12 U.S.C. § 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.
Notes of Decisions
Cited in 4
cases, 1940–1981 · leading case: First National City Bank of New York v. Internal Revenue Service of United States Treasury Department
First National City Bank of New York v. Internal Revenue Service of United States Treasury Department (1959)
“The Bank insists that the presumption of control is negatived by 12 U.S.C.A. § 604 , which we set forth in the margin.”
The First National Bank of Boston (International) v. Banco Nacional De Cuba (1981)
“Although foreign branches maintain separate books of account pursuant to 12 U.S.C. § 604 , that section “is nothing more than a ‘bookkeeping’ statute, designed to make examination into the financial condition of national banks, particularly the foreign operations of such banks,…”
United States v. First National City Bank (1963)
“In denying the application, the court relied on the authorities already discussed, but found additional support for its conclusion with *21 respect to Chase in 12 U.S.C. § 604 . That section provides that: “Every national banking association operating foreign branches shall…”
Sancho v. National City Bank of New York (1940)
“The reason assigned for designating this charge as “interest” was that it was in conformity with accounting practices under 12 U.S.C.A. § 604 , 1 requiring that the accounts of branches be kept as though they were separate institutions.”
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