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U.S. Code as of:
01/19/04
Section 603. Restrictions imposed by Board of Governors of the Federal Reserve System on banks purchasing stock in corporations doing foreign business
Before any national bank shall be permitted to purchase stock in
any corporation described in section 601 of this title, the said
corporation shall enter into an agreement or undertaking with the
Board of Governors of the Federal Reserve System to restrict its
operations or conduct its business in such manner or under such
limitations and restrictions as the said board may prescribe for
the place or places wherein such business is to be conducted. If at
any time the Board of Governors of the Federal Reserve System shall
ascertain that the regulations prescribed by it are not being
complied with, said board is authorized and empowered to institute
an investigation of the matter and to send for persons and papers,
subpoena witnesses, and administer oaths in order to satisfy itself
as to the actual nature of the transactions referred to. Should
such investigation result in establishing the failure of the
corporation in question, or of the national bank or banks which may
be stockholders therein, to comply with the regulations laid down
by the said Board of Governors of the Federal Reserve System, such
national banks may be required to dispose of stock holdings in the
said corporation upon reasonable notice.
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