§350 — Title 12 Banks and Banking | U.S. Code

Summary

A Federal Reserve bank may buy and sell debentures and similar debt issued by a Federal intermediate credit bank or by a national agricultural credit corporation. It can only do this to the same degree and under the same limits that apply when it buys or sells bonds under Title I of the Federal Farm Loan Act.

Title 12, §350

Banks and Banking — Source: USLM XML via OLRC

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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Title 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 of this title, and was repealed by Pub.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. Codification Section 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 section 348, 349, 351 and 352 of this title, respectively.

Statutory Notes and Related Subsidiaries

National Agricultural Credit CorporationTitle 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.

§350 Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations