§ 351. Obligations of cooperative marketing association as issued or drawn for agricultural purposes

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Notes, drafts, bills of exchange, or acceptances issued or drawn by cooperative marketing associations composed of producers of agricultural products shall be deemed to have been issued or drawn for an agricultural purpose, within the meaning of sections 348 and 349 to 352 of this title, if the proceeds thereof have been or are to be advanced by such association to any members thereof for an agricultural purpose, or have been or are to be used by such association in making payments to any members thereof on account of agricultural products delivered by such members to the association, or if such proceeds have been or are to be used by such association to meet expenditures incurred or to be incurred by the association in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled by such association for any of its members:

Provided, That the express enumeration in this section of certain classes of paper of cooperative marketing associations as eligible for rediscount shall not be construed as rendering ineligible any other class of paper of such associations which is now eligible for rediscount.

(Dec. 23, 1913, ch. 6, § 13A (par.), formerly § 13a, as added Mar. 4, 1923, ch. 252, title IV, § 404, 42 Stat. 1480; renumbered § 13A, Pub. L. 102–242, title I, § 142(e)(1), Dec. 19, 1991, 105 Stat. 2281.)

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Cited by 2 sections

statute-compilations

Sec. 13A
**[**discount of agricultural paper**]**

statutes-at-large

Public Law 94–452
To amend the Internal Revenue Code of 1654 with respect to the tax treatment of certain divestitures of assets by bank holding companies

5 references not yet in our index

Dec. 23, 1913, ch. 6, § 13A
Mar. 4, 1923, ch. 252
42 Stat. 1480
Pub. L. 102–242, title I, § 142(e)(1)
105 Stat. 2281

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cites case law

§ 351

Obligations of cooperative marketing association as issued or drawn for agricultural purposes

Stat. Comp.×1

Stat.×1

ActDec. 23, 1913, ch. 6, § 13A

ActMar. 4, 1923, ch. 252

Stat.42 Stat. 1480

Pub. L.Pub. L. 102–242, title I, § 142(e)(1)

Stat.105 Stat. 2281

Cites 5Cited by 2 across 2 sources