Federal Reserve bank notes redeemed by the Treasurer of the United States under section
121a of this title shall be charged against the balance of deposits for the retirement of Federal Reserve bank notes under the provisions of sections
445 of this title; and charges for Federal Reserve notes redeemed by the Treasurer of the United States under section
121a of this title shall be apportioned among the twelve Federal Reserve banks as determined by the Board of Governors of the Federal Reserve System.
445 of this title, referred to in text, was repealed by act June 12, 1945, ch. 186, § 3,59 Stat. 238.
1994—Pub. L. 103–325struck out “National-bank notes and” before “Federal Reserve bank notes redeemed” and “national-bank notes and” after “deposits for the retirement of”.
1966—Pub. L. 89–427substituted provisions allowing the Board of Governors of the Federal Reserve System to determine the proper apportioning between the Federal Reserve banks of the charges for the redemption by the Treasurer of the United States of Federal Reserve notes that are unidentifiable as to bank of issue for provisions that set out the exact formula for determining the proper apportioning of charges using a proportion based upon the amount of Federal Reserve notes of each Federal Reserve bank in circulation in the 31st day of December of the year preceding the date of redemption, with the amount apportioned under the formula charged by the Treasurer of the United States against deposit in the gold-redemption fund made by the bank or its Federal Reserve agent.
Transfer of Functions
For transfer of functions to Secretary of the Treasury, see note set out under section
55 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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