§ 417. — Custody and safekeeping of notes issued to and collateral deposited with reserve agent.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC417]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XII--FEDERAL RESERVE NOTES
Sec. 417. Custody and safe-keeping of notes issued to and
collateral deposited with reserve agent
All Federal Reserve notes and all gold certificates, Special Drawing
Right certificates, and lawful money issued to or deposited with any
Federal Reserve agent under the provisions of this chapter shall be held
for such agent, under such rules and regulations as the Board of
Governors of the Federal Reserve System may prescribe, in the joint
custody of himself and the Federal Reserve bank to which he is
accredited. Such agent and such Federal Reserve bank shall be jointly
liable for the safe-keeping of such Federal Reserve notes, gold
certificates, Special Drawing Right certificates, and lawful money.
Nothing herein contained, however, shall be construed to prohibit a
Federal Reserve agent from depositing gold certificates and Special
Drawing Right certificates with the Board of Governors of the Federal
Reserve System, to be held by such Board subject to his order, or with
the Treasurer of the United States, for the purposes authorized by law.
(June 21, 1917, ch. 32, Sec. 7 (par.), 40 Stat. 238; Jan. 30, 1934, ch.
6, Sec. 2(b)(6), 48 Stat. 339; Aug. 23, 1935, ch. 614, title II,
Sec. 203(a), 49 Stat. 704; Pub. L. 90-349, Sec. 5(c), June 19, 1968, 82
Stat. 189.)
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 last par. of section 7 of act June 21, 1917.
The preceding pars. of section 7 amended pars. two, three, four, five,
six, and seven of section 16 of act Dec. 23, 1913. For classification to
this title of section 16, see Codification note set out under section
411 of this title.
Amendments
1968--Pub. L. 90-349 inserted references to Special Drawing Right
certificates.
1934--Act Jan. 30, 1934, struck out ``gold,'' wherever it appeared
before ``gold certificates''.
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.
