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12 U.S.C. § 611 — Formation authorized; fiscal agents; depositaries in insular possessions
Federal law — U.S. Code and appendices · legal_authorities
Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations 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 as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.
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Stable record: federal_law:legal_authorities:record_usc_5aa9c8f44efea21b48601713
Source file: Laws/federal/codes/united-states-code/title-12/section-611-formation-authorized-fiscal-agents-depositaries-in-insular-possessions--b415794ecb.md
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Passage SHA-256: e582ebe7ae8819780852013a4f3ebbbbf23486bfd6363d8e7a1a9480ea12cf0b
Source location: Title 12, Chapter 6, § 611; chapter-006-foreign-banking.md
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Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations 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 as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Withdrawal of American sovereignty** On the 4th day of July immediately following the expiration of a period of ten years from the date of the inauguration of the new government under the constitution provided for in this Act, the President of the United States shall by proclamation withdraw and surrender all right of possession, supervision, jurisdiction, control, or sovereignty then existing and exercised by the United States in and over the territory and people of the Philippine Islands, including all military and other reservations of the Government of the United States in the Philippines (except such naval reservations and fueling stations as are reserved under [section 1391 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section1391&num=0&edition=prelim)), and, on behalf of the United States, shall recognize the independence of the Philippine Islands as a separate and self-governing nation and acknowledge the authority and control over the same of the government instituted by the people thereof, under the constitution then in force.
**(b) Naval reservations and fueling stations** The President of the United States is authorized and empowered to enter into negotiations with the government of the Philippine Islands, not later than two years after his proclamation recognizing the independence of the Philippine Islands, for the adjustment and settlement of all questions relating to naval reservations and fueling stations of the United States in the Philippine Islands, and pending such adjustment and settlement the matter of naval reservations and fueling stations shall remain in its present status.
**(c) Property for diplomatic purposes**
(1) Whenever the President of the United States shall find that any properties in the
Source: Supplied U.S. Code snapshot — release unconfirmed · 22 U.S.C. § 1394
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Federal law — U.S. Code and appendices · legal_authorities
The Congress declares that it is the purpose of this subchapter to provide for the establishment of international banking and financial corporations operating under Federal supervision with powers sufficiently broad to enable them to compete effectively with similar foreign-owned institutions in the United States and abroad; to afford to the United States exporter and importer in particular, and to United States commerce, industry, and agriculture in general, at all times a means of financing international trade, especially United States exports; to foster the participation by regional and smaller banks throughout the United States in the provision of international banking and financing services to all segments of United States agriculture, commerce, and industry, and, in particular small business and farming concerns; to stimulate competition in the provision of international banking and financing services throughout the United States; and, in conjunction with each of the preceding purposes, to facilitate and stimulate the export of United States goods, wares, merchandise, commodities, and services to achieve a sound United States international trade position. The Board of Governors of the Federal Reserve System shall issue rules and regulations under this subchapter consistent with and in furtherance of the purposes described in the preceding sentence, and, in accordance therewith, shall review and revise any such rules and regulations at least once every five years, the first such period commencing with the effective date of rules and regulations issued pursuant to section 3(a) of the International Banking Act of 1978, in order to ensure that such purposes are being served in light of prevailing economic conditions and banking practices.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 611a
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Federal law — U.S. Code and appendices · legal_authorities
(A) **In general.—** — The Board may appoint a conservator or receiver for a corporation organized under the provisions of this subchapter to the same extent and in the same manner as the Comptroller of the Currency may appoint a conservator or receiver for a national bank, and the conservator or receiver for such corporation shall exercise the same powers, functions, and duties, subject to the same limitations, as a conservator or receiver for a national bank.
(B) **Equivalent authority.—** — The Board shall have the same authority with respect to any conservator or receiver appointed for a corporation organized under the provisions of this subchapter under this section and any such corporation as the Comptroller of the Currency has with respect to a conservator or receiver of a national bank and the national bank for which a conservator or receiver has been appointed.
(C) **Title 11 petitions.—** — The Board may direct the conservator or receiver of a corporation organized under the provisions of this subchapter to file a petition pursuant to title 11, in which case, title 11 shall apply to the corporation in lieu of otherwise applicable Federal or State insolvency law.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 624
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Federal law — U.S. Code and appendices · legal_authorities
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, i
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 615
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Except as provided in [section 1161 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1161&num=0&edition=prelim), chapters 1, 3, and 5 of this title apply in a case under chapter 7, 11, 12, or 13 of this title, and this chapter, sections 307, 362(o), 555 through 557, and 559 through 562 apply in a case under chapter 15.
**(b)** Subchapters I and II of chapter 7 of this title apply only in a case under such chapter.
**(c)** Subchapter III of chapter 7 of this title applies only in a case under such chapter concerning a stockbroker.
**(d)** Subchapter IV of chapter 7 of this title applies only in a case under such chapter concerning a commodity broker.
**(e) Scope of Application.—** Subchapter V of chapter 7 of this title shall apply only in a case under such chapter concerning the liquidation of an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 11 See References in Text note below. of the Federal Deposit Insurance Corporation Improvement Act of 1991.
**(f)** Except as provided in [section 901 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section901&num=0&edition=prelim), only chapters 1 and 9 of this title apply in a case under such chapter 9.
**(g)** Except as provided in [section 901 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section901&num=0&edition=prelim), subchapters I, II, and III of chapter 11 of this title apply only in a case under such chapter.
**(h)** Subchapter IV of chapter 11 of this title applies only in a case under such chapter concerning a railroad.
**(i)** Subchapter V of
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 103
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Notwithstanding any other provision of this section, only a person that resides or has a domicile, a place of business, or property in the United States, or a municipality, may be a debtor under this title.
**(b)** A person may be a debtor under chapter 7 of this title only if such person is not—
(1) a railroad;
(2) a domestic insurance company, bank, savings bank, cooperative bank, savings and loan association, building and loan association, homestead association, a New Markets Venture Capital company as defined in section 351 of the Small Business Investment Act of 1958, a small business investment company licensed by the Small Business Administration under section 301 of the Small Business Investment Act of 1958, credit union, or industrial bank or similar institution which is an insured bank as defined in section 3(h) of the Federal Deposit Insurance Act, except that an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 11 See References in Text note below. of the Federal Deposit Insurance Corporation Improvement Act of 1991 may be a debtor if a petition is filed at the direction of the Board of Governors of the Federal Reserve System; or
(3)
(A) a foreign insurance company, engaged in such business in the United States; or
(B) a foreign bank, savings bank, cooperative bank, savings and loan association, building and loan association, or credit union, that has a branch or agency (as defined in section 1(b) of the International Banking Act of 1978) in the United States.
**(c)** An entity may be a debtor under chapter 9 of this title if and only if such entity—
(1) is a municipality;
(2) is specifically au
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 109
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Federal law — U.S. Code and appendices · legal_authorities
For purposes of this subchapter, the following definitions shall apply:
(1) **Board.—** — The term “Board” means the Board of Governors of the Federal Reserve System.
(2) **Depository institution.—** — The term “depository institution” has the same meaning as in section 3 of the Federal Deposit Insurance Act.
(3) **Clearing bank.—** — The term “clearing bank” means an uninsured State member bank, or a corporation organized under section 25A of the Federal Reserve Act, which operates, or operates as, a multilateral clearing organization pursuant to section 409 11 See References in Text note below. of the Federal Deposit Insurance Corporation Improvement Act of 1991.
Source: Supplied U.S. Code snapshot — release unconfirmed · 11 U.S.C. § 781
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Termination of insurance**
(1) **Voluntary termination** — Any insured depository institution which is not—
(A) a national member bank;
(B) a State member bank;
(C) a Federal branch;
(D) a Federal savings association; or
(E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim),
may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination.
(2) **Involuntary termination**
(A) *Notice to primary regulator* — If the Board of Directors determines that—
(i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution;
(ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or
(iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation,
the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1818
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prohibition**
(1) **In general** — Except with the prior written consent of the Corporation—
(A) any person who has been convicted of any criminal offense involving dishonesty or a breach of trust or money laundering, or has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for such offense, may not—
(i) become, or continue as, an institution-affiliated party with respect to any insured depository institution;
(ii) own or control, directly or indirectly, any insured depository institution; or
(iii) otherwise participate, directly or indirectly, in the conduct of the affairs of any insured depository institution; and
(B) any insured depository institution may not permit any person referred to in subparagraph (A) to engage in any conduct or continue any relationship prohibited under such subparagraph.
(2) **Minimum 10-year prohibition period for certain offenses**
(A) *In general* — If the offense referred to in paragraph (1)(A) in connection with any person referred to in such paragraph is—
(i) an offense under—
(I) section 215, 656, 657, 1005, 1006, 1007, 1008,11 See References in Text note below. 1014, 1032, 1344, 1517, 1956, or 1957 of title 18; or
(II) section 1341 or 1343 of such title which affects any financial institution (as defined in section 20 of such title); or
(ii) the offense of conspiring to commit any such offense,
the Corporation may not consent to any exception to the application of paragraph (1) to such person during the 10-year period beginning on the date the conviction or the agreement of the person becomes final.
(B) *Exception by order of sentencing court*
(i) *In general* — On motion of the Corporation, the court in which the convictio
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1829
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Ownership or control of voting shares of any company not a bank; engagement in activities other than banking** Except as otherwise provided in this chapter, no bank holding company shall—
(1) after May 9, 1956, acquire direct or indirect ownership or control of any voting shares of any company which is not a bank, or
(2) after two years from the date as of which it becomes a bank holding company, or in the case of a company which has been continuously affiliated since May 15, 1955, with a company which was registered under the Investment Company Act of 1940 [[15 U.S.C. 80a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a–1&num=0&edition=prelim) et seq.], prior to May 15, 1955, in such a manner as to constitute an affiliated company within the meaning of that Act, after December 31, 1978, or, in the case of any company which becomes, as a result of the enactment of the Bank Holding Company Act Amendments of 1970, a bank holding company on December 31, 1970, after December 31, 1980, retain direct or indirect ownership or control of any voting shares of any company which is not a bank or bank holding company or engage in any activities other than (A) those of banking or of managing or controlling banks and other subsidiaries authorized under this chapter or of furnishing services to or performing services for its subsidiaries, and (B) those permitted under paragraph (8) of subsection (c) of this section subject to all the conditions specified in such paragraph or in any order or regulation issued by the Board under such paragraph: Provided, That a company covered in 1970 may also engage in those activities in which directly or through a subsidiary (i) it was lawfully engaged on June 30, 1968 (or on a date subsequent to June 30, 196
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1843
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