§412:5A-205  Powers and duties.  Everyinternational banking corporation shall be authorized:

(1)  To engage in banking or financial operations inany foreign country, or in a dependency, territory or possession of the UnitedStates, either directly or indirectly through the agency, ownership or controlof a foreign institution;

(2)  When required by the Secretary of the Treasury ofthe United States, to act as a fiscal agent of the United States in any foreigncountry, or in a dependency, territory or possession of the United States;

(3)  To purchase, sell, discount, and negotiate, withor without its endorsement or guaranty, notes, drafts, checks, bills ofexchange, acceptances, including bankers' acceptances, cable transfers, andother evidences of indebtedness; to purchase and sell, with or without itsendorsement or guaranty, securities, including the obligations of the UnitedStates or of any state thereof, but not including shares of stock in anycorporation except as herein provided; to accept bills or drafts drawn upon itsubject to the limitations and restrictions which the commissioner may impose;to issue letters of credit; to purchase and sell coin, bullion, and exchange;to borrow and to lend money; to lease personal property and engage in activitiesincidental thereto; to issue debentures, bonds, and promissory notes under suchgeneral conditions as to security and such limitations as the commissioner mayprescribe, but in no event having liabilities outstanding thereon at any onetime exceeding ten times its capital and surplus; to receive deposits outsideof the United States and to receive only such deposits in this State or in anyother state of the United States as may be incidental to or for the purpose ofcarrying out transactions in foreign countries or dependencies, territories orpossessions of the United States;

(4)  Generally, to exercise such powers as areincidental to the powers conferred by this part or as may be usual, in thedetermination of the commissioner, in connection with the transaction of thebusiness of banking or other financial operations in the countries,dependencies, territories or possessions in which it shall transact businessand not inconsistent with the power specifically granted herein;

(5)  To establish and maintain for the transaction ofits business branches or agencies in foreign countries, and in any state of theUnited States, and in the dependencies, territories or possessions of theUnited States, at such place as may be approved by the commissioner and undersuch rules as the commissioner may prescribe; and

(6)  To purchase and hold stock or other certificatesof ownership in any other corporation organized under this article, or underthe laws of the United States, or under the laws of any foreign country, orunder the laws of any state, dependency, territory or possession of the UnitedStates; provided that the other corporation shall not engage in the generalbusiness of buying or selling goods, wares, merchandise, or commodities in theUnited States, and shall not transact any business in the United States exceptsuch as in the judgment of the commissioner may be incidental to itsinternational or foreign business.  Any acquisition of such stock orcertificates of ownership by an international banking corporation shall besubject to the prior approval of the commissioner, who shall render a decisionwithin sixty days following submission of an application; provided, however,that the commissioner may extend such deadline for an additional sixty days forgood cause. [L 1993, c 350, pt of §1]