Chapter 73. To amend the Act approved December 23, 1913, known as the Federal Reserve Act
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CHAP. 73.— An Act To amend the Act approved December 23, 1913, known as the Federal Reserve Act. February 27, 1921. [[S. 4436](/us/bill/66/s/4436).] [[Public, No. 329](/us/pl/66/329).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, * Corporations for foreign banking business.*Ante*, p. 378, amended. That the first paragraph of the Act approved December 24, 1919, known as the Edge Act, amending the Federal Reserve Act, be amended by adding at the end a proviso, so that the paragraph as amended will read as follows: " “Sec. 25.
(a)Corporations to be organized for the purpose of engagingFormation authorized. in international or foreign banking or other international or 1146 foreign financial operations, or in banking or other financial operationsExtent of 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 section, 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 section shall be construed*Proviso.*Use as depositaries, authorized in Panama Canal Zone, insular possessions, etc. to deny the right of the Secretary of the Treasury to use any corporation organized under this section as depositaries in Panama and the Panama Canal Zone, or in the Philippine Islands and other insular possessions and dependencies of the United States.” " Approved, February 27, 1921.