§ 616. — Place of carrying on business; when business may be begun.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC616]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 616. Place of carrying on business; when business may be
begun
No corporation organized under this subchapter shall carry on any
part of its business in the United States except such as, in the
judgment of the Board of Governors of the Federal Reserve System, shall
be incidental to its international or foreign business: And provided
further, That except such as is incidental and preliminary to its
organization, no such corporation shall exercise any of the powers
conferred by this subchapter until it has been duly authorized by the
Board of Governors of the Federal Reserve System to commence business as
a corporation organized under the provisions of this subchapter.
(Dec. 23, 1913, ch. 6, Sec. 25A (par.), formerly Sec. 25(a), as added
Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614,
title II, Sec. 203(a), 49 Stat. 704; 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.).
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.
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.
