§ 604a. — Regulations authorizing exercise by foreign branches of usual powers of local banks; restrictions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC604a]
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. 604a. Regulations authorizing exercise by foreign branches
of usual powers of local banks; restrictions
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 condition 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, shall such
regulations authorize a foreign branch to engage or participate,
directly or indirectly, in the business of underwriting, selling, or
distributing securities.
(Dec. 23, 1913, ch. 6, Sec. 25 (par.), as added Pub. L. 87-588, Aug. 15,
1962, 76 Stat. 388.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 25 of act Dec. 23, 1913, which is classified
to this subchapter (Sec. 601 et seq.).
Codification
Section is comprised of a part of section 25 of act Dec. 23, 1913,
as amended, which comprises this subchapter.
