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U.S. Code > Title 12 > Chapter 3 > Subchapter XII > § 416 - Withdrawal of collateral deposited to protect notes and substitution of other collateral; retirement of notes; payment of notes of series prior to 1928; recovery of collater

      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.

Legislative History

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