
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: 12USC441]

 
                       TITLE 12--BANKS AND BANKING
 
                    CHAPTER 3--FEDERAL RESERVE SYSTEM
 
       SUBCHAPTER XIII--CIRCULATING NOTES AND BONDS SECURING SAME
 
Secs. 441 to 448. Omitted


                          Codification

    Sections, act Dec. 23, 1913, ch. 6, Sec. 18, 38 Stat. 268, as 
amended by acts Mar. 9, 1933, ch. 1, title IV, Sec. 401, 48 Stat. 6; 
Sept. 23, 1994, Pub. L. 103-325, title VI, Sec. 602(g)(7), 108 Stat. 
2293, are omitted as obsolete.
    Section 441 provided that at any time during a period of twenty 
years from Dec. 23, 1915, any member bank desiring to retire the whole 
or any part of its circulating notes file with the Treasurer of the 
United States an application to sell for its account, at par and accrued 
interest, United States bonds, securing circulation to be retired.
    Section 442 related to purchase of bonds by reserve banks.
    Section 443 related to transfer of bonds purchased, payment, and 
cancellation of circulating notes of member banks.
    Section 444 related to issuance of circulating notes to reserve 
banks purchasing bonds.
    Section 445 provided for issuance of circulating notes to Federal 
Reserve banks. Act June 12, 1945, ch. 186, Sec. 3, 59 Stat. 238, 
provided that all power and authority with respect to the issuance of 
circulating notes, known as Federal Reserve bank notes, pursuant to this 
section would cease and terminate on June 12, 1945.
    Section 446 related to exchange by reserve banks of bonds bearing 
circulating privilege for those without such privilege.
    Section 447 related to form of bonds and conditions of issuance.
    Section 448 related to exchange of one-year gold notes for 3 per 
centum gold bonds.
