Book-entry procedure for Rural Development securities—issuance and redemption of certificate by Reserve bank.

CFR · 2024-01-01 · US · Title 7

(a) (1) Issue book-entry Rural Development securities by means of entries on its records which shall include the name of the depositor, the amount, the securities title (or series) and maturity date. (2) Effect conversions between book-entry Rural Development securities and definitive Rural Development securities. (3) Otherwise service and maintain book-entry Rural Development securities. (4) Issue a confirmation of transaction in the form of a written advice (serially numbered or otherwise) which specifies the amount and description of any securities (that is, the securities title (or series) and the maturity date) (b) (i) As collateral pledged to a Reserve bank (in its individual capacity) for advances by it. (ii) By a member bank for its sole account. (iii) By a member bank held for the account of its customers. (iv) In connection with deposits in a member bank of funds of States, Municipalities, or other political subdivisions. (v) In connection with the performance of an obligation or duty under Federal, State, Municipal, or local law, or judgments or decrees of courts. (2) The application of the book-entry procedure under paragraph (b)(1) of this section shall not detract from or adversely affect the relationships that would otherwise exist between a Reserve bank in its individual capacity and its depositors concerning any deposit under this paragraph. Whenever the book-entry procedure is applied to such Rural Development securities, the Reserve bank is authorized to ta

official document · source cfr-2024 · id 7:§ 1901.506