|
|
|
U.S. Code as of:
01/19/04
Section 633. Potential liability on foreign accounts
(a) Exceptions from repayment requirement
A member bank shall not be required to repay any deposit made at
a foreign branch of the bank if the branch cannot repay the deposit
due to -
(1) an act of war, insurrection, or civil strife; or
(2) an action by a foreign government or instrumentality
(whether de jure or de facto) in the country in which the branch
is located;
unless the member bank has expressly agreed in writing to repay the
deposit under those circumstances.
(b) Regulations
The Board and the Comptroller of the Currency may jointly
prescribe such regulations as they deem necessary to implement this
section.
|
|