Chapter 60. Amending section 25 of the Act approved December 23, 1913, known as the Federal Reserve Act, as amended by the Act approved September 7, 1916
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CHAP. 60.— An Act Amending section 25 of the Act approved December 23, 1913, known as the Federal Reserve Act, as amended by the Act approved September 7, 1916. September 17, 1919. [[S. 2395](/us/bill/66/s/2395).] [[Public, No. 48](/us/pl/66/48).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That section 25 of the Act Federal Reserve Act.Foreign business of national banks.Vol. 39,p. 755, amended.approved December 23, 1913, known as the Federal Reserve Act, as amended by the Act approved September 7, 1916, be further 286amended by the addition of the following paragraph at the end of subparagraph 2 of the first paragraph, after the word “possessions”:
May invest in export corporations. " “Until January 1, 1921, any national banking association, without regard to the amount of its capital and surplus, may file application with the Federal Reserve Board for permission, upon such conditions Conditions.and under such regulations as may be prescribed by said board, to invest an amount not exceeding in the aggregate 5 per centum of its paid-in capital and surplus in the stock of one or more corporations chartered or incorporated under the laws of the United States or of any State thereof and, regardless of its location, principally engaged in such phases of international or foreign financial operations as may be necessary to facilitate the export oi goods, wares, or merchandise from the United States or any of its dependencies or insular possessions *Proviso.*Limitation.to any foreign country: *Provided, however,* That in no event shall the total investments authorized by this section by any one national bank exceed 10 per centum of its capital and surplus.
” " Details of applications modified.Vol. 39, p. 755, amended. Sec. 2. That paragraph 2 of said section be amended by adding after the word “banking,” in line three, the words “or financial,” so that the sentence will read: “Such application shall specify the name and capital of the banking association filing it, the powers applied for, and the place or places where the banking or financial operations proposed are to be carried on.” Information of foreign business.Vol. 39, p. 755, amended.
Sec. 3. That paragraph 3 of said section be amended by striking out the words “subparagraph 2 of the first paragraph of this section” and inserting in lieu thereof the word “above,” so that the paragraph will read: To Comptroller. " “Every national banking association operating foreign branches shall be required to furnish information concerning the condition of To Reserve Board.such branches to the Comptroller of the Currency upon demand, and every member bank investing in the capital stock of banks or corporations described above shall be required to furnish information concerning the condition of such banks or corporations to the Federal Reserve Board upon demand, and the Federal Reserve Board may order special examinations of the said branches, banks, or corporations at such time or times as it may deem best.
” " Approved, September 17, 1919.