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12 U.S.C. § 605 — Repealed. Aug. 23, 1935, ch. 614, title III, § 329, 49 Stat. 717
Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, act Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273, as amended by act Sept. 7, 1916, ch. 461, 39 Stat. 755, related to interlocking directors, officers, and employees. See [section 19 of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section19&num=0&edition=prelim), Commerce and Trade.
Section was comprised of the former seventh undesignated par. of section 25 of act Dec. 23, 1913, which comprises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under [section 601 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim).
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Source file: Laws/federal/codes/united-states-code/title-12/section-605-repealed-aug-23-1935-ch-614-title-iii-329-49-stat-717--2e0e5ec0b1.md
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Source location: Title 12, Chapter 6, § 605; chapter-006-foreign-banking.md
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### Statutory Notes
Section, act Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273, as amended by act Sept. 7, 1916, ch. 461, 39 Stat. 755, related to interlocking directors, officers, and employees. See [section 19 of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section19&num=0&edition=prelim), Commerce and Trade.
Section was comprised of the former seventh undesignated par. of section 25 of act Dec. 23, 1913, which comprises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under [section 601 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim).
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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
**(a)**
(1) No person shall, at the same time, serve as a director or officer in any two corporations (other than banks, banking associations, and trust companies) that are—
(A) engaged in whole or in part in commerce; and
(B) by virtue of their business and location of operation, competitors, so that the elimination of competition by agreement between them would constitute a violation of any of the antitrust laws;
if each of the corporations has capital, surplus, and undivided profits aggregating more than $10,000,000 as adjusted pursuant to paragraph (5) of this subsection.
(2) Notwithstanding the provisions of paragraph (1), simultaneous service as a director or officer in any two corporations shall not be prohibited by this section if—
(A) the competitive sales of either corporation are less than $1,000,000, as adjusted pursuant to paragraph (5) of this subsection;
(B) the competitive sales of either corporation are less than 2 per centum of that corporation’s total sales; or
(C) the competitive sales of each corporation are less than 4 per centum of that corporation’s total sales.
For purposes of this paragraph, “competitive sales” means the gross revenues for all products and services sold by one corporation in competition with the other, determined on the basis of annual gross revenues for such products and services in that corporation’s last completed fiscal year. For the purposes of this paragraph, “total sales” means the gross revenues for all products and services sold by one corporation over that corporation’s last completed fiscal year.
(3) The eligibility of a director or officer under the provisions of paragraph (1) shall be determined by the capital, surplus and undivided profits, exclusive of dividends declared but not paid to stoc
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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. § 605
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