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12 U.S.C. § 604a — Regulations authorizing exercise by foreign branches of usual powers of local banks; restrictions
Federal law — U.S. Code and appendices · legal_authorities
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 conditions 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section632&num=0&edition=prelim), shall such regulations authorize a foreign branch to engage or participate, directly or indirectly, in the business of underwriting, selling, or distributing securities.
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Source file: Laws/federal/codes/united-states-code/title-12/section-604a-regulations-authorizing-exercise-by-foreign-branches-of-usual-powers-of--7b664919b1.md
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Source location: Title 12, Chapter 6, § 604a; chapter-006-foreign-banking.md
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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 conditions 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section632&num=0&edition=prelim), shall such regulations authorize a foreign branch to engage or participate, directly or indirectly, in the business of underwriting, selling, or distributing securities.
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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:
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Federal law — U.S. Code and appendices · legal_authorities
Notwithstanding any other provision of law, all suits of a civil nature at common law or in equity to which any corporation organized under the laws of the United States shall be a party, arising out of transactions involving international or foreign banking, or banking in a dependency or insular possession of the United States, or out of other international or foreign financial operations, either directly or through the agency, ownership, or control of branches or local institutions in dependencies or insular possessions of the United States or in foreign countries, shall be deemed to arise under the laws of the United States, and the district courts of the United States shall have original jurisdiction of all such suits; and any defendant in any such suit may, at any time before the trial thereof, remove such suits from a State court into the district court of the United States for the proper district by following the procedure for the removal of causes otherwise provided by law. Such removal shall not cause undue delay in the trial of such case and a case so removed shall have a place on the calendar of the United States court to which it is removed relative to that which it held on the State court from which it was removed.
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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
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