FEDERAL RESERVE Act 
Sec. 25 (a). Corporations to be organized for the purpose of engaging in international 
or foreign banking or other international or foreign financial operations, or in banking 
or other financial oprations in a dependency 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 as provided by this 
section, and to act when required by the Secretary of the Treasury as fiscal agents 
of the United States, may be formed by any number of natural persons, not less in any 
case than five: Provided, That nothing in this section shall be construed to deny the 
right of the Secretary of the Treasury to use any corporation organized under this 
section as depositaries in Panama and the Panama Canal Zone, or in the Philippine 
Islands and other insular possessions and dependencies of the United States. 
Such persons shall enter into articles of association which shall specify in general 
terms the objects for which the association is formed and may contain any other pro- 
visions not inconsistent with law which the association may see fit to adopt for the 
regulation of its business and the conduct of its affairs. 
Such articles of association shall be signed by all of the persons intending to partici- 
pate in the organization of the corporation and, thereafter, shall be forwarded to the 
Federal Reserve Board and shall be filed and preserved in its office. The persons signing 
the said articles of association shall under their hands, make an organization certificate 
which shall specially state: 
First. The name assumed by such corporation, which shall be subject to the approval 
of the Federal Reserve Board. 
Second. The place or places where its operations are to be carried on. 
Third. The place in the United States where its home office is to be located. 
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Fourth. The amount of its capital stock and the number of shares into which the 
same shall be divided. 
Fifth. The names and places of business or residence of the persons executing the 
sertificate and the number of shares to which each has subscribed. 
Sixth. The fact that the certificate is made to enable the persons subscribing the 
same, and all other persons, firms, companies, and corporations, who or which may 
thereafter subscribe to or purchase shares of the capital stock of such corporation, to 
avail themselves of the advantages of this section. 
The persons signing the organization certificate shall duly acknowledge the execution 
thereof before a judge of some court of record or notary public, who shall certify thereto 
under the seal of such court or notary, and thereafter the certificate shall be forwarded 
to the Federal Reserve Board to be filed and preserved in its office. Upon duly making 
and filing articles of association and an organization certificate, and after the Federal 
Reserve Board has approved the same and issued a permit to begin business, the asso- 
ciation shall become and be a body corporate, and as such and in the name designated 
therein shall have power to adopt and use a corporate seal, which may be changed at 
the pleasure of its board of directors; to have succession for a period of twenty years 
unless sooner dissolved by the act of the shareholders owning two-thirds of the stock 
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