§ 331. Certifying checks on State banks admitted as members

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It shall be unlawful for any officer, clerk, or agent of any bank admitted to membership under authority of this subchapter, to certify any check drawn upon such bank unless the person or company drawing the check has on deposit therewith at the time such check is certified an amount of money equal to the amount specified in such check. Any check so certified by duly authorized officers shall be a good and valid obligation against such bank, but the act of any such officer, clerk, or agent in violation of this subchapter, may subject such bank to a forfeiture of its membership in the Federal reserve system upon hearing by the Board of Governors of the Federal Reserve System.

(Dec. 23, 1913, ch. 6, § 9 (par.), as added June 21, 1917, ch. 32, § 3, 40 Stat. 234; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)

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Cited by 2 sections

Notices
Proposed rule, request for comment

statute-compilations

Sec. 9
state banks as members

8 references not yet in our index

Dec. 23, 1913, ch. 6, § 9
June 21, 1917, ch. 32, § 3
40 Stat. 234
Aug. 23, 1935, ch. 614
49 Stat. 704
40 Stat. 232
44 Stat. 1229
64 Stat. 458

Citation graph

cites case law

§ 331

Certifying checks on State banks admitted as members

Fed. Reg.×1

Stat. Comp.×1

ActDec. 23, 1913, ch. 6, § 9

ActJune 21, 1917, ch. 32, § 3

Stat.40 Stat. 234

ActAug. 23, 1935, ch. 614

Stat.49 Stat. 704

Cites 8 · showing 5Cited by 2 across 2 sources