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12 USC 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
U.S. Code > Title 12 > Chapter 3 > Subchapter XII > § 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
Any Federal Reserve bank may at its discretion withdraw
collateral deposited with the local Federal Reserve agent for the
protection of its Federal Reserve notes issued to it, and shall at
the same time substitute therefor other collateral of equal amount
with the approval of the Federal Reserve agent under regulations to
be prescribed by the Board of Governors of the Federal Reserve
System. Any Federal Reserve bank may retire any of its Federal
Reserve notes by depositing them with the Federal Reserve agent or
with the Treasurer of the United States, and such Federal Reserve
bank shall thereupon be entitled to receive back the collateral
deposited with the Federal Reserve agent for the security of such
notes. Any Federal Reserve bank shall further be entitled to
receive back the collateral deposited with the Federal Reserve
agent for the security of any notes with respect to which such bank
has made payment to the Secretary of the Treasury under section 4
of the Old Series Currency Adjustment Act. Federal Reserve notes so
deposited shall not be reissued except upon compliance with the
conditions of an original issue.
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