FEDERAL RESERVE ACT 8Ec. 25 (a 
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 ae 
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 deposi 
taries in Panama and the Panama Canal Zone, or in the 
Philippine Islands and other insular possessions and de- 
pendencies 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 participate in the organization of 
the corporation and, thereafter, shall be forwarded to 
the Federal Reserve Board and shall be filed and pre- 
served in its office. The persons signing the said articles 
of association shall under their hands, make an organi- 
zation certificate which shall specifically 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. 
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 certificate 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 ad- 
vantages of this section. 
The persons signing the organization certificate shall 
duly acknowledge the execution thereof before a judge