Statutes, codes, and regulations
United States Code
Title 12 - BANKS AND BANKINGChapter 3 - FEDERAL RESERVE SYSTEM
Subchapter IX - POWERS AND DUTIES OF FEDERAL RESERVE BANKS
Section 350 - Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations

12 U.S.C. § 350

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Current through P.L. 118-78 (published on www.congress.gov on 07/30/2024)
Section 350 - Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations

Any Federal reserve bank may also buy and sell debentures and other such obligations issued by a Federal intermediate credit bank or by a national agricultural credit corporation, but only to the same extent as and subject to the same limitations as those upon which it may buy and sell bonds issued under title I of the Federal Farm Loan Act.

12 U.S.C. § 350

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.

EDITORIAL NOTES

REFERENCES IN TEXTTitle I of the Federal Farm Loan Act, referred to in text, is title I of act July 17, 1916, ch. 245, 39 Stat. 360. Title I was classified to chapter 7 (§641 et seq.) of this title, and was repealed by Pub. L. 92-181, title V, §5.26(a), Dec. 10, 1971, 85 Stat. 624.

CODIFICATIONSection is comprised of third par. of section 13A, formerly section 13a, as added Mar. 4, 1923. Pars. 1, 2, 4 and 5 of section 13A are set out as sections 348, 349, 351 and 352 of this title, respectively.

STATUTORY NOTES AND RELATED SUBSIDIARIES

NATIONAL AGRICULTURAL CREDIT CORPORATION Title II of the Agricultural Credits Act, act Mar. 4, 1923, title II, §§201-217, 42 Stat. 1461, authorized creation of national agricultural credit corporations, prior to repeal by Pub. L. 86-230, Sept. 18, 1959, §24, 73 Stat. 466. Prior to such repeal, act June 16, 1933, §77, 48 Stat. 292, had prohibited the creation, after June 16, 1933, of national agricultural credit corporations authorized to be formed under the Agricultural Credits Act.

credit
The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.