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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 restrictions
 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 Reserve
 Board, be a director or other officer, agent, or employee
 of any such bank or corporation above mentioned
 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.