30.42.180 - Approved agencies -- Powers and activities. - Washington Statutes

Approved agencies — Powers and activities.

An approved agency of an alien bank may engage in the business of making loans and guaranteeing obligations for the financing of the international movement of goods and services and for all operational needs including working capital and short-term operating needs and for the acquisition of fixed assets. Other than such activities, such agency may engage only in the following activities:

     (1) Borrow funds from banks and other financial institutions;

     (2) Buy and sell foreign exchange;

     (3) Receive checks, bills, drafts, acceptances, notes, bonds, coupons, and other securities for collection abroad and collect such instruments in the United States for customers abroad;

     (4) Hold securities in safekeeping for, or buy and sell securities upon the order and for the risk of, customers abroad;

     (5) Act as paying agent for securities issued by foreign governments or other organizations organized under foreign law and not qualified under the laws of the United States, or any state or the District of Columbia to do business in the United States;

     (6) In order to prevent loss on debts previously contracted, an agency may acquire shares in a corporation: PROVIDED, That the shares are disposed of as soon as practical, but in no event later than two years from the date of acquisition;

     (7) Issue letters of credit and create acceptances;

     (8) In addition to the powers and activities expressly authorized by this section, an agency shall have the power to carry on such additional activities which are necessarily incidental to the activities expressly authorized by this section.

[1973 1st ex.s. c 53 § 18.]