|
U.S. Code as of:
01/19/04
Section 601. Authorization; conditions and regulations
Any national banking association possessing a capital and surplus
of $1,000,000 or more may file application with the Board of
Governors of the Federal Reserve System for permission to exercise,
upon such conditions and under such regulations as may be
prescribed by the said board, the following powers:
First. To establish branches in foreign countries or dependencies
or insular possessions of the United States for the furtherance of
the foreign commerce of the United States, and to act if required
to do so as fiscal agents of the United States.
Second. To invest an amount not exceeding in the aggregate 10 per
centum of its paid-in capital stock and surplus in the stock of one
or more banks or corporations chartered or incorporated under the
laws of the United States or of any State thereof, and principally
engaged in international or foreign banking, or banking in a
dependency or insular possession of the United States either
directly or through the agency, ownership, or control of local
institutions in foreign countries, or in such dependencies or
insular possessions.
Third. To acquire and hold, directly or indirectly, stock or
other evidences of ownership in one or more banks organized under
the law of a foreign country or a dependency or insular possession
of the United States and not engaged, directly or indirectly, in
any activity in the United States except as, in the judgment of the
Board of Governors of the Federal Reserve System, shall be
incidental to the international or foreign business of such foreign
bank; and, notwithstanding the provisions of section 371c of this
title, to make loans or extensions of credit to or for the account
of such bank in the manner and within the limits prescribed by the
Board by general or specific regulation or ruling.
Until January 1, 1921, any national banking association, without
regard to the amount of its capital and surplus, may file
application with the Board of Governors of the Federal Reserve
System for permission, upon such conditions and under such
regulations as may be prescribed by said board, to invest an amount
not exceeding in the aggregate 5 per centum of its paid-in capital
and surplus in the stock of one or more corporations chartered or
incorporated under the laws of the United States or of any State
thereof and, regardless of its location, principally engaged in
such phases of international or foreign financial operations as may
be necessary to facilitate the export of goods, wares, or
merchandise from the United States or any of its dependencies or
insular possessions to any foreign country: Provided, however, That
in no event shall the total investments authorized by this
subchapter by any one national bank exceed 10 per centum of its
capital and surplus.
Such application shall specify the name and capital of the
banking association filing it, the powers applied for, and the
place or places where the banking or financial operations proposed
are to be carried on. The Board of Governors of the Federal Reserve
System shall have power to approve or to reject such application in
whole or in part if for any reason the granting of such application
is deemed inexpedient, and shall also have power from time to time
to increase or decrease the number of places where such banking
operations may be carried on.
|
|