12 U.S.C. § 616 — Place of carrying on business; when business may be begun
submitted 113 years ago by ch. 6 to r/title-12-BANKS-AND-BANKING · 100 words · no verdicts yet
A corporation organized under this subchapter may conduct business in the United States only when that business is incidental to its international or foreign business. It may not exercise its statutory powers until the Federal Reserve Board authorizes it to begin business.
A corporation organized under this subchapter may not conduct any part of its business in the United States except business the Board of Governors of the Federal Reserve System considers incidental to its international or foreign business. Except for acts incidental and preliminary to organizing the corporation, it may not use the powers granted by this subchapter until the Board authorizes it to begin business as such a corporation.
No corporation organized under this subchapter shall carry on any part of its business in the United States except such as, in the judgment of the Board of Governors of the Federal Reserve System, shall be incidental to its international or foreign business: And provided further, That except such as is incidental and preliminary to its organization, no such corporation shall exercise any of the powers conferred by this subchapter until it has been duly authorized by the Board of Governors of the Federal Reserve System to commence business as a corporation organized under the provisions of this subchapter.
Source credit: (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)
- 1913Enacted · Act of Dec. 23, 1913, ch. 6 · 41 Stat. 378
- 1935Amended · Act of Aug. 23, 1935, ch. 614 · 49 Stat. 704
- 1991Amended · Pub. L. 102-242 · 105 Stat. 2281
A history note hasn’t been published yet. The record shows enactment by ch. 6 on 1913-12-23.
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