
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC248-1]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
     SUBCHAPTER II--BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
 
Sec. 248-1. Rules and regulations for transfer of funds and 
        charges therefor among banks; clearing houses
        
    The Board of Governors of the Federal Reserve System shall make and 
promulgate from time to time regulations governing the transfer of funds 
and charges therefor among Federal reserve banks and their branches, and 
may at its discretion exercise the functions of a clearing house for 
such Federal reserve banks, or may designate a Federal reserve bank to 
exercise such functions, and may also require each such bank to exercise 
the functions of a clearing house for depository institutions.

(Dec. 23, 1913, ch. 6, Sec. 16 (par.), 38 Stat. 268; Aug. 23, 1935, ch. 
614, Sec. 203(a), 49 Stat. 704; Pub. L. 96-221, title I, Sec. 105(d), 
Mar. 31, 1980, 94 Stat. 140.)

                          Codification

    Section is comprised of fourteenth par. of section 16 of act Dec. 
23, 1913, which was formerly classified to section 248(o) of this title. 
For classification to this title of other pars. of section 16, see 
Codification note set out under section 411 of this title.


                               Amendments

    1980--Pub. L. 96-221 substituted ``depository institutions'' for 
``its member banks''.

                         Change of Name

    Section 203(a) of act Aug. 23, 1935, changed the name of the 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.

                  Section Referred to in Other Sections

    This section is referred to in sections 348, 461 of this title.
