12 U.S.C. § 604a — Regulations authorizing exercise by for-

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 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 secu- rities issued by any ‘‘foreign state’’ as defined in section 632 of this title, shall such regulations authorize a foreign branch to engage or partici- pate, 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.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in text, was in the origi- nal ‘‘this section’’, meaning section 25 of act Dec. 23, 1913, which is classified to this subchapter (§ 601 et seq.). CODIFICATION Section is comprised of the 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. § 605. Repealed. Aug. 23, 1935, ch. 614, title III, § 329, 49 Stat. 717 Section, act Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273, as amended by act Sept. 7, 1916, ch. 461, 39 Stat. 755, re- lated to interlocking directors, officers, and employees. See section 19 of Title 15, Commerce and Trade. Section was comprised of the former seventh undesig- nated par. of section 25 of act Dec. 23, 1913, which com- prises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under section 601 of this title. SUBCHAPTER II—ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING § 611. Formation authorized; fiscal agents; de- positaries in insular possessions Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial oper- ations, or in banking or other financial oper- ations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institu- tions in foreign countries, or in such depend- encies or insular possessions as provided by this subchapter and to act when required by the Sec- retary 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 orga- nized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States. (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amend- ed Feb. 27, 1921, ch. 73, 41 Stat. 1145; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 2517, 60 Stat. 1352; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.) Editorial Notes REFERENCES IN TEXT This subchapter, referred to in text, was in the origi- nal ‘‘this section’’, meaning section 25A of act Dec. 23, 1913, which is classified to this subchapter (§ 611 et seq.). For definition of Canal Zone, referred to in text, see section 3602(b) of Title 22, Foreign Relations and Inter- course. CODIFICATION Section is comprised of par. 1 (undesignated) of sec- tion 25A of act Dec. 23, 1913, which comprises this sub- chapter. Par. 2 (undesignated) is classified to section 611a of this title. Pars. 3 to 5 (undesignated), formerly pars. 2 to 4 (un- designated), respectively, are classified to sections 612 to 614, respectively, of this title. Pars. 6 and 7 (undesignated), formerly pars. 5 and 6 (undesignated), respectively, are classified to section 615 of this title.