Chapter 507. To amend section 9 of the Federal Reserve Act
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Chap. 507: To amend section 9 of the Federal Reserve Act. Chapter 507 45 Stat. 492 1928-05-07 United States Government Publishing Office text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Digitization Vendor 2025-01-24 70 1 public Chapter 507.— An Act To amend section 9 of the Federal Reserve Act. May 7, 1928.[[H. R. 10151](/us/bill/70/hr/10151).][[Public, No. 352](/us/pl/70/352).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That section 9 of Federal Reserve Act Amendment.Vol. 40, p. 234, amended.the Federal Reserve Act be amended by adding thereto a new paragraph as follows:
State banks, etc., becoming members of system.Made depositaries of public money and Government financial agents. " “All banks or trust companies incorporated by special law or organized under the general laws of any State, which are members of the Federal reserve system, when designated for that purpose by the Secretary of the Treasury, shall be depositaries of public money, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries Deposit of security required.of public money and financial agents of the Government, as may be required of them.
The Secretary of the Treasury shall require of the banks and trust companies thus designated satisfactory security, by the deposit of United States bonds or otherwise, for the safe keeping and prompt payment of the public money deposited with them and for the faithful performance of their duties as financial agents of the Government.” " Approved, May 7, 1928.
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Chapter 507
To amend section 9 of the Federal Reserve Act
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