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U.S. Code as of:
01/19/04
Section 3107. Representative offices
(a) Prior approval to establish representative offices
(1) In general
No foreign bank may establish a representative office without
the prior approval of the Board.
(2) Standards for approval
In acting on any application under this paragraph to establish
a representative office, the Board shall take into account the
standards contained in section 3105(d)(2) of this title and may
impose any additional requirements that the Board determines to
be necessary to carry out the purposes of this chapter.
(b) Termination of representative offices
The Board may order the termination of the activities of a
representative office of a foreign bank on the basis of the
standards, procedures, and requirements applicable under section
3105(e) of this title with respect to branches and agencies.
(c) Examinations
The Board may make examinations of each representative office of
a foreign bank, the cost of which shall be assessed against and
paid by such foreign bank. The Board may also make examinations of
any affiliate of a foreign bank conducting business in any State if
the Board deems it necessary to determine and enforce compliance
with this chapter, the Bank Holding Company Act of 1956 [12 U.S.C.
1841 et seq.], or other applicable Federal banking law.
(d) Compliance with State law
This chapter does not authorize the establishment of a
representative office in any State in contravention of State law.
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