
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: 12USC391]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
              SUBCHAPTER XI--DEPOSITARIES AND FISCAL AGENTS
 
Sec. 391. Federal reserve banks as Government depositaries and 
        fiscal agents
        
    The moneys held in the general fund of the Treasury, except the 5 
per centum fund for the redemption of outstanding national-bank notes 
may, upon the direction of the Secretary of the Treasury, be deposited 
in Federal reserve banks, which banks, when required by the Secretary of 
the Treasury, shall act as fiscal agents of the United States; and the 
revenues of the Government or any part thereof may be deposited in such 
banks, and disbursements may be made by checks drawn against such 
deposits.

(Dec. 23, 1913, ch. 6, Sec. 15 (par.), 38 Stat. 265; Pub. L. 90-269, 
Sec. 2, Mar. 18, 1968, 82 Stat. 50.)

                       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 comprised of first par. of section 15 of act Dec. 23, 
1913. Par. 2 of section 15 and par. 3 of section 15, as added Mar. 4, 
1923, ch. 252, title IV, Sec. 406, 42 Stat. 1480, are classified to 
sections 392 and 393, respectively, of this title.


                               Amendments

    1968--Pub. L. 90-269 struck out provision which excepted funds 
provided in this chapter for the redemption of Federal Reserve notes 
from deposit in Federal reserve banks.
