All Federal Reserve notes and all gold certificates, Special Drawing Right certificates, and lawful money issued to or deposited with any Federal Reserve agent under the provisions of the Federal Reserve Act shall hereafter be held for such agent, under such rules and regulations as the Board of Governors of the Federal Reserve System may prescribe, in the joint custody of himself and the Federal Reserve bank to which he is accredited. Such agent and such Federal Reserve bank shall be jointly liable for the safe-keeping of such Federal Reserve notes, gold certificates, Special Drawing Right certificates, and lawful money. Nothing herein contained, however, shall be construed to prohibit a Federal Reserve agent from depositing gold certificates and Special Drawing Right certificates with the Board of Governors of the Federal Reserve System, to be held by such Board subject to his order, or with the Treasurer of the United States for the purposes authorized by law.
June 21, 1917, ch. 32, § 740 Stat. 238Jan. 30, 1934, ch. 6, § 2(b)(6)48 Stat. 339Aug. 23, 1935, ch. 61449 Stat. 704Pub. L. 90–349, § 5(c)82 Stat. 189( (par.), ; , ; , title II, § 203(a), ; , , .)
Editorial Notes
References in Text
act Dec. 23, 1913, ch. 638 Stat. 251section 226 of this titleThe Federal Reserve Act, referred to in text, is , . For complete classification of this Act to the Code, see References in Text note set out under and Tables.
Hereafter, referred to in text, probably means on and after .
Codification
section 411 of this titleSection is comprised of last par. of section 7 of act . The preceding pars. of section 7 amended pars. two, three, four, five, six, and seven of section 16 of act . For classification to this title of section 16, see Codification note set out under .
Amendments
Pub. L. 90–34912 U.S.C. 4171968—, which directed amendment of “[t]he seventh paragraph of section 16 of the Federal Reserve Act, as amended ()” by inserting “, Special Drawing Right certificates,” after “gold certificates” in the first sentence, “Special Drawing Right certificates,” after “gold certificates,” in the second sentence, and “and Special Drawing Right certificates” after “gold certificates” in the third sentence, was executed by making the insertions in this section, to reflect the probable intent of Congress.
1934—Act , which directed general amendment of the eighth par. of section 16 of the Federal Reserve Act, was executed to this section, to reflect the probable intent of Congress. Prior to amendment, text read as follows: “All Federal reserve notes and all gold, gold certificates, and lawful money issued to or deposited with any Federal reserve agent under the provisions of the Federal reserve Act shall hereafter be held for such agent, under such rules and regulations as the Federal Reserve Board may prescribe, in the joint custody of himself and the Federal reserve bank to which he is accredited. Such agent and such Federal reserve bank shall be jointly liable for the safe-keeping of such Federal reserve notes, gold, gold certificates, and lawful money. Nothing herein contained, however, shall be construed to prohibit a Federal reserve agent from depositing gold or gold certificates with the Federal Reserve Board, to be held by such board subject to his order, or with the Treasurer of the United States for the purposes authorized by law.”
Statutory Notes and Related Subsidiaries
Change of Name
Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Executive Documents
Transfer of Functions
section 55 of this titleFor transfer of functions to Secretary of the Treasury, see note set out under .