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BEC, 25 (a) FEDERAL RESERVE ACT 
55 
Reserve Board to restrict its operations or conduct its 
business in such manner or under such limitations and re- 
strictions as the said board may prescribe for the place 
or places wherein such business is to be conducted. If at 
any time the Federal Reserve Board shall ascertain that 
the regulations prescribed by it are not being complied 
with, said board is hereby authorized and empowered to 
Institute an investigation of the matter and to send for 
Persons and papers, subpcena witnesses, and administer 
oaths in order to satisfy itself as to the actual nature of 
the transactions referred to. Should such investigation 
tesult in establishing the failure of the corporation in 
question, or of the national bank or banks which may be 
stockholders therein, to comply with the regulations laid 
down by the said Federal Reserve Board, such national 
banks may be required to dispose of stock holdings in the 
said corporation upon reasonable notice. 
Every such national banking association 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 
sach branch as a separate item. 
Any director or other officer, agent, or employee of any 
member bank may, with the approval of the Federal Re- 
serve Board, be a director or other officer, agent, or em- 
ployee of any such bank or corporation above men- 
tioned in the capital stock of which such member bank 
shall have invested as hereinbefore provided, without 
being subject to the provisions of section eight of the 
Act approved October fifteenth, nineteen hundred and 
fourteen, entitled “An Act to supplement existing laws 
against unlawful restraints-and monopolies, and for other 
Purposes.’”’ ¥# 
BANKING CORPORATIONS AUTHORIZED TO DO FOREIGN 
RANKING BUSINESS 
Sec. 25 (a). Corporations to be organized for the pur- i pr ay 
pose of engaging in international or foreign banking or i edb 
other international or foreign financial operations, or in a Dob.27, 
banking or other financial operations in a dependency or he Sn 
insular possession of the United States, either directly 2% 159 4 Sisk 
or through the agency, ownership, or control of local 
———— ee —————— | ——— —— TTT 
# The Clavton Act. For text. see Appendix. p. 69.