12 U.S. Code § 265 - Insured banks as depositaries of public money; duties; security; discrimination between banks prohibited; repeal of inconsistent laws
All insured banks designated for that purpose by the Secretary of the Treasury shall be depositaries of public money of the United States (including, without being limited to, revenues and funds of the United States, and any funds the deposit of which is subject to the control or regulation of the United States or any of its officers, agents, or employees, and Postal Savings funds), and the Secretary is authorized to deposit public money in such depositaries, under such regulations as may be prescribed by the Secretary; and they may also be employed as financial agents of the Government; and they shall perform all such reasonable duties, as depositaries of public money and financial agents of the Government as may be required of them. The Secretary of the Treasury shall require of the insured banks thus designated satisfactory security by the deposit of United States bonds or otherwise, for the safekeeping and prompt payment of public money deposited with them and for the faithful performance of their duties as financial agents of the Government:
Section was formerly classified to section 1110 of the Appendix to Title 50, War and National Defense.
1954—Act Sept. 3, 1954, substituted “section 1813” for “section 264” in last sentence.
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