Powers of the National Banks, Sec. 3
Title
Powers of the National Banks, Sec. 3
Creator
Strong, Benjamin, 1872-1928
Identifier
WWP18853
Date
No date
Source
Benjamin Strong Jr. Papers, New York Federal Reserve Bank
Language
English
Text
ADDITIONAL POWERS TO of NATIONAL BANKINGS ASSOCIATIONS.
Sec. 31. That from and after the passage of this Act any national banking association having a paid up and unimpaired capital stock of not less than one million dollars shall be authorized to establish agencies or branches in foreign countries and that any national banking association whose place of business shall be in a city of not less than fifty thousand population shall be entitled to establish branches within the corporate limits of the municipality within which its principal office is located and that all national banking associations shall be authorized to exercise such trust company powers and functions as may be permitted by the laws of the state within which its principal office is located.
Sec. 31. That from and after the passage of this Act any national banking association having a paid up and unimpaired capital stock of not less than one million dollars shall be authorized to establish agencies or branches in foreign countries and that any national banking association whose place of business shall be in a city of not less than fifty thousand population shall be entitled to establish branches within the corporate limits of the municipality within which its principal office is located and that all national banking associations shall be authorized to exercise such trust company powers and functions as may be permitted by the laws of the state within which its principal office is located.
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Citation
Strong, Benjamin, 1872-1928 , “Powers of the National Banks, Sec. 3,” No date, WWP18853, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.