FEDERAL RESERVE ACT 
Que 4 
local institutions in foreign countries, or in such depend 
encies or insular possessions. 
Until January 1, 1921, any national banking associa 
tion, without regard to the amount of its capital and sur 
plus, may file application with the Federal Reserve 
Board for permission, upon such conditions and under 
such regulations as may be prescribed by said board, to 
invest an amount not exceeding in the aggregate 5 pel 
centum of its paid-in capital and surplus in the stock of 
one or more corporations chartered or incorporated under 
the laws of the United States or of any State thereof and: 
regardless of its location, principally engaged in such 
phases of international or foreign financial operations as 
may be necessary to facilitate the export of goods, wares. 
or merchandise from the United States or any of its de- 
pendencies or insular possessions to any foreign coun- 
try: Provided, however, That in no event shall the total 
investments authorized by this section by any one 
national bank exceed 10 per centum of its capital and 
surplus. 
Such application shall specify the name and capital ol 
the banking association filing it, the powers applied for, 
and the place or places where the banking or financial 
operations proposed are to be carried on. The Federal 
Reserve Board shall have power to approve or to reject 
such application in whole or in part if for any reason the 
granting of such application is deemed inexpedient, and 
shall also have power from time to time to increase of 
decrease the number of places where such banking opers- 
tions may be carried on. 
Every national banking association operating foreign 
branches shall be required to furnish information con- 
cerning the condition of such branches to the Comptroller 
of the Currency upon demand, and every member bank 
investing in the capital stock of banks or corporations 
described above shall be required to furnish information 
concerning the condition of such banks or corporations 
to the Federal Reserve Board upon demand, and the 
Federal Reserve Board may order special examinations 
of the said branches, banks, or corporations at such time 
or times as it may deem best. 
Before any national bank shall be permitted to purchase 
stock in any such corporation the said corporation shall 
enter into an agreement or undertakine with the Federal