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 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 provisions
 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 preserved
 in its office. The persons signing the said articles
of association shall under their hands, make an organization
 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 advantages
 of this section.
The persons signing the organization certificate shall
duly acknowledge the execution thereof before a judge