§ 604. — Accounts of foreign branches; profit and loss.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC604]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER I--ESTABLISHMENT BY NATIONAL BANKS OF FOREIGN BRANCHES AND
INVESTMENTS IN BANKS DOING FOREIGN BUSINESS
Sec. 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
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.
(Dec. 23, 1913, ch. 6, Sec. 25 (par.), 38 Stat. 273; Sept. 7, 1916, ch.
461, 39 Stat. 756.)
Codification
Section is comprised of a part of section 25 of act Dec. 23, 1913,
as amended, which comprises this subchapter.
The words ``national banking association operating foreign
branches'' were in the original ``such banking association''.
Amendments
1916--Act Sept. 7, 1916, substituted ``accrued'' for ``accruing''.
