12 USC 604: Accounts of foreign branches; profit and loss

12 USC 604: Accounts of foreign branches; profit and loss Text contains those laws in effect on November 16, 2024

From Title 12-BANKS AND BANKINGCHAPTER 6-FOREIGN BANKINGSUBCHAPTER I-ESTABLISHMENT BY NATIONAL BANKS OF FOREIGN BRANCHES AND INVESTMENTS IN BANKS DOING FOREIGN BUSINESS

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§604. Accounts of foreign branches; profit and loss

Every national banking association operating foreign branches 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 fiscal period transfer to its general ledger the profit or loss accrued at each branch as a separate item.

(Dec. 23, 1913, ch. 6, §25 (par.), 38 Stat. 273 ; Sept. 7, 1916, ch. 461, 39 Stat. 756 .)

Editorial Notes

Codification

Section is comprised of the sixth undesignated par. of section 25 of act Dec. 23, 1913, which comprises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under section 601 of this title.

The words "national banking association operating foreign branches" were in the original "such banking association".

Amendments

1916-Act Sept. 7, 1916, substituted "accrued" for "accruing".