Arizona Revised Statutes § 6-191 Foreign Banking Offices; Additional Powers; Separate Accounts; Additional Offices; Definition

6-191. Foreign banking offices; additional powers; separate accounts; additional offices; definition

A. In addition to its other powers, a bank may through any foreign banking office act as fiscal agent of the United States and, except as prohibited or limited by regulations of the superintendent, exercise such powers as are usual in connection with the business of banking in the places where such foreign banking office transacts its business.

B. The accounts of each foreign banking office shall be maintained independently of the accounts of all other banking offices and the profit or loss of the office for each fiscal year shall be recorded as a separate item in the general ledger of the bank.

C. A bank having a foreign banking office may, on thirty days' notice to the superintendent or such shorter notice as may be approved by him in individual cases, establish such additional banking office or offices as specified in the notice in the same country without filing an application for approval, unless otherwise ordered by the superintendent.

D. For the purposes of this section, the term " foreign banking office" means a banking office in a foreign country or in a dependency or insular possession of the United States.

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Last modified: October 13, 2016