Foreign branches: Contents of application; powers of Commissioner; separate accounting for each branch required.
1. Any bank organized under the laws of this state that has a stockholders’ or members’ equity of $1,000,000 or more may file an application with the Commissioner for permission to establish, upon conditions and under such regulations as may be prescribed by the Commissioner, branches in foreign countries or dependencies or singular possessions of the United States for the furtherance of the foreign commerce of the United States and to act, if required to do so, as fiscal agents of the United States.
2. The application must specify:
(a) The name and stockholders’ or members’ equity of the bank filing it.
(b) The powers applied for.
(c) The place or places where the banking operations are to be carried on.
3. The Commissioner may:
(a) Approve or reject the application in whole or in part if for any reason the granting of the application is deemed inexpedient.
(b) From time to time increase or decrease the number of places where the banking operations may be carried on.
4. Every bank operating foreign branches must be required to furnish information concerning the condition of those branches to the Commissioner upon demand, and the Commissioner may order special examinations of such branches at such time or times as he may deem best.
5. Each bank 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 year, transfer to its general ledger the profit or loss accrued at each branch as a separate item.
Last modified: February 26, 2006