United States Code (Last Updated: May 24, 2014) |
Title 12. BANKS AND BANKING |
Chapter 6. FOREIGN BANKING |
SubChapter II. ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING |
§ 633. Potential liability on foreign accounts
Latest version.
-
(a) Exceptions from repayment requirement A member bank shall not be required to repay any deposit made at a foreign branch of the bank if the branch cannot repay the deposit due to— (1) an act of war, insurrection, or civil strife; or (2) an action by a foreign government or instrumentality (whether de jure or de facto) in the country in which the branch is located; unless the member bank has expressly agreed in writing to repay the deposit under those circumstances. (b) Regulations The Board and the Comptroller of the Currency may jointly prescribe such regulations as they deem necessary to implement this section.
(Dec. 23, 1913, ch. 6, § 25C, as added Pub. L. 103–325, title III, § 326(a), Sept. 23, 1994 , 108 Stat. 2229.)
Codification
Section was enacted as section 25C of the Federal Reserve Act, and not as part of section 25A of that Act which comprises this subchapter.
Miscellaneous
Pub. L. 103–325, title III, § 326(c),