State Codes and Statutes

Statutes > California > Fin > 3560-3562

FINANCIAL CODE
SECTION 3560-3562



3560.  Any bank may, with the consent of the commissioner, upon such
conditions and under such regulations as the commissioner may
prescribe, invest in the stock of one or more corporations organized
under the laws of the United States for the purpose of engaging in
international or foreign banking or other international or foreign
financial operations, or in banking or other financial operations in
a dependency or insular possession of the United States, either
directly or through the agency, ownership or control of local
institutions in foreign countries, or in dependencies or insular
possessions of the United States and to act when required by the
Secretary of the Treasury of the United States as fiscal agents of
the United States; provided, however, that the aggregate amount of
stock held in all corporations engaged in business of the kind
described in this chapter shall not exceed 10 per centum of the
subscribing bank's shareholders' equity.




3561.  Every bank investing in the capital stock of any corporation
described in Section 3560 shall be required to furnish information
concerning the condition of such corporation to the commissioner upon
demand, and the commissioner may order special examinations of said
corporation at such time or times as he or she may deem appropriate.
The cost of such special examinations shall be paid by said
corporation.



3562.  Before any bank shall be permitted to purchase stock in any
corporation described in Section 3560 the said corporation shall
enter into an agreement or undertaking with the commissioner to
restrict its operations or conduct of its business in such manner or
under such limitations and restrictions as the said commissioner may
prescribe for the place or places wherein such business is to be
conducted. If at any time the commissioner shall ascertain that the
regulations prescribed by him or her are not being complied with,
said commissioner is hereby authorized and shall have power to
institute an investigation of the matter and to send for persons and
papers, subpoena witnesses and administer oaths in order to satisfy
himself or herself as to the actual nature of the transactions
referred to. Should such investigation result in establishing the
failure of the corporation in question, or any bank which may be a
stockholder therein, to comply with the regulations laid down by the
said commissioner, said bank may be required to dispose of its
stockholding in the said corporation upon reasonable notice.



State Codes and Statutes

Statutes > California > Fin > 3560-3562

FINANCIAL CODE
SECTION 3560-3562



3560.  Any bank may, with the consent of the commissioner, upon such
conditions and under such regulations as the commissioner may
prescribe, invest in the stock of one or more corporations organized
under the laws of the United States for the purpose of engaging in
international or foreign banking or other international or foreign
financial operations, or in banking or other financial operations in
a dependency or insular possession of the United States, either
directly or through the agency, ownership or control of local
institutions in foreign countries, or in dependencies or insular
possessions of the United States and to act when required by the
Secretary of the Treasury of the United States as fiscal agents of
the United States; provided, however, that the aggregate amount of
stock held in all corporations engaged in business of the kind
described in this chapter shall not exceed 10 per centum of the
subscribing bank's shareholders' equity.




3561.  Every bank investing in the capital stock of any corporation
described in Section 3560 shall be required to furnish information
concerning the condition of such corporation to the commissioner upon
demand, and the commissioner may order special examinations of said
corporation at such time or times as he or she may deem appropriate.
The cost of such special examinations shall be paid by said
corporation.



3562.  Before any bank shall be permitted to purchase stock in any
corporation described in Section 3560 the said corporation shall
enter into an agreement or undertaking with the commissioner to
restrict its operations or conduct of its business in such manner or
under such limitations and restrictions as the said commissioner may
prescribe for the place or places wherein such business is to be
conducted. If at any time the commissioner shall ascertain that the
regulations prescribed by him or her are not being complied with,
said commissioner is hereby authorized and shall have power to
institute an investigation of the matter and to send for persons and
papers, subpoena witnesses and administer oaths in order to satisfy
himself or herself as to the actual nature of the transactions
referred to. Should such investigation result in establishing the
failure of the corporation in question, or any bank which may be a
stockholder therein, to comply with the regulations laid down by the
said commissioner, said bank may be required to dispose of its
stockholding in the said corporation upon reasonable notice.




State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 3560-3562

FINANCIAL CODE
SECTION 3560-3562



3560.  Any bank may, with the consent of the commissioner, upon such
conditions and under such regulations as the commissioner may
prescribe, invest in the stock of one or more corporations organized
under the laws of the United States for the purpose of engaging in
international or foreign banking or other international or foreign
financial operations, or in banking or other financial operations in
a dependency or insular possession of the United States, either
directly or through the agency, ownership or control of local
institutions in foreign countries, or in dependencies or insular
possessions of the United States and to act when required by the
Secretary of the Treasury of the United States as fiscal agents of
the United States; provided, however, that the aggregate amount of
stock held in all corporations engaged in business of the kind
described in this chapter shall not exceed 10 per centum of the
subscribing bank's shareholders' equity.




3561.  Every bank investing in the capital stock of any corporation
described in Section 3560 shall be required to furnish information
concerning the condition of such corporation to the commissioner upon
demand, and the commissioner may order special examinations of said
corporation at such time or times as he or she may deem appropriate.
The cost of such special examinations shall be paid by said
corporation.



3562.  Before any bank shall be permitted to purchase stock in any
corporation described in Section 3560 the said corporation shall
enter into an agreement or undertaking with the commissioner to
restrict its operations or conduct of its business in such manner or
under such limitations and restrictions as the said commissioner may
prescribe for the place or places wherein such business is to be
conducted. If at any time the commissioner shall ascertain that the
regulations prescribed by him or her are not being complied with,
said commissioner is hereby authorized and shall have power to
institute an investigation of the matter and to send for persons and
papers, subpoena witnesses and administer oaths in order to satisfy
himself or herself as to the actual nature of the transactions
referred to. Should such investigation result in establishing the
failure of the corporation in question, or any bank which may be a
stockholder therein, to comply with the regulations laid down by the
said commissioner, said bank may be required to dispose of its
stockholding in the said corporation upon reasonable notice.