
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: 12USC361]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
        SUBCHAPTER IX--POWERS AND DUTIES OF FEDERAL RESERVE BANKS
 
Sec. 361. Bills receivable, bills of exchange, acceptances; 
        regulations by Board of Governors
        
    The discount and rediscount and the purchase and sale by any Federal 
reserve bank of any bills receivable and of domestic and foreign bills 
of exchange, and of acceptances authorized by this chapter, shall be 
subject to such restrictions, limitations, and regulations as may be 
imposed by the Board of Governors of the Federal Reserve System.

(Dec. 23, 1913, ch. 6, Sec. 13 (par.), 38 Stat. 264; Sept. 7, 1916, ch. 
461, 39 Stat. 753; Aug. 23, 1935, ch. 614, Sec. 203(a), 49 Stat. 704.)

                       References in Text

    This chapter, referred to in text, was in the original ``this Act'', 
meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, as amended, known as the 
Federal Reserve Act. For complete classification of this Act to the 
Code, see References in Text note set out under section 226 of this 
title and Tables.

                          Codification

    Section is based on the tenth par. of section 13 of act Dec. 23, 
1913, as amended. The tenth par. constituted the eighth par. of section 
13 in 1916 (39 Stat. 753), became the ninth par. in 1923 (42 Stat. 
1478), and became the tenth par. in 1932 (47 Stat. 715). For further 
details, see Codification notes under sections 342 to 344 of this title.

                         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.

                  Section Referred to in Other Sections

    This section is referred to in section 412 of this title.
