6-191. Foreign banking offices; additional powers; separate accounts; additional offices; definition
197 words·~1 min read·
/az/title-6/6-191A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. In addition to its other powers, a bank may through any foreign banking office act as fiscal agent of the United States and, except as prohibited or limited by regulations of the deputy director, exercise such powers as are usual in connection with the business of banking in the places where such foreign banking office transacts its business.
B. The accounts of each foreign banking office shall be maintained independently of the accounts of all other banking offices and the profit or loss of the office for each fiscal year shall be recorded as a separate item in the general ledger of the bank.
C. A bank having a foreign banking office, on thirty days' notice to the deputy director, or such shorter notice as may be approved by the deputy director in individual cases, may establish such additional banking office or offices as specified in the notice in the same country without filing an application for approval, unless otherwise ordered by the deputy director.
D. For the purposes of this section, the term "foreign banking office" means a banking office in a foreign country or in a dependency or insular possession of the United States.