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12 USCS

95b. Ratification of acts of President and Secretary of the Treasury under 95a

The actions, regulations, rules, licenses, orders and proclamations heretofore or hereafter taken, promulgated, made or issued by the President of the United States or the Secretary of the Treasury since March 4, 1933, pursuant to the authority confered by subsection (b) of section 5 of the Act of October 6, 1917, as amended [12 USCS 95a], are hereby approved and confirmed.
(Mar. 9, 1933, c. 1, Title 1, 1, 48 Stat. 1)

CODE OF FEDERAL REGULATIONS

31 CFR Parts 120-121

CROSS REFERENCES

Authorization for emergency banking regulations and bank holidays, 12 USCS 95.
Right to amend and separability, 12 USCS 212
This section is referred to in 12 USCS 51b-1, 212, 213.

RESEARCH GUIDE

Am Jur:

10 Am Jur 2d, Banks 278

INTERPRETIVE NOTES AND DECISIONS

Prior to adoption of 12 USCS 95b it was assumed that presidential proclamation which purported to be directed against hoarding of cash was well supported by federal statute, and the regulations under it were valid, and that compliance therewith was compulsory. Kullman & Co. v. Woolley (1936, CA 5 Miss) 83 F2d 129.

Closing of national bank by Presidential proclamation was reasonable step to be taken in financial emergency which confronted country and was authorized by 12 USCS 95, 95a and 95b, all of which are constitutional. Smith v. Witherow (1939, CA 3 Pa) 102 F2d 638.

President was not authorized to declare bank holiday by Trading with Enemy Act of 1917 but lack of authority was remedied by passage of 12 USCS 95b. United States v. Briddle (1962, DC Cal) 212 F Supp 584.

Foreclosure sale by bank on date that Presidential proclamation declaring bank holiday was issued was legal since President was without authority to make proclamation as of that date and enactment of 12 USCS 95b later did not render illegal what had been legally done. Anthony v. Bank of Wiggins (1938) 183 Miss 885, 184 So 626.

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