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BEc. 25 (a) FEDERAL RESERVE ACT 
or commodities in the United States, and not transacting 
any business in the United States except such as in the 
judgment of the Federal Reserve Board may be inci- 
dental to its international or foreign . business: Pro- 
vided, however, That, except with the approval of the 
Federal Reserve Board, no corporation organized here- 
ander shall invest in any one corporation an amount in 
excess of 10 per centum of its own capital and surplus, 
except in a corporation engaged in the business of bank- 
ng, when 15 per centum of its capital and surplus may 
be so invested: Provided further, That no corporation 
organized hereunder shall purchase, own, or hold stock 
Or certificates of ownership in any other corporation 
organized hereunder or under the laws of any State 
which is in substantial competition therewith, or which 
holds stock or certificates of ownership in corporations 
which are in substantial competition with the purchasing 
‘orporation. 
Nothing contained herein shall prevent corporations 
organized hereunder from purchasing and holding stock 
In any corporation where such purchase shall be necessary 
t0 prevent a loss upon a debt previously contracted in 
g00d faith; and stock so purchased or acquired in cor- 
Porations organized under this section shall within six 
Months from such purchase be sold or disposed of at 
Jublic or private sale unless the time to so dispose of 
same is extended by the Federal Reserve Board. 
No corporation organized under this section shall 
tarry on any part of its business in the United States 
except such as, in the judgment of the Federal Reserve 
Board, shall be incidental to its international or foreign 
business: And provided further, That except such as is 
incidented and preliminary to its organization no such 
corporation shall exercise any of the powers conferred 
by this section until it has been duly authorized by the 
Federal Reserve Board to commence business as a cor- 
ooration organized under the provisions of this section. 
No corporation organized under this section shall 
ngage in commerce or trade in commodities except as 
specifically provided in this section, nor shall it either 
directly or indirectly control or fix or attempt to control 
or fix the price of any such commodities. The charter 
of any corporation violating this provision shall be sub- 
iect to forfeiture in the manner hereinafter provided 
on 
ry