CHECK CLEARING AND COLLECTION 
2—FEach Federal Reserve Bank will receive at par from other Federal Reserve 
Banks, and from all member and nonmember clearing banks in other Federal 
Reserve districts which are authorized to route direct for the credit of their 
respective Federal Reserve Banks, checks drawn on all member and non- 
member clearing banks of its district, and checks drawn on all other non- 
member banks of its district which are collectable at par in funds acceptable 
to the collecting Federal Reserve Bank. 
3—No Federal Reserve Bank shall receive on deposit or for collection any check 
drawn on any nonmember bank which can not be collected at par in funds 
acceptable to the Federal Reserve Bank of the district in which such non- 
member bank ‘is located. 
Section IV. Time Schedule and Availability of Credits 
|—Each Federal Reserve Bank will publish a time schedule showing the time 
at which any item sent to it will be counted as reserve and become available 
for withdrawal or other use by the sending bank. For all checks received, 
the sending bank will be given immediate credit, or deferred credit, in ac- 
cordance with such time schedule, and as provided below. 
2—For all such checks as are received for immediate credit in accordance with 
such time schedule, immediate credit, subject to final payment, will be given 
upon the books of the Federal Reserve Bank at full face value in the reserve 
account or clearing account upon day of receipt, and the proceeds will at 
once be counted as reserve and become available for withdrawal or other use 
by the sending bank. 
3—For all such checks as are received for deferred credit in accordance with 
such time schedule, deferred credit, subject to final payment, will be entered 
upon the books of the Federal Reserve Bank at full face value, but the pro- 
ceeds will not be counted as reserve nor become available for withdrawal or 
other use by the sending bank until such time as may be specified in such 
time schedule, at which time credit will be transferred from the deferred 
account to the reserve account or clearing account subject to final payment 
and will then be counted as reserve and become available for withdrawal or 
other use by the sending bank. 
The Federal Reserve Board hereby authorizes the Federal Reserve 
Banks to handle such checks subject to the following terms and con- 
ditions; and each member and non-member clearing bank which 
Sends checks to any Federal Reserve Bank for deposit or collection 
—~— 
A check j a draft or order upon a bank or banking house, purporting to be 
Jrawn Upon Toy i the payment at De of a certain sum of money to the order 
°f a certain person therein named, or to Yim or his order, or to bearer, and payable on demand, 
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