
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: 12USC331]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
            SUBCHAPTER VIII--STATE BANKS AS MEMBERS OF SYSTEM
 
Sec. 331. Certifying checks on State banks admitted as members

    It shall be unlawful for any officer, clerk, or agent of any bank 
admitted to membership under authority of this subchapter, to certify 
any check drawn upon such bank unless the person or company drawing the 
check has on deposit therewith at the time such check is certified an 
amount of money equal to the amount specified in such check. Any check 
so certified by duly authorized officers shall be a good and valid 
obligation against such bank, but the act of any such officer, clerk, or 
agent in violation of this subchapter, may subject such bank to a 
forfeiture of its membership in the Federal reserve system upon hearing 
by the Board of Governors of the Federal Reserve System.

(Dec. 23, 1913, ch. 6, Sec. 9 (par.), as added June 21, 1917, ch. 32, 
Sec. 3, 40 Stat. 234; amended Aug. 23, 1935, ch. 614, title II, 
Sec. 203(a), 49 Stat. 704.)

                       References in Text

    This subchapter, referred to in text, was in the original ``this 
section'', meaning section 9 of act Dec. 23, 1913, which is classified 
generally to this subchapter (Sec. 321 et seq.).

                          Codification

    Section is comprised of the fourteenth par. of section 9 of act Dec. 
23, 1913, as amended. The fourteenth par. constituted the eleventh par. 
of section 9 in 1917 (40 Stat. 232), became the twelfth par. in 1927 (44 
Stat. 1229), became the thirteenth par. in 1935 (49 Stat. 704), and 
became the fourteenth par. in 1950 (64 Stat. 458). For further details, 
see Codification notes set out under sections 321 and 329a of this 
title.

                         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.
