
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: 31USC3122]

 
                       TITLE 31--MONEY AND FINANCE
 
                   SUBTITLE III--FINANCIAL MANAGEMENT
 
                         CHAPTER 31--PUBLIC DEBT
 
                      SUBCHAPTER II--ADMINISTRATIVE
 
Sec. 3122. Banks and trust companies as depositaries

    (a) The Secretary of the Treasury may designate incorporated banks 
and trust companies as depositaries for any part of proceeds of an 
obligation issued under this chapter. The Secretary may prescribe the 
conditions under which deposits may be made under this section, 
including the interest rate on amounts deposited and security 
requirements.
    (b) The Secretary may designate a bank or trust company that is a 
depositary under subsection (a) of this section as a fiscal agent of the 
United States Government in selling and delivering bonds and 
certificates of indebtedness issued by the Government.

(Pub. L. 97-258, Sept. 13, 1982, 96 Stat. 945.)

                                          Historical and Revision Notes
-------------------------------------------------------------------------------
---------------------------------
           Revised Section                   Source (U.S. Code)                
Source (Statutes at Large)
-------------------------------------------------------------------------------
---------------------------------
3122(a)..............................  31:753(d)(last sentence         Sept. 24
, 1917, ch. 56, 40 Stat. 288,
                                        related to 31:771).             Sec.  1
8(d)(last sentence related to
                                                                        Sec.  8
); added Mar. 3, 1919, ch. 100,
                                                                        Sec.  1
, 40 Stat. 1309.
                                       31:771.                         Sept. 24
, 1917, ch. 56, Sec.  8, 40 Stat.
                                                                        291; re
stated Apr. 4, 1918, ch. 44, Sec.
                                                                         5, 40 
Stat. 504; Jan. 30, 1934, ch. 6,
                                                                        Sec.  1
4(a)(2), 48 Stat. 343; Aug. 27,
                                                                        1949, c
h. 517, Sec.  7(b), 63 Stat. 668;
                                                                        Sept. 2
1, 1966, Pub. L. 89-597, Sec.
                                                                        2(d), 8
0 Stat. 824.
3122(b)..............................  31:772.                         July 9, 
1918, ch. 142, Sec.  4, 40 Stat.
                                                                        845.
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---------------------------------

    In the section, the words ``war-savings certificates'' are omitted 
because the authority to issue them was ended by section 2(b)(3) of the 
Public Debt Act of 1941 (ch. 7, 55 Stat. 7).
    In subsection (a), the words ``in his discretion'' are omitted as 
surplus. The word ``obligation'' is substituted for ``bonds and 
certificates of indebtedness, Treasury bills'' for consistency and to 
eliminate unnecessary words. The words ``and arising from the payment of 
internal revenue taxes'' are omitted as superseded by 26:6302(c). The 
word ``conditions'' is substituted for ``terms and conditions'' because 
it is inclusive. The words ``upon and'' are omitted as surplus.
    In subsection (b), the words ``The Secretary may designate a bank or 
trust company that is a depositary under subsection (a) of this 
section'' are substituted for ``Any incorporated bank or trust company 
designated as a depositary by the Secretary of the Treasury under the 
authority conferred by section 771 of this title, which gives security 
for such deposits as, and to amounts, by him prescribed, may, upon and 
subject to such terms and conditions as the Secretary of the Treasury 
may prescribe, act'' to eliminate unnecessary words.
