"Q 
FEDERAL RESERVE ACT Sec. 25( 
of credit; to purchase and sell coin, bullion, and exchange: 
to borrow and to lend money; to issue debentures, bonds, 
and promissory notes under such general conditions as 
to security and such limitations as the Federal Reserve 
Board may prescribe, but in no event having liabilities 
outstanding thereon at any one time exceeding ten times 
its capital stock and surplus; to receive deposits outside 
of the United States and to receive only such deposits 
within the United States as may be incidental to or for 
the purpose of carrying out transactions in foreign coun- 
tries or dependencies or insular possessions of the United 
States; and generally to exercise such powers as are inci- 
dental to the powers conferred by this Act or as may be 
usual, in the determination of the Federal Reserve Board, 
in connection with the transaction of the business of 
banking or other financial operations in the countries, 
colonies, dependencies, or possessions in which it shall 
transact business and not inconsistent with the powers 
specifically granted herein. Nothing contained in this 
section shall be construed to prohibit the Federal Reserve 
Board, under its power to prescribe rules and regulations, 
from limiting the aggregate amount of liabilities of any 
or all classes incurred by the corporation and outstanding 
at any one time. Whenever a corporation organized 
under this section receives deposits in the United States 
authorized by this section it shall carry reserves in such 
amounts as the Federal Reserve Board may prescribe, 
but in no event less than 10 per centum of its deposits. 
(b) To establish and maintain for the transaction of 
its business branches or agencies in foreign countries, 
their dependencies or colonies, and in the dependencies 
or insular possessions of the United States, at such 
places as may be approved by the Federal Reserve 
Board and under such rules and regulations as it may 
prescribe, including countries or dependencies not 
specified in the original organization certificate. 
(c) With the consent of the Federal Reserve Board to 
purchase and hold stock or other certificates of owner- 
ship in any other corporation organized under the pro- 
visions of this section, or under the laws of any foreign 
country or a colony or dependency thereof, or under 
the laws of any State, dependency, or insular possession 
of the United States but not engaged in the general 
business of buying or selling goods, wares, merchandise