§ 286p. Issuance, purpose, and redemption of Special Drawing Rights certificates
201 words·~1 min read·
/usc/title-22/section-286pA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The Secretary of the Treasury is authorized to issue to the Federal Reserve banks, and such banks shall purchase, Special Drawing Right certificates in such form and in such denominations as he may determine, against any Special Drawing Rights held to the credit of the Exchange Stabilization Fund. Such certificates shall be issued and remain outstanding only for the purpose of financing the acquisition of Special Drawing Rights or for financing exchange stabilization operations. The amount of Special Drawing Right certificates issued and outstanding shall at no time exceed the value of the Special Drawing Rights held against the Special Drawing Right certificates. The proceeds resulting from the issuance of Special Drawing Right certificates shall be covered into the Exchange Stabilization Fund.
(b)Special Drawing Right certificates owned by the Federal Reserve banks shall be redeemed from the resources of the Exchange Stabilization Fund at such times and in such amounts as the Secretary of the Treasury may determine.
(Pub. L. 90–349, § 4, June 19, 1968, 82 Stat. 188.)
Connections1 cite this
Cited by 1 section
statute-compilations
4 references not yet in our index
- Pub. L. 90–349, § 4
- 82 Stat. 188
- act July 31, 1945, ch. 339
- 59 Stat. 512
Citation graph
cites case law
§ 286p
Issuance, purpose, and redemption of Special Drawing Rights certificates
Stat. Comp.×1
Pub. L.Pub. L. 90–349, § 4
Stat.82 Stat. 188
Actact July 31, 1945, ch. 339
Stat.59 Stat. 512
Cites 4Cited by 1 across 1 source