursements may be made by checks drawn against such
deposits.
(Dec. 23, 1913, ch. 6, Sec. 15 (par.), 38 Stat. 265; Pub. L. 90-269,
Sec. 2, Mar. 18, 1968, 82 Stat. 50.)
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 first par. of section 15 of act Dec. 23,
1913. Par. 2 of section 15 and par. 3 of section 15, as added Mar. 4,
1923, ch. 252, title IV, Sec. 406, 42 Stat. 1480, are classified to
sections 392 and 393, respectively, of this title.
Amendments
1968--Pub. L. 90-269 struck out provision which excepted funds
provided in this chapter for the redemption of Federal Reserve notes
from deposit in Federal reserve banks.
