12 USC 604: Accounts of foreign branches; profit and loss
Text contains those laws in effect on January 4, 1995
From Title 12-BANKS AND BANKINGCHAPTER 6-FOREIGN BANKINGSUBCHAPTER I-ESTABLISHMENT BY NATIONAL BANKS OF FOREIGN BRANCHES AND INVESTMENTS IN BANKS DOING FOREIGN BUSINESS
§604. Accounts of foreign branches; profit and loss
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.
(Dec. 23, 1913, ch. 6, §25 (par.),
Codification
Section is comprised of a part of section 25 of act Dec. 23, 1913, as amended, which comprises this subchapter.
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".