U.S. Code » Title 12 » Chapter CHAPTER 6— FOREIGN BANKING › Subchapter SUBCHAPTER I— ESTABLISHMENT BY NATIONAL BANKS OF FOREIGN BRANCHES AND INVESTMENTS IN BANKS DOING FOREIGN BUSINESS

12 U.S.C. § 604

Accounts of foreign branches; profit and loss

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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 Nat'l City Bank of New York v. Internal Revenue Serv. of United States Treasury Dep't, 271 F.2d 616 (1st Cir. 1959).
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First Nat'l City Bank of New York v. Internal Revenue Serv. of United States Treasury Dep't, 271 F.2d 616 (1st Cir. 1959). · cites it 2× “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 Nat'l Bank of Boston (Int'l) v. Banco Nacional De Cuba, 658 F.2d 895 (1st Cir. 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 Nat'l City Bank, 321 F.2d 14 (2d Cir. 1963). · cites it 3× “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. Nat'l City Bank of New York, 112 F.2d 998 (1st Cir. 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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