§ 465. — Basis for ascertaining deposits against which required balance is determined.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC465]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XIV--BANK RESERVES
Sec. 465. Basis for ascertaining deposits against which required
balance is determined
In estimating the reserve balances required by this chapter, member
banks may deduct from the amount of their gross demand deposits the
amounts of balances due from other banks (except Federal Reserve banks
and foreign banks) and cash items in process of collection payable
immediately upon presentation in the United States, within the meaning
of these terms as defined by the Board of Governors of the Federal
Reserve System.
(Dec. 23, 1913, ch. 6, Sec. 19(g), formerly Sec. 19 (par. 10), 38 Stat.
270; Aug. 15, 1914, ch. 252, 38 Stat. 692; June 21, 1917, ch. 32,
Sec. 10, 40 Stat. 240; Aug. 23, 1935, ch. 614, title III, Sec. 324(b),
49 Stat. 714; renumbered Sec. 19(g), Pub. L. 89-597, Sec. 2(b), Sept.
21, 1966, 80 Stat. 824.)
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 subsec. (g), formerly tenth par., of section
19 of act Dec. 23, 1913, as redesignated by Pub. L. 89-597.
Amendments
1935--Act Aug. 23, 1935, changed method of estimating reserve
balances.
Section Referred to in Other Sections
This section is referred to in sections 248, 1424, 1828, 3105 of
this title.
