U.S. Code, Title 12, Banks and Banking

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Author: "U.S. Congress, Office of the Law Revision Counsel"

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§ 604a. Regulations Authorizing Exercise by Foreign Branches of Usual Powers of Local Banks; Restrictions

     Regulations issued by the Board of Governors of the Federal Reserve System under this subchapter, in addition to regulating powers which a foreign branch may exercise under other provisions of law, may authorize such a foreign branch, subject to such condition and requirements as such regulations may prescribe, to exercise such further powers as may be usual in connection with the transaction of the business of banking in the places where such foreign branch shall transact business. Such regulations shall not authorize a foreign branch to engage in the general business of producing, distributing, buying or selling goods, wares, or merchandise; nor, except to such limited extent as the Board may deem to be necessary with respect to securities issued by any "foreign state" as defined in section 632 of this title, shall such regulations authorize a foreign branch to engage or participate, directly or indirectly, in the business of underwriting, selling, or distributing securities.

(Dec. 23, 1913, ch. 6, § 25 (par.), as added Pub. L. 87–588, Aug. 15, 1962, 76 Stat. 388.)

References in Text

     This subchapter, referred to in text, was in the original "this section", meaning section 25 of act Dec. 23, 1913, which is classified to this subchapter (§ 601 et seq.).

Codification

     Section is comprised of a part of section 25 of act Dec. 23, 1913, as amended, which comprises this subchapter.

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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 604a. Regulations Authorizing Exercise by Foreign Branches of Usual Powers of Local Banks; Restrictions," U.S. Code, Title 12, Banks and Banking in U.S. Code, Title 12, Banks and Banking (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed February 26, 2024, http://www.originalsources.com/Document.aspx?DocID=4LZ47BJQMIC23NA.

MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 604a. Regulations Authorizing Exercise by Foreign Branches of Usual Powers of Local Banks; Restrictions." U.S. Code, Title 12, Banks and Banking, in U.S. Code, Title 12, Banks and Banking, Washington, D.C., Government Printing Office, 2002, Original Sources. 26 Feb. 2024. http://www.originalsources.com/Document.aspx?DocID=4LZ47BJQMIC23NA.

Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 604a. Regulations Authorizing Exercise by Foreign Branches of Usual Powers of Local Banks; Restrictions' in U.S. Code, Title 12, Banks and Banking. cited in 2002, U.S. Code, Title 12, Banks and Banking, Government Printing Office, Washington, D.C.. Original Sources, retrieved 26 February 2024, from http://www.originalsources.com/Document.aspx?DocID=4LZ47BJQMIC23NA.