|
U.S. Code as of:
01/19/04
Section 615. Powers of corporation
Each corporation organized as provided in sections 611 to 614 of
this title shall have power, under such rules and regulations as
the Board of Governors of the Federal Reserve System may prescribe:
(a) Dealings in drafts, checks, bills of exchange, acceptances, and
other evidences of indebtedness; purchase and sale of securities;
letters of credit; purchase and sale of coin, bullion, and
exchange; borrowing and loaning money; issue of debentures,
bonds, and notes; deposits; limitation of liabilities; reserves
To purchase, sell, discount, and negotiate, with or without its
indorsement or guaranty, notes, drafts, checks, bills of exchange,
acceptances, including bankers' acceptances, cable transfers, and
other evidences of indebtedness; to purchase and sell, with or
without its indorsement or guaranty, securities, including the
obligations of the United States or of any State thereof but not
including shares of stock in any corporation except as herein
provided; to accept bills or drafts drawn upon it subject to such
limitations and restrictions as the Board of Governors of the
Federal Reserve System may impose; to issue letters of credit; to
purchase and sell coin, bullion, and exchange; to borrow and to
lend money; to issue debentures, bonds, and promissory notes under
such general conditions as to security and such limitations as the
Board of Governors of the Federal Reserve System may prescribe; to
receive deposits outside of the United States and to receive only
such deposits within the United States as may be incidental to or
for the purpose of carrying out transactions in foreign countries
or dependencies or insular possessions of the United States; and
generally to exercise such powers as are incidental to the power
conferred by this Act or as may be usual, in the determination of
the Board of Governors of the Federal Reserve System, in connection
with the transaction of the business of banking or other financial
operations in the countries, colonies, dependencies, or possessions
in which it shall transact business and not inconsistent with the
powers specifically granted herein. Nothing contained in this
subchapter shall be construed to prohibit the Board of Governors of
the Federal Reserve System, under its power to prescribe rules and
regulations, from limiting the aggregate amount of liabilities of
any or all classes incurred by the corporation and outstanding at
any one time. Whenever a corporation organized under this
subchapter receives deposits in the United States authorized by
this subchapter, it shall carry reserves in such amounts as the
Board of Governors of the Federal Reserve System may prescribe for
member banks of the Federal Reserve System.
(b) Branches or agencies
To establish and maintain for the transaction of its business
branches or agencies in foreign countries, their dependencies or
colonies, and in the dependencies or insular possessions of the
United States, at such places as may be approved by the Board of
Governors of the Federal Reserve System and under such rules and
regulations as it may prescribe, including countries or
dependencies not specified in the original organization
certificate.
(c) Purchase of stock in other corporations
With the consent of the Board of Governors of the Federal Reserve
System to purchase and hold stock or other certificates of
ownership in any other corporation organized under the provisions
of this subchapter, or under the laws of any foreign country or a
colony or dependency thereof, or under the laws of any State,
dependency, or insular possession of the United States but not
engaged in the general business of buying or selling goods, wares,
merchandise, or commodities in the United States, and not
transacting any business in the United States except such as in the
judgment of the Board of Governors of the Federal Reserve System
may be incidental to its international or foreign business:
Provided, however, That, except with the approval of the Board of
Governors of the Federal Reserve System, no corporation organized
under this subchapter shall invest in any one corporation an amount
in excess of 10 per centum of its own capital and surplus, except
in a corporation engaged in the business of banking, when 15 per
centum of its capital and surplus may be so invested: Provided
further, That no corporation organized under this subchapter shall
purchase, own, or hold stock or certificates of ownership in any
other corporation organized under this subchapter or under the laws
of any State which is in substantial competition therewith, or
which holds stock or certificates of ownership in corporations
which are in substantial competition with the purchasing
corporation.
Nothing contained herein shall prevent corporations organized
under this subchapter from purchasing and holding stock in any
corporation where such purchase shall be necessary to prevent a
loss upon a debt previously contracted in good faith; and stock so
purchased or acquired in corporations organized under this
subchapter shall, within six months from such purchase, be sold or
disposed of at public or private sale, unless the time to so
dispose of same is extended by the Board of Governors of the
Federal Reserve System.
|
|