Scope and effect of book-entry procedure.

CFR · 2024-01-01 · US · Title 12

(a) A Reserve Bank, as fiscal agent of the United States acting on behalf of the Federal Financing Bank, may apply the book-entry procedure provided for in this part to any Federal Financing Bank securities which have been or are hereafter deposited for any purpose in accounts with it in its individual capacity under terms and conditions which indicate that the Reserve Bank will continue to maintain such deposit accounts in its individual capacity, notwithstanding application of the book-entry procedure to such securities. This paragraph is applicable, but not limited, to securities deposited: (1) As collateral pledged to a Reserve Bank (in its individual capacity) for advances by it; (2) By a member bank for its sole account; (3) By a member bank held for the account of its customers; (4) In connection with deposits in a member bank of funds of States, municipalities, or other political subdivisions; or, (5) In connection with the performance of an obligation or duty under Federal, State, municipal, or local law, or judgments or decrees of courts. (b) A Reserve Bank, as fiscal agent of the United States acting on behalf of the Federal Financing Bank, shall apply the book-entry procedure to Federal Financing Bank securities deposited as collateral pledged to the United States under current revisions of Department of the Treasury Circulars Nos. 92 and 176 (31 CFR, parts 203 and 202), and may apply the book-entry procedure, with the approval of the Secretary of the Treasury, to

official document · source cfr-2024 · id 12:§ 811.2