Notes on 12 U.S.C. § 412 : US Code - Notes

Search Notes on 12 U.S.C. § 412 : US Code - Notes

(Dec. 23, 1913, ch. 6, Sec. 16 (par.), 38 Stat. 265; Sept. 7, 1916,
ch. 461, 39 Stat. 754; June 21, 1917, ch. 32, Sec. 7, 40 Stat. 236;
Feb. 27, 1932, ch. 58, Sec. 3, 47 Stat. 57; Feb. 3, 1933, ch. 34,
47 Stat. 794; Jan. 30, 1934, ch. 6, Sec. 2(b)(2), 48 Stat. 338;
Mar. 6, 1934, ch. 47, 48 Stat. 398; Aug. 23, 1935, ch. 614, title
II, Sec. 203(a), 49 Stat. 704; Mar. 1, 1937, ch. 20, 50 Stat. 23;
June 30, 1939, ch. 256, 53 Stat. 991; June 30, 1941, ch. 264, 55
Stat. 395; May 25, 1943, ch. 102, 57 Stat. 85; June 12, 1945, ch.
186, Sec. 2, 59 Stat. 237; Pub. L. 90-349, Sec. 5(a), June 19,
1968, 82 Stat. 189; Pub. L. 95-630, title I, Sec. 113, Nov. 10,
1978, 92 Stat. 3671; Pub. L. 96-221, title I, Sec. 105(b)(1), Mar.
31, 1980, 94 Stat. 140; Pub. L. 106-122, Dec. 6, 1999, 113 Stat.
1638; Pub. L. 108-100, Sec. 19(d), Oct. 28, 2003, 117 Stat. 1193.)
CODIFICATION
Section is comprised of second par. 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
2003 - Pub. L. 108-100 inserted "or any other asset of a Federal
Reserve bank" before period at end of third sentence and ", or are
otherwise held by or on behalf of," after "in the vaults of" in
last sentence.
1999 - Pub. L. 106-122 substituted "acceptances acquired under
section 92, 342 to 348, 349 to 352, 361, 372, or 373 of this title"
for "acceptances acquired under the provisions of sections 92, 342
to 347, 347c, 347d, 361, 372, and 373 of this title".
1980 - Pub. L. 96-221 inserted provisions relating to purchase,
etc., of assets by Federal Reserve banks, and eliminating
collateral requirement for Federal Reserve notes held in Federal
Reserve bank vaults.
1978 - Pub. L. 95-630 substituted "any obligations which are
direct obligations of, or are fully guaranteed as to principal and
interest by, the United States or any agency thereof" of "direct
obligations of the United States".
1968 - Pub. L. 90-349 added Special Drawing Right certificates to
the types of allowable collateral security which may be tendered
for Federal Reserve notes.
1945 - Act June 12, 1945, substituted ", or direct obligations of
the United States." for proviso after "gold certificates" in first
sentence which limited period during which direct obligations of
the United States could be accepted as collateral security.
1943 - Act May 25, 1943, substituted "June 30, 1945" for "June
30, 1943," in proviso.
1941 - Act June 30, 1941, substituted "June 30, 1943" for "June
30, 1941" in proviso.
1939 - Act June 30, 1939, substituted "June 30, 1941" for "June
30, 1939" in proviso.
1937 - Act Mar. 1, 1937, extended until June 30, 1939, period
within which direct obligations of the United States may be
accepted as collateral security under this section, and struck out
provision authorizing President to extend period.
1934 - Act Mar. 6, 1934, amended proviso and two sentences
immediately following.
Act Jan. 30, 1934, amended portion of third sentence before
proviso.
1933 - Act Feb. 3, 1933, substituted "March 3, 1934" for "March
3, 1933" wherever appearing.
1932 - Act Feb. 27, 1932, inserted proviso and two sentences
immediately following.
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.
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96-221 effective on first day of sixth month
which begins after Mar. 31, 1980, see section 108 of Pub. L. 96-
221, set out as a note under section 248 of this title.
EFFECTIVE DATE OF 1978 AMENDMENT
Amendment effective upon expiration of 120 days after Nov. 10,
1978, see sec. 2101 of Pub. L. 95-630 set out as an Effective Date
note under section 375b of this title.
UNITED STATES OBLIGATIONS AS COLLATERAL; EXTENSION OF PERIOD
The period within which direct obligations of the United States
could be accepted as collateral security under this section was
extended to Mar. 3, 1937, by Proclamation No. 2117, of Feb. 14,
1935, 49 Stat. 3437; extended to June 30, 1939, by act Mar. 1,
1937; extended to June 30, 1941, by act June 30, 1939; extended to
June 30, 1943, by act June 30, 1941; and extended to June 30, 1945,
by act May 25, 1943. Act June 12, 1945, amended section to remove
the time limitation.