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U.S. Code as of:
01/19/04
Section 417. Custody and safe-keeping of notes issued to and collateral deposited with reserve agent
All Federal Reserve notes and all gold certificates, Special
Drawing Right certificates, and lawful money issued to or deposited
with any Federal Reserve agent under the provisions of this chapter
shall be held for such agent, under such rules and regulations as
the Board of Governors of the Federal Reserve System may prescribe,
in the joint custody of himself 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, Special Drawing Right
certificates, and lawful money. Nothing herein contained, however,
shall be construed to prohibit a Federal Reserve agent from
depositing gold certificates and Special Drawing Right certificates
with the Board of Governors of the Federal Reserve System, to be
held by such Board subject to his order, or with the Treasurer of
the United States, for the purposes authorized by law.
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