12 U.S.C. § 3107 — Representative offices
submitted 48 years ago by Pub. L. 95-369 to r/title-12-BANKS-AND-BANKING · 226 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
No foreign bank* may establish a representative office* without the prior approval of the Board.
In acting on any application under this paragraph to establish a representative office*, the Board shall take into account the standards contained in section 3105(d)(2) of this title and may impose any additional requirements that the Board determines to be necessary to carry out the purposes of this chapter.
The Board may order the termination of the activities of a representative office of a foreign bank on the basis of the standards, procedures, and requirements applicable under section 3105(e) of this title with respect to branches and agencies.
The Board may make examinations of each representative office of a foreign bank, the cost of which shall be assessed against and paid by such foreign bank. The Board may also make examinations of any affiliate* of a foreign bank conducting business in any State* if the Board deems it necessary to determine and enforce compliance with this chapter, the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.], or other applicable Federal banking law.
This chapter does not authorize the establishment of a representative office in any State in contravention of State law.
Source credit: (Pub. L. 95–369, § 10, Sept. 17, 1978, 92 Stat. 624; Pub. L. 102–242, title II, § 204, Dec. 19, 1991, 105 Stat. 2292; Pub. L. 102–550, title XVI, § 1604(a)(4), Oct. 28, 1992, 106 Stat. 4082; Pub. L. 106–102, title I, § 142(b), Nov. 12, 1999, 113 Stat. 1384.)
- 1978Enacted · Pub. L. 95-369 · 92 Stat. 624
- 1991Amended · Pub. L. 102-242 · 105 Stat. 2292
- 1992Amended · Pub. L. 102-550 · 106 Stat. 4082
- 1999Amended · Pub. L. 106-102 · 113 Stat. 1384
A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-369 on 1978-09-17.
all 0 arguments · sorted by: best
no arguments yet — make the first case