§ 415. — Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC415]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XII--FEDERAL RESERVE NOTES
Sec. 415. Reduction of liability for outstanding notes by
depositing notes and collateral and payment of notes of series
prior to 1928; reissue of deposited notes
Any Federal Reserve bank may at any time reduce its liability for
outstanding Federal Reserve notes by depositing with the Federal Reserve
agent its Federal Reserve notes, gold certificates, Special Drawing
Right certificates, or lawful money of the United States. Federal
Reserve notes so deposited shall not be reissued, except upon compliance
with the conditions of an original issue. The liability of a Federal
Reserve bank with respect to its outstanding Federal Reserve notes shall
be reduced by an amount paid by such bank to the Secretary of the
Treasury under section 4 of the Old Series Currency Adjustment Act.
(Dec. 23, 1913, ch. 6, Sec. 16 (pars.), 38 Stat. 267; June 21, 1917, ch.
32, Sec. 7, 40 Stat. 237; Jan. 30, 1934, ch. 6, Sec. 2(b)(5), 48 Stat.
339; Aug. 23, 1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub.
L. 87-66, Sec. 8(a), June 30, 1961, 75 Stat. 147; Pub. L. 90-269,
Sec. 5, Mar. 18, 1968, 82 Stat. 50; Pub. L. 90-349, Sec. 5(b), June 19,
1968, 82 Stat. 189.)
References in Text
Section 4 of the Old Series Currency Adjustment Act, referred to in
text, which was classified to section 913 of former Title 31, was
repealed by Pub. L. 97-258, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1068,
the first section of which enacted Title 31, Money and Finance.
Codification
Section is comprised of fifth and sixth pars. of section 16 of act
Dec. 23, 1913. For classification to this title of other pars. of
section 16, see Codification note set out under section 411 of this
title.
Amendments
1968--Pub. L. 90-349 added Special Drawing Right certificates to the
types of deposits which Federal Reserve banks may use in reducing their
liability for outstanding Federal Reserve notes.
Pub. L. 90-269 repealed second par. (sixth par, of section 16 of Act
Dec. 23, 1913) which provided that the Federal Reserve agent shall hold
the gold certificates and lawful money for exchange for the outstanding
Federal Reserve notes and that upon the request of the Secretary of the
Treasury, the Board of Governors shall require the agent to transmit to
the Treasurer of the United States as many gold certificates held by him
as collateral as may be required for the exclusive purpose of the
redemption of such Federal Reserve notes.
1961--Pub. L. 87-66 provided for reduction of liability for
outstanding notes by payment of notes of series prior to 1928.
1934--Act Jan. 30, 1934, struck out ``gold'' wherever it appeared
before ``gold certificates,'' and inserted ``certificates'' after
``gold'' wherever latter stood alone.
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.
Transfer of Functions
For transfer of functions to Secretary of the Treasury, see note set
out under section 121 of this title.
Section Referred to in Other Sections
This section is referred to in sections 348, 420, 421, 467 of this
title.
