12 U.S.C. § 604 — Accounts of foreign branches; profit and loss
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 57 words · no verdicts yet
A national banking association that operates foreign branches must keep each branch's accounts separate from the accounts of its other foreign branches and its home office. At the end of each fiscal period, it must record each branch's profit or loss separately in its general ledger.
Every national banking association that operates foreign branches must keep the accounts of each foreign branch separate from the accounts of its other foreign branches and from the accounts of its home office. At the end of each fiscal period, it must transfer the profit or loss earned at each branch to its general ledger as a separate item.
Every national banking association operating foreign branches shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office, and shall at the end of each fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item.
Source credit: (Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273; Sept. 7, 1916, ch. 461, 39 Stat. 756.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 38 Stat. 273
- 1916Amended · Act of Sept. 7, 1916, ch. 461 · 39 Stat. 756
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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