FEDERAL · 12 U.S.C. · Chapter 6
Accounts of foreign branches; profit and loss
Current through Pub. L. 119-102
Every national banking association operating foreign branches 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 each branch as a separate item.
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12 U.S.C. § 604 (Accounts of foreign branches; profit and loss) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
First National City Bank of New York v. Internal Revenue Service of United States Treasury Department
271 F.2d 616 (First Circuit, 1959)
The First National Bank of Boston (International) v. Banco Nacional De Cuba
658 F.2d 895 (First Circuit, 1981)
United States v. First National City Bank
321 F.2d 14 (Second Circuit, 1963)
Sancho v. National City Bank of New York
112 F.2d 998 (First Circuit, 1940)
Source Credit
History
(Dec. 23, 1913, ch. 6, §25 (par.), 38 Stat. 273; Sept. 7, 1916, ch. 461, 39 Stat. 756.)
Editorial Notes
Editorial Notes
Codification
Section is comprised of the sixth undesignated par. of section 25 of act Dec. 23, 1913, which comprises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under section 601 of this title.
The words "national banking association operating foreign branches" were in the original "such banking association".
Amendments
1916—Act Sept. 7, 1916, substituted "accrued" for "accruing".
Codification
Section is comprised of the sixth undesignated par. of section 25 of act Dec. 23, 1913, which comprises this subchapter. For classification of other pars. of section 25 of this Act, see Codification note under section 601 of this title.
The words "national banking association operating foreign branches" were in the original "such banking association".
Amendments
1916—Act Sept. 7, 1916, substituted "accrued" for "accruing".