1. Fund
for Redemption of National Bank Notes Not to Be Counted as Reserve So much of sections two and three of
the Act of June twentieth, eighteen hundred and seventy-four, entitled
“An Act fixing the amount of United States notes, providing for a
redistribution of the national-bank currency, and for other purposes,”
as provides that the fund deposited by any national banking association
with the Treasurer of the United States for the redemption of its
notes shall be counted as a part of its lawful reserve as provided
in the Act aforesaid, is hereby repealed. And from and after the passage
of this Act such fund of five per centum shall in no case be counted
by any national banking association as a part of its lawful reserve.
[12 USC 121.
Part of original Federal Reserve Act; not amended. Section 3 of the
act of June 20, 1874, was repealed by act of Sept. 23, 1994 (108 Stat.
2292).]
