Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.
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Source location: Title 12, Chapter 6, § 611; chapter-006-foreign-banking.md
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Corporations to be organized for the purpose of engaging in international or foreign banking or other international or foreign financial operations, or in banking or other financial operations in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries, or in such dependencies or insular possessions as provided by this subchapter and to act when required by the Secretary of the Treasury as fiscal agents of the United States, may be formed by any number of natural persons, not less in any case than five: Provided, That nothing in this subchapter shall be construed to deny the right of the Secretary of the Treasury to use any corporation organized under this subchapter as depositaries in Panama and the Panama Canal Zone, or other insular possessions and dependencies of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
§ 611. Formation authorized; fiscal agents; de-
positaries in insular possessions
Corporations to be organized for the purpose
of engaging in international or foreign banking
or other international or foreign financial oper-
ations, or in banking or other financial oper-
ations in a dependency or insular possession of
the United States, either directly or through the
agency, ownership or control of local institu-
tions in foreign countries, or in such depend-
encies or insular possessions as provided by this
subchapter and to act when required by the Sec-
retary of the Treasury as fiscal agents of the
United States, may be formed by any number of
natural persons, not less in any case than five:
Provided, That nothing in this subchapter shall
be construed to deny the right of the Secretary
of the Treasury to use any corporation orga-
nized under this subchapter as depositaries in
Panama and the Panama Canal Zone, or other
insular possessions and dependencies of the
United States.
(Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a),
as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amend-
ed Feb. 27, 1921, ch. 73, 41 Stat. 1145; Proc. No.
2695, eff. July 4, 1946, 11 F.R. 2517, 60 Stat. 1352;
renumbered § 25A, Pub. L. 102–242, title I,
§ 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)
Editorial Notes
REFERENCES IN TEXT
This subchapter, referred to in text, was in the origi-
nal ‘‘this section’’, meaning section 25A of act Dec. 23,
1913, which is classified to this subchapter (§ 611 et seq.).
For definition of Canal Zone, referred to in text, see
section 3602(b) of Title 22, Foreign Relations and Inter-
course.
CODIFICATION
Section is comprised of par. 1 (undesignated) of sec-
tion 25A of act Dec. 23, 1913, which comprises this sub-
chapter.
Par. 2 (und