§ 415. Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes

546 words·~2 min read·/usc/title-12/section-415

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Any Federal Reserve bank may at any time reduce its liability for outstanding Federal Reserve notes by depositing with the Federal Reserve agent its Federal Reserve notes, gold certificates, Special Drawing Right certificates, or lawful money of the United States. Federal Reserve notes so deposited shall not be reissued, except upon compliance with the conditions of an original issue. The liability of a Federal Reserve bank with respect to its outstanding Federal Reserve notes shall be reduced by an amount paid by such bank to the Secretary of the Treasury under section 4 of the Old Series Currency Adjustment Act.

(Dec. 23, 1913, ch. 6, § 16 (par.), 38 Stat. 267; June 21, 1917, ch. 32, § 7, 40 Stat. 237; Jan. 30, 1934, ch. 6, § 2(b)(5), 48 Stat. 339; Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; Pub. L. 87–66, § 8(a), June 30, 1961, 75 Stat. 147; Pub. L. 90–269, § 5, Mar. 18, 1968, 82 Stat. 50; Pub. L. 90–349, § 5(b), June 19, 1968, 82 Stat. 189.)

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Cited by 5 sections

U.S. Code

§ 467
Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer

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U.S. Code

Issuance to reserve banks; nature of obligation; redemption
§ 411

19 references not yet in our index

Dec. 23, 1913, ch. 6, § 16
38 Stat. 267
June 21, 1917, ch. 32, § 7
40 Stat. 237
Jan. 30, 1934, ch. 6, § 2(b)(5)
48 Stat. 339
Aug. 23, 1935, ch. 614
49 Stat. 704
Pub. L. 87–66, § 8(a)
75 Stat. 147
Pub. L. 90–269, § 5
82 Stat. 50
Pub. L. 90–349, § 5(b)
82 Stat. 189
Pub. L. 97–258, § 5(b)
96 Stat. 1068
Pub. L. 90–269
Pub. L. 90–349
Pub. L. 87–66

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cites case law

§ 415

Reduction of liability for outstanding notes by depositing notes and collateral and payment of notes of series prior to 1928; reissue of deposited notes

Stat. Comp.×2

Stat.×2

U.S.C.×1

U.S.C.§ 411

ActDec. 23, 1913, ch. 6, § 16

Stat.38 Stat. 267

ActJune 21, 1917, ch. 32, § 7

Stat.40 Stat. 237

ActJan. 30, 1934, ch. 6, § 2(b)(5)

Cites 20 · showing 6Cited by 5 across 3 sources