Page:United States Statutes at Large Volume 48 Part 1.djvu/365

73d C ONGRESS . SESS. II. CH. 6. JA NUA RY 30, 1934 . Federal Reserve notes issued to any such bank shall, upon delivery, together with such notes of such Federal Reserve bank as may be issued under section 1S of this Act upon security of United States 2 per centum Government bonds, become a first and paramount lieu on all the assets of such bank . "Any Federal Reserve bank may at any time reduce its liability for outstanding Federal Reserve notes by depositing with the Fed- eral Reserve agent its Federal Reserve notes, gold certificates, or lawful money of the United States . Fede ral Rese rve note s so dep os- ited shall not be reissued, except upon compliance wit h the con- ditions of an origina l issu e . "The Federal Reserve agent shall hold such gold certificates or lawful money available exclusively for exchange for the outstanding Federal Reserve notes when offered by the Reserve bank of which he is a director . Upon the request of the Secretary of the Treasury the Federal Reserve Board shall require the Federal Reserve agent to transmit to the Treasure r of the Unit ed States so m uch of the go ld cer tificat es held by hi m as co llatera l secu rity fo r Feder al Res erve notes as may be required for the exclusive purpose of the redemption of such Federal Reserve notes, but such gold certificates when deposited with the Treasurer shall be counted and considered as if collateral security on deposit with the Federal Reserve agent ." (6) The eighth paragraph is amended to read as follows : "All Federal Reserve notes and all 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 join t custody of h imself 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, and lawful money . Not hing herein c ontained, how ever, shall be construed to prohibit a Federal Reserve agent from depositing gold certificates with the Feder al Reserve Bo ard, to be he ld by such Boa rd subject to his order, or with the T reasurer of t he United Stat es for the purposes authorized by law ." (7) The sixteent h paragraph i s amended to r ead as follow s : " The Secretary of the Treasury is hereby authorized and directed to receive deposits of gold or of gold certificates with the Treasurer or anv Assistant Treasurer of the United States when tendered by any Federal Reserve bank or Federal Reserve agent for credit to its or his account with the Federal Reserve Board . The Secretary shall prescribe by regulation the form of receipt to be issued by the Treasurer or Assistant Treasurer to the Federal Reserve bank or Federal Reserve agent making the deposit, and a duplicate of such receipt shall be delivered to the Federa l Reserve Board by th e Treasurer at Washington upon proper advices from any Assistant Treasurer that such deposit has been made . Deposits so made shall be held subject to the orders of the Federal Reserve Board and shall be payable in gold certificates on the order of the Federal Reserve Board to any Federal Reserve bank or Federal Reserve agent at the Treasury or at the Subtreasury of the United States nearest the place of business of such Federal Reserve bank or such Feder al Reserve agent . The order used by the Federal Reserve Board in making such payments shall be signed by the governor or vice governor, or such other officers or members as the Board may by regulation pre- scri be . The form of such order shall be approved by the Secretary of the Treasury ." Lien created. 339 Reduction of l ia- bility for outstanding notes by dep osi ti ng gold certificates, etc Reissue of deposited notes denied. Use of deposi t as collateral for redemp- tio n. Deposited gold certifi- cates as security. Vol.40,p.238; U.S. C ., p. 285, amended . Custody of R eserve notes and collateral deposited with Reserve agent. Liability for safe- kee ping . Deposits of gold cer- tificates with Reserve Board, etc ., permitted . Vol. 40, p.238; U.S. C.,p. 287. Deposits of gold and gold certificates with U S . Treasurer by Re- serve bank or agent . Rec eipt . Payments in gol d certificates . Orders for payment .