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



(1)  To engage in banking or financial operations in
any foreign country, or in a dependency, territory or possession of the United
States, either directly or indirectly through the agency, ownership or control
of a foreign institution;



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



(3)  To purchase, sell, discount, and negotiate, with
or without its endorsement or guaranty, notes, drafts, checks, bills of
exchange, acceptances, including bankers' acceptances, cable transfers, and
other evidences of indebtedness; to purchase and sell, with or without its
endorsement or guaranty, securities, including the obligations of the United
States or of any state thereof, but not including shares of stock in any
corporation except as herein provided; to accept bills or drafts drawn upon it
subject 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 activities
incidental thereto; to issue debentures, bonds, and promissory notes under such
general conditions as to security and such limitations as the commissioner may
prescribe, but in no event having liabilities outstanding thereon at any one
time exceeding ten times its capital and surplus; to receive deposits outside
of the United States and to receive only such deposits in this State or in any
other state of the United States as may be incidental to or for the purpose of
carrying out transactions in foreign countries or dependencies, territories or
possessions of the United States;



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



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



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