FeperaL RESERVE Act 
security, but no such loan upon such security shall be made for a longer term than five 
years. Any such bank may make such loans in an aggregate sum including in such 
aggregate any such loans on which it is liable as indorser or guarantor or otherwise 
equal to 25 per centum of the amount of the capital stock of such association actually 
paid in and unimpaired and 25 per centum of its unimpaired surplus fund, or to one- 
half of its savings deposits, at the election of the association, subject to the general 
limitation contained in section 5200 of the Revised Statutes of the United States. Such 
banks may continue hereafter as heretofore to receive time and savings deposits and to 
pay interest on the same, but the rate of interest which such banks may pay upon such 
time deposits or upon savings or other deposits shall not exceed the maximum rate 
authorized by law to be paid upon such deposits by State banks or trust companies 
organized under the laws of the State wherein such national banking association is 
located. 
Foreign Branches 
As amended by act approved Sept. 7, 1916 (39 Stat., 752, chap. 461); act approved 
Sept. 17, 1919 (41 Stat., 285, chap. 60). 
Sec. 25. Any national banking association possessing a capital and surplus of $1,- 
000,000 or more may file application with the Federal Reserve Board for permission to 
exercise, upon such conditions and under such regulations as may be prescribed by 
the said board, either or both of the following powers: 
First. To establish branches in foreign countries or dependencies or insular posses- 
sions of the United States for the furtherance of the foreign commerce of the United 
States, and to act if required to do so as fiscal agents of the United States. 
Second. To invest an amount not exceeding in the aggregate ten per centum of its 
paid-in capital stock and surplus in the stock of one or more banks or corporations 
chartered or incorporated under the laws of the United States or of any State thereof, 
and principally engaged in international or foreign banking, or banking in a depend- 
ency or insular possession of the United States either directly or through the agency, 
ownership, or control of local institutions in foreign countries, or in such dependencies 
or insular possessions. 
Until January 1, 1921, any national banking association, without regard to the 
amount of its capital and surplus, 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 per centum of its 
paid-in capital and surplus in the stock of one or more corporations chartered or incor- 
porated 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 dependencies or insular possessions to any foreign 
country: 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. 
“aq 
194,