---
kind: "range"
citation: "12 U.S.C. §§ 349–352"
title: "12"
from: "349"
to: "352"
count: 4
release: "119-102"
url: "https://uscodex.org/usc/12/349..352"
---

# §349. Rediscount for intermediate credit banks of obligations given for agricultural purposes; discount of notes made pursuant to section 1031


Any Federal [reserve bank](/usc/12/221.md) may, subject to regulations and limitations to be prescribed by the [Board](/usc/12/221.md) of Governors of the Federal Reserve System, rediscount such notes, drafts, and bills mentioned in [section 348 of this title](/usc/12/348.md) for any Federal intermediate [credit](/usc/12/5481.md?p=7) [bank](/usc/12/1426a.md?p=g-1), except that no Federal [reserve bank](/usc/12/221.md) shall rediscount for a Federal intermediate [credit](/usc/12/5481.md?p=7) [bank](/usc/12/1426a.md?p=g-1) any such note or obligation which bears the indorsement of a nonmember [State bank](/usc/12/1835a.md?p=e-1) or trust [company](/usc/12/24a.md?p=g-1) which is eligible for membership in the Federal reserve system in accordance with subchapter VIII of this chapter. Any Federal [reserve bank](/usc/12/221.md) may also, subject to regulations and limitations to be prescribed by the [Board](/usc/12/221.md) of Governors of the Federal Reserve System, discount notes payable to and bearing the indorsement of any Federal intermediate [credit](/usc/12/5481.md?p=7) [bank](/usc/12/1426a.md?p=g-1) covering loans or advances made by such [bank](/usc/12/1426a.md?p=g-1) pursuant to the provisions of section 1031[^1] of this title which have maturities at the time of discount of not more than nine months, exclusive of days of grace, and which are secured by notes, drafts, or bills of exchange eligible for rediscount by Federal [Reserve banks](/usc/12/221.md).


# §350. Purchase and sale of debentures and like obligations of intermediate credit banks and agricultural credit corporations


Any Federal [reserve bank](/usc/12/221.md) may also buy and sell debentures and other such obligations issued by a Federal intermediate [credit](/usc/12/5481.md?p=7) [bank](/usc/12/1426a.md?p=g-1) or by a national agricultural [credit](/usc/12/5481.md?p=7) [corporation](/usc/12/2277a.md?p=2), but only to the same extent as and subject to the same limitations as those upon which it may buy and sell bonds issued under title I of the Federal Farm Loan Act.


# §351. Obligations of cooperative marketing association as issued or drawn for agricultural purposes


Notes, drafts, bills of exchange, or acceptances issued or drawn by cooperative marketing [associations](/usc/12/1828.md?p=s-4-E-i) composed of producers of agricultural products shall be deemed to have been issued or drawn for an agricultural purpose, within the meaning of sections [348](/usc/12/348.md) and [349 to 352](/usc/12/349..352.md) of this title, if the proceeds thereof have been or are to be advanced by such [association](/usc/12/1828.md?p=s-4-E-i) to any [members](/usc/12/1426a.md?p=g-1) thereof for an agricultural purpose, or have been or are to be used by such [association](/usc/12/1828.md?p=s-4-E-i) in making payments to any [members](/usc/12/1426a.md?p=g-1) thereof on account of agricultural products delivered by such [members](/usc/12/1426a.md?p=g-1) to the [association](/usc/12/1828.md?p=s-4-E-i), or if such proceeds have been or are to be used by such [association](/usc/12/1828.md?p=s-4-E-i) to meet expenditures incurred or to be incurred by the [association](/usc/12/1828.md?p=s-4-E-i) in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled by such [association](/usc/12/1828.md?p=s-4-E-i) for any of its [members](/usc/12/1426a.md?p=g-1): Provided, That the express enumeration in this section of certain classes of paper of cooperative marketing [associations](/usc/12/1828.md?p=s-4-E-i) as eligible for rediscount shall not be construed as rendering ineligible any other class of paper of such [associations](/usc/12/1828.md?p=s-4-E-i) which is now eligible for rediscount.


# §352. Limitation on amount of obligations of certain maturities which may be discounted and rediscounted


The [Board](/usc/12/221.md) of Governors of the Federal Reserve System may, by regulation, limit to a percentage of the assets of a Federal [reserve bank](/usc/12/221.md) the amount of notes, drafts, acceptances, or bills having a maturity in excess of three months, but not exceeding six months, exclusive of days of grace, which may be discounted by such [bank](/usc/12/1426a.md?p=g-1), and the amount of notes, drafts, bills, or acceptances having a maturity in excess of six months, but not exceeding nine months, which may be rediscounted by such [bank](/usc/12/1426a.md?p=g-1).