
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 12USC345]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
        SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
 
Sec. 345. Rediscount of notes, drafts, and bills for member 
        banks; limitation of amount
        
    The aggregate of notes, drafts, and bills upon which any person, 
copartnership, association, or corporation is liable as maker, acceptor, 
indorser, drawer, or guarantor, rediscounted for any member bank, shall 
at no time exceed the amount for which such person, copartnership, 
association, or corporation may lawfully become liable to a national 
banking association under the terms of section 84 of this title: 
Provided, however, That nothing in this section shall be construed to 
change the character or class of paper now eligible for rediscount by 
Federal reserve banks.

(Dec. 23, 1913, ch. 6, Sec. 13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 
93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Apr. 12, 1930, 
ch. 140, 46 Stat. 162.)

                          Codification

    Section is comprised of the fifth par. of section 13 of act Dec. 23, 
1913, as amended. The fifth par. constituted the third par. of section 
13 in 1916 (39 Stat. 752), became the fourth par. in 1923 (42 Stat. 
1478), and became the fifth par. in 1932 (47 Stat. 715). For further 
details, see Codification notes set out under sections 343 and 344 of 
this title. For classification to this title of other pars. of section 
13, see Codification note set out under section 342 of this title.


                               Amendments

    1930--Act Apr. 12, 1930, among other changes, inserted proviso.

                  Section Referred to in Other Sections

    This section is referred to in sections 84, 412, 461 of this title.
