§ 346. Discount of acceptances

297 words·~1 min read·/usc/title-12/section-346

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Any Federal reserve bank may discount acceptances of the kinds hereinafter described, which have a maturity at the time of discount of not more than ninety days’ sight, exclusive of days of grace, and which are indorsed by at least one member bank: Provided, That such acceptances if drawn for an agricultural purpose and secured at the time of acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples may be discounted with a maturity at the time of discount of not more than six months’ sight exclusive of days of grace.

(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; Mar. 4, 1923, ch. 252, title IV, § 403, 42 Stat. 1479.)

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statute-compilations

Sec. 13
powers of federal reserve banks

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U.S. Code

Deposits; exchange and collection; member and nonmember banks or other depository institutions; charges
§ 342

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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
Mar. 4, 1923, ch. 252
42 Stat. 1479
42 Stat. 1478
47 Stat. 715

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cites case law

§ 346

Discount of acceptances

Stat. Comp.×1

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 11 · showing 6Cited by 1 across 1 source