interesting section in the Federal Reserve Act

[bobola]

"Exceptions from repayment requirement. A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to an act of war, insurrection, or civil strife; or an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located; unless the member bank has expressly agreed in writing to repay the deposit under those circumstances."

http://www.federalreserve.gov/aboutt...section25c.htm

[metalman]

Re: interesting section in the Federal Reserve Act

"Exceptions from repayment requirement. A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to an act of war, insurrection, or civil strife; or an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located; unless the member bank has expressly agreed in writing to repay the deposit under those circumstances."

http://www.federalreserve.gov/aboutt...section25c.htm

Forty one years later, on December 31, 1974, with Executive Order 11825, President Gerald Ford repealed the Executive Order that Roosevelt used to call in gold in 1933. Then, in 1977 Congress removed the president's authority to regulate gold transactions during a period of national emergency other than war.

war's handy when it comes to breaking contracts :cool:

[Fiat Currency]

Re: interesting section in the Federal Reserve Act

war's handy when it comes to breaking contracts :cool:

Who do you think invented Force Majeure ?? :rolleyes: