§ 411. — Issuance to reserve banks; nature of obligation; redemption.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC411]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XII--FEDERAL RESERVE NOTES
Sec. 411. Issuance to reserve banks; nature of obligation;
redemption
Federal reserve notes, to be issued at the discretion of the Board
of Governors of the Federal Reserve System for the purpose of making
advances to Federal reserve banks through the Federal reserve agents as
hereinafter set forth and for no other purpose, are authorized. The said
notes shall be obligations of the United States and shall be receivable
by all national and member banks and Federal reserve banks and for all
taxes, customs, and other public dues. They shall be redeemed in lawful
money on demand at the Treasury Department of the United States, in the
city of Washington, District of Columbia, or at any Federal Reserve
bank.
(Dec. 23, 1913, ch. 6, Sec. 16 (par.), 38 Stat. 265; Jan. 30, 1934, ch.
6, Sec. 2(b)(1), 48 Stat. 337; Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704.)
References in Text
Phrase ``hereinafter set forth'' is from section 16 of the Federal
Reserve Act, act Dec. 23, 1913. Reference probably means as set forth in
sections 17 et seq. of the Federal Reserve Act. For classification of
these sections to the Code, see Tables.
Codification
Section is comprised of first par. of section 16 of act Dec. 23,
1913. Pars. 2 to 4, 5, and 6, 7, 8 to 11, 13 and 14 of section 16, and
pars. 15 to 18 of section 16 as added June 21, 1917, ch. 32, Sec. 8, 40
Stat. 238, are classified to sections 412 to 414, 415, 416, 418 to 421,
360, 248-1, and 467, respectively, of this title.
Par. 12 of section 16, formerly classified to section 422 of this
title, was repealed by act June 26, 1934, ch. 756, Sec. 1, 48 Stat.
1225.
Amendments
1934--Act Jan. 30, 1934, struck out from last sentence provision
permitting redemption in gold.
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 348, 420, 421, 467 of this
title.
