§ 345. Rediscount of notes, drafts, and bills for member banks; limitation of amount

225 words·~1 min read·/usc/title-12/section-345

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The aggregate of notes, drafts, and bills upon which any person, copartnership, association, or corporation is liable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time exceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to a national banking association under the terms of section 84 of this title: Provided, however, That nothing in this section shall be construed to change the character or class of paper now eligible for rediscount by Federal reserve banks.

(Dec. 23, 1913, ch. 6, § 13 (par.), 38 Stat. 264; Mar. 3, 1915, ch. 93, 38 Stat. 958; Sept. 7, 1916, ch. 461, 39 Stat. 752; Apr. 12, 1930, ch. 140, 46 Stat. 162.)

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statute-compilations

Sec. 13
powers of federal reserve banks

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U.S. Code

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Dec. 23, 1913, ch. 6, § 13
38 Stat. 264
Mar. 3, 1915, ch. 93
38 Stat. 958
Sept. 7, 1916, ch. 461
39 Stat. 752
Apr. 12, 1930, ch. 140
46 Stat. 162
42 Stat. 1478
47 Stat. 715

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cites case law

§ 345

Rediscount of notes, drafts, and bills for member banks; limitation of amount

Stat. Comp.×1

U.S.C.§ 84

U.S.C.§ 342

ActDec. 23, 1913, ch. 6, § 13

Stat.38 Stat. 264

ActMar. 3, 1915, ch. 93

Stat.38 Stat. 958

ActSept. 7, 1916, ch. 461

Cites 12 · showing 7Cited by 1 across 1 source