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12 U.S.C. § 604 — Accounts of foreign branches; profit and loss
Federal law — U.S. Code and appendices · legal_authorities
Every national banking association operating foreign branches shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item.
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Source file: Laws/federal/codes/united-states-code/title-12/section-604-accounts-of-foreign-branches-profit-and-loss--6e2ea36846.md
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Source location: Title 12, Chapter 6, § 604; chapter-006-foreign-banking.md
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Every national banking association operating foreign branches shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item.
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Federal law — U.S. Code and appendices · legal_authorities
Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Board of Governors of the Federal Reserve System for permission to exercise, upon such conditions and under such regulations as may be prescribed by the said board, the following powers:
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 601
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Federal law — U.S. Code and appendices · legal_authorities
Page 186
TITLE 12—BANKS AND BANKING
§ 604
chapter. For classification of other pars. of section 25 of
this Act, see Codification note under section 601 of this
title.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
§ 604. Accounts of foreign branches; profit and
loss
Every national banking association operating
foreign branches shall conduct the accounts of
each foreign branch independently of the ac-
counts of other foreign branches established by
it and of its home office, and shall at the end of
each fiscal period transfer to its general ledger
the profit or loss accrued at each branch as a
separate item.
(Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273; Sept.
7, 1916, ch. 461, 39 Stat. 756.)
Editorial Notes
CODIFICATION
Section is comprised of the sixth undesignated par. of
section 25 of act Dec. 23, 1913, which comprises this sub-
chapter. For classification of other pars. of section 25 of
this Act, see Codification note under section 601 of this
title.
The words ‘‘national banking association operating
foreign branches’’ were in the original ‘‘such banking
association’’.
AMENDMENTS
1916—Act Sept. 7, 1916, substituted ‘‘accrued’’ for ‘‘ac-
cruing’’.
§ 604a. Regulations authorizing exercise by for-
eign branches of usual powers of local banks;
restrictions
Regulations issued by the Board of Governors
of the Federal Reserve System under this sub-
chapter, in addition to regulating powers which
a foreign branch may exercise under other provi-
sions of law, may authorize such a foreign
branch, subject to such conditions and require-
ments as such regulations may prescribe, to ex-
ercise such further pow
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 604
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