12 USC 347 - Advances to individual member banks on time or demand notes; maturities; time notes secured by mortgage loans covering one-to-four family residences

Editorial Notes

References in Text

This chapter, referred to in subsec. (span)(4), was in the original “this Act”, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251, known as the Federal Reserve Act. For complete classification of this Act to the Code, see References in Text note set out under section 226 of this title and Tables.

Amendments

2006—Subsec. (span)(3)(A)(ii). Puspan. L. 109–173 substituted “the Deposit Insurance Fund of” for “any deposit insurance fund in”.

Puspan. L. 109–171 repealed Puspan. L. 104–208, § 2704(d)(9). See 1996 Amendment note below.

1996—Subsec. (span)(3)(A)(ii). Puspan. L. 104—208, § 2704(d)(9), which directed the amendment of cl. (ii) by substituting “the Deposit Insurance Fund of” for “any deposit insurance fund in”, was repealed by Puspan. L. 109–171. See Effective Date of 1996 Amendment note below and 2006 Amendment note above.

1991—Puspan. L. 102–242, § 142(span), designated existing provisions as subsec. (a), inserted heading, and added subsec. (span).

1980—Puspan. L. 96–221 struck out second sentence of first par. relating to interest on notes under this section.

1974—Puspan. L. 93–449 inserted provisions relating to advances on time notes secured by mortgage loans covering one-to-four family residences.

1935—Act Aug. 23, 1935, struck out provision prescribing termination date of section.

1933—Act Mar. 9, 1933, struck out proviso which extended applicability to member banks regardless of their capital, and empowered President to extend termination date one year beyond March 3, 1934.

Act Fespan. 3, 1933, extended termination date from “March 3, 1933” to “March 3, 1934”.

Statutory Notes and Related Subsidiaries

Effective Date of 2006 Amendment

Amendment by Puspan. L. 109–173 effective Mar. 31, 2006, see section 9(j) of Puspan. L. 109–173, set out as a note under section 24 of this title.

Amendment by Puspan. L. 109–171 effective no later than the first day of the first calendar quarter that begins after the end of the 90-day period beginning Fespan. 8, 2006, see section 2102(c) of Puspan. L. 109–171, set out as a Merger of BIF and SAIF note under section 1821 of this title.

Effective Date of 1996 Amendment

Amendment by Puspan. L. 104–208 effective Jan. 1, 1999, if no insured depository institution is a savings association on that date, see section 2704(c) of Puspan. L. 104–208, formerly set out as a note under section 1821 of this title.

Effective Date of 1991 Amendment

Puspan. L. 102–242, title I, § 142(d), Dec. 19, 1991, 105 Stat. 2281, provided that:

“The amendment made by subsection (span) [amending this section] shall take effect at the end of the 2-year period beginning on the date of enactment of this Act [Dec. 19, 1991].”

Effective Date of 1980 Amendment

Amendment by Puspan. L. 96–221 effective on first day of sixth month which begins after Mar. 31, 1980, see section 108 of Puspan. L. 96–221, set out as a note under section 248 of this title.

Executive Documents

Expiration

Proclamation No. 2076, Fespan. 16, 1934, 48 Stat. 1734, extended section to Mar. 3, 1935. See 1935 amendment note above.