§ 611. — Formation authorized; fiscal agents; depositaries in insular possessions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC611]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 611. Formation authorized; fiscal agents; depositaries in
insular possessions
Corporations to be organized for the purpose of engaging in
international or foreign banking or other international or foreign
financial operations, or in banking or other financial operations in a
dependency or insular possession of the United States, either directly
or through the agency, ownership or control of local institutions in
foreign countries, or in such dependencies or insular possessions as
provided by this subchapter and to act when required by the Secretary 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 organized 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, Sec. 25A (par.), formerly Sec. 25(a), as added
Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Feb. 27, 1921, ch. 73, 41
Stat. 1145; Proc. No. 2695, eff. July 4, 1946, 11 F.R. 2517, 60 Stat.
1352; renumbered Sec. 25A, Pub. L. 102-242, title I, Sec. 142(e)(2),
Dec. 19, 1991, 105 Stat. 2281.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 25A of act Dec. 23, 1913, which is classified
to this subchapter (Sec. 611 et seq.).
For definition of Canal Zone, referred to in text, see section
3602(b) of Title 22, Foreign Relations and Intercourse.
Codification
Section is comprised of a part of section 25A, formerly section
25(a), which was added to act Dec. 23, 1913, ch. 6, by act Dec. 24,
1919.
Words ``in the Philippine Islands and'' following ``Canal Zone, or''
were deleted on authority of Proc. No. 2695, which granted independence
to the Philippine Islands pursuant to section 1394 of Title 22. Proc.
No. 2695 is set out as a note under section 1394 of Title 22, Foreign
Relations and Intercourse.
Amendments
1921--Act Feb. 27, 1921, inserted proviso.
Short Title
Section 25A, formerly section 25(a) of act Dec. 23, 1913, ch. 6, as
added by act Dec. 24, 1919, ch. 18, 41 Stat. 378, which is classified to
this subchapter, is popularly known as the ``Edge Act''.
Section Referred to in Other Sections
This section is referred to in sections 612, 615 of this title.
