Chapter 6

Authorization; conditions and regulations

Reports and examinations

Restrictions imposed by Board of Governors of the Federal Reserve System on banks purchasing stock in corporations doing foreign business

Accounts of foreign branches; profit and loss

Regulations authorizing exercise by foreign branches of usual powers of local banks; restrictions

Formation authorized; fiscal agents; depositaries in insular possessions

Statement of purposes; rules and regulations

Articles of association; contents

Signing of articles of association; forwarding to and filing by Board of Governors of the Federal Reserve System; organization certificate; contents

Organization certificate; acknowledgment; forwarding to, filing, and approval by Board of Governors of the Federal Reserve System; permit to do business; body corporate; name; seal; corporate succession; contracts; suits; directors, officers, and employees; bylaws

Powers of corporation

Place of carrying on business; when business may be begun

Engaging in commerce or trade in commodities; price fixing; forfeiture of charter; acts forbidden to directors, officers, agents, or employees

Capital stock; amount; when paid in

Capital stock; by whom held; ownership of capital stock by foreign bank

Members of Board of Governors of the Federal Reserve System without interest in corporation

Liability of shareholders on unpaid subscriptions; membership of corporation in Federal reserve bank prohibited

Forfeiture of rights and privileges; dissolution; liability of directors and officers

Voluntary liquidation

Appointment of receiver or conservator

Stockholders’ meetings; books and records; reports; examination

Dividends; surplus fund

State taxation

Extension of corporate existence

Conversion of banking corporations into Federal corporations; procedure

Offenses by officers of corporation; punishment

False representations as to liability of United States for acts of corporation; punishment

Jurisdiction of United States courts; disposition by banks of foreign owned property

Potential liability on foreign accounts