§ 392. — Depositaries of Government funds as confined to banks in Federal reserve system; member banks as depositaries.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC392]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XI--DEPOSITARIES AND FISCAL AGENTS
Sec. 392. Depositaries of Government funds as confined to banks
in Federal reserve system; member banks as depositaries
No public funds of the postal savings, or any Government funds,
shall be deposited in the continental United States in any bank not
belonging to the system established by this chapter: Provided, however,
That nothing in this chapter shall be construed to deny the right of the
Secretary of the Treasury to use member banks as depositaries.
(Dec. 23, 1913, ch. 6, Sec. 15 (par.), 38 Stat. 265; Proc. No. 2695,
eff. July 4, 1946, 11 F.R. 7517, 60 Stat. 1352.)
Codification
Words ``of the Philippine Islands, or'' after ``No public funds''
were deleted on authority of 1946 Proc. No. 2695, which granted
independence to the Philippine Islands pursuant to section 1394 of Title
22. Proc. No. 2695 is set out as a note under section 1394 of Title 22,
Foreign Relations and Intercourse.
Section is comprised of second par. of section 15 of act Dec. 23,
1913. Par. 1 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 391 and 393, respectively, of this title.
