§ 467. — Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC467]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER XIV--BANK RESERVES
Sec. 467. Deposits of gold coin, gold certificates, and Special
Drawing Right certificates with United States Treasurer
The Secretary of the Treasury is authorized and directed to receive
deposits of gold or of gold certificates or of Special Drawing Right
certificates with the Treasurer or any designated depositary of the
United States when tendered by any Federal Reserve bank or Federal
Reserve agent for credit to its or his account with the Board of
Governors of the Federal Reserve System. The Secretary shall prescribe
by regulation the form of receipt to be issued by the Treasurer or
designated depositary to the Federal Reserve bank or Federal Reserve
agent making the deposit, and a duplicate of such receipt shall be
delivered to the Board of Governors of the Federal Reserve System by the
Treasury at Washington upon proper advices from any designated
depositary that such deposit has been made. Deposits so made shall be
held subject to the orders of the Board of Governors of the Federal
Reserve System and deposits of gold or gold certificates shall be
payable in gold certificates, and deposits of Special Drawing Right
certificates shall be payable in Special Drawing Right certificates, on
the order of the Board of Governors of the Federal Reserve System to any
Federal Reserve bank or Federal Reserve agent at the Treasury or at the
subtreasury of the United States nearest the place of business of such
Federal Reserve bank or such Federal Reserve agent. The order used by
the Board of Governors of the Federal Reserve System in making such
payments shall be signed by the chairman or vice chairman, or such other
officers or members as the Board may by regulation prescribe. The form
of such order shall be approved by the Secretary of the Treasury.
The expenses necessarily incurred in carrying out these provisions,
including the cost of the certificates or receipts issued for deposits
received, and all expenses incident to the handling of such deposits
shall be paid by the Board of Governors of the Federal Reserve System
and included in its assessments against the several Federal Reserve
banks.
Nothing in this section shall be construed as amending section 6 of
Act March 14, 1900, as amended by Acts Mar. 4, 1907, Mar. 2, 1911, June
12, 1916, nor shall the provisions of this section be construed to apply
to the deposits made or to the receipts or certificates issued under
that section.
(Dec. 23, 1913, ch. 6, Sec. 16 (pars.), as added June 21, 1917, ch. 32,
Sec. 8, 40 Stat. 238; amended May 29, 1920, ch. 214, Sec. 1, 41 Stat.
654; Jan. 30, 1934, ch. 6, Sec. 2(b)(7), (8), 48 Stat. 339; Aug. 23,
1935, ch. 614, title II, Sec. 203(a), 49 Stat. 704; Pub. L. 89-3,
Sec. 2, Mar. 3, 1965, 79 Stat. 5; Pub. L. 90-269, Sec. 7, Mar. 18, 1968,
82 Stat. 50; Pub. L. 90-349, Sec. 5(d), June 19, 1968, 82 Stat. 189.)
References in Text
Words ``this section'', referred to in last par., mean 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.
Section 6 of Act Mar. 14, 1900, as amended by Acts Mar. 7, 1907,
Mar. 2, 1911, June 12, 1916, referred to in the last par., which was
classified to section 429 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 fifteenth to eighteenth pars. of section 16
of act Dec. 23, 1913, as added June 21, 1917. 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 inserted references to Special Drawing Right
certificates so as to allow them to be deposited with the Treasury in
the same manner as gold certificates.
Pub. L. 90-269 repealed third par. (eighteenth par. of section 16 of
Act Dec. 23, 1913) which provided that deposits standing to the credit
of any Federal Reserve bank with the Board of Governors shall, at the
option of said bank, be counted as part of the lawful reserve which it
is required to maintain against outstanding Federal Reserve notes.
1965--Pub. L. 89-3 removed from list of purposes for which deposits
made under this section could be counted, reference to the reserve in
gold certificates which each Federal Reserve bank was required to
maintain against deposit liabilities.
1934--Act Jan. 30, 1934, amended third sentence in first par. and
third par.
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 section 348 of this title; title 31
section 5117.
