[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR354.6]

[Page 348]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 354--REGULATIONS GOVERNING BOOK-ENTRY SECURITIES OF THE STUDENT LOAN MARKETING ASSOCIATION (SALLIE MAE)--Table of Contents
 
Sec. 354.6  Authority of Federal Reserve Banks.

    (a) Each Federal Reserve Bank is hereby authorized as fiscal agent 
of Sallie Mae to perform functions with respect to the issuance of Book-
entry Sallie Mae Securities offered and sold by Sallie Mae, in 
accordance with the Securities Documentation, and Federal Reserve Bank 
Operating Circulars; to service and maintain Book-entry Sallie Mae 
Securities in accounts established for such purposes; to make payments 
of principal and interest with respect to such Book-entry Sallie Mae 
Securities as directed by Sallie Mae; to effect transfer of Book-entry 
Sallie Mae Securities between Participants' Securities Account as 
directed by the Participants; to effect conversions between Book-entry 
Sallie Mae securities and Definitive Sallie Mae Securities with respect 
to those securities as to which conversion rights are available pursuant 
to the applicable Securities Documentation; and to perform such other 
duties as fiscal agent as may be requested by Sallie Mae.
    (b) Each Federal Reserve Bank may issue Operating Circulars not 
inconsistent with this part, governing the details of its handling of 
Book-entry Sallie Mae Securities, Security Entitlements, and the 
operation of the Book-entry System under this part.