§ 332. Depositaries of public money; financial agents; security required

232 words·~1 min read·/usc/title-12/section-332

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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 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.

(Dec. 23, 1913, ch. 6, § 9 (par.), as added May 7, 1928, ch. 507, 45 Stat. 492.)

Connections1 cite this

Cited by 1 section

statute-compilations

Sec. 9
state banks as members

5 references not yet in our index

Dec. 23, 1913, ch. 6, § 9
May 7, 1928, ch. 507
45 Stat. 492
49 Stat. 704
64 Stat. 458

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cites case law

§ 332

Depositaries of public money; financial agents; security required

Stat. Comp.×1

ActDec. 23, 1913, ch. 6, § 9

ActMay 7, 1928, ch. 507

Stat.45 Stat. 492

Stat.49 Stat. 704

Stat.64 Stat. 458

Cites 5Cited by 1 across 1 source