§ 6:504 — Branches in foreign countries

Louisiana § 6:504

• Jurisdiction: Louisiana
• Title 6: Banks and Banking

Text

A. All banks, savings banks, and trust companies having a paid-in capital and surplus of one million dollars or more may open and maintain branches in foreign countries, appoint correspondents, and establish agencies wherever they deem best for the purpose of purchasing, selling, and collecting bills of exchange. They may buy with or without endorsement, through such correspondents or agencies, bills of exchange or acceptances arising out of the actual commercial transactions. However, the exchange or acceptances purchased shall mature not later than ninety days from the date of purchase, exclusive of days of grace. They may also conduct all usual transactions authorized by this Title.
B. The designation of the branch, agency, or correspondent shall be approved by the commissioner and is subject to examination by him at the expense of the principal office in Louisiana. Expenses include traveling expenses incurred in making the examination as well as any usual examination fee charged by the commissioner.
C. These agencies may conduct all other transactions authorized by the banking laws set out in this Title.

Legislative History

Acts 1984, No. 719, §1, eff. Jan. 1, 1985.