Title 12 — Banks and Banking
Chapter 6 — Foreign Banking
§ 604. Accounts of foreign branches; profit and loss
Statutory text
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 63–6 § 25 · 38 Stat. 103
Enacted · 12 U.S.C. § 604
Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273
Source evidence
Code source credit
Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273
0 of 1 references resolved to an enrolled provision · 1 partial
Editorial Notes
Codification
Section is comprised of the sixth undesignated par. of section 25 of act , 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 , substituted “accrued” for “accruing”.
Credits
1913–1916 · 2 acts
- 1913Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273
- 1916Sept. 7, 1916, ch. 461, 39 Stat. 756.
Show as published
(Dec. 23, 1913, ch. 6, § 25 (par.), 38 Stat. 273; Sept. 7, 1916, ch. 461, 39 Stat. 756.)