§ 344. Discount or purchase of bills to finance agricultural shipments
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Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, and subject to regulations and limitations to be prescribed by the Board of Governors of the Federal Reserve System, any Federal reserve bank may discount or purchase bills of exchange payable at sight or on demand which grow out of the domestic shipment or the exportation of nonperishable, readily marketable agricultural and other staples and are secured by bills of lading or other shipping documents conveying or securing title to such staples:
Provided, That all such bills of exchange shall be forwarded promptly for collection, and demand for payment shall be made with reasonable promptness after the arrival of such staples at their destination: Provided further, That no such bill shall in any event be held by or for the account of a Federal reserve bank for a period in excess of ninety days. In discounting such bills Federal reserve banks may compute the interest to be deducted on the basis of the estimated life of each bill and adjust the discount after payment of such bills to conform to the actual life thereof.
(Dec. 23, 1913, ch. 6, § 13 (par.), as added Mar. 4, 1923, ch. 252, title IV, § 402, 42 Stat. 1479; amended May 29, 1928, ch. 884, 45 Stat. 975; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704.)
Connections2 cite this · traces to 2
Cited by 2 sections
statute-compilations
8 references not yet in our index
- Dec. 23, 1913, ch. 6, § 13
- Mar. 4, 1923, ch. 252
- 42 Stat. 1479
- May 29, 1928, ch. 884
- 45 Stat. 975
- Aug. 23, 1935, ch. 614
- 49 Stat. 704
- 39 Stat. 752
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cites case law
§ 344
Discount or purchase of bills to finance agricultural shipments
Stat. Comp.×1
U.S.C.×1
ActDec. 23, 1913, ch. 6, § 13
ActMar. 4, 1923, ch. 252
Stat.42 Stat. 1479
ActMay 29, 1928, ch. 884
Stat.45 Stat. 975
Cites 10 · showing 7Cited by 2 across 2 sources