2013 US Code
Title 12 - Banks and Banking
Chapter 6 - FOREIGN BANKING (§§ 601 - 633)
Subchapter II - ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING (§§ 611 - 633)
Section 633 - Potential liability on foreign accounts
Publication Title | United States Code, 2012 Edition, Supplement 1, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 6 - FOREIGN BANKING SUBCHAPTER II - ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING Sec. 633 - Potential liability on foreign accounts |
Contains | section 633 |
Date | 2013 |
Laws in Effect as of Date | January 16, 2014 |
Positive Law | No |
Disposition | standard |
Source Credit | Dec. 23, 1913, ch. 6, §25C, as added Pub. L. 103-325, title III, §326(a), Sept. 23, 1994, 108 Stat. 2229. |
Statutes at Large References | 108 Stat. 2229 |
Public Law References | Public Law 103-325 |
Download PDF
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) RegulationsThe 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.)
CODIFICATIONSection was enacted as section 25C of the Federal Reserve Act, and not as part of section 25A of that Act which comprises this subchapter.
EXISTING CLAIMS NOT AFFECTEDPub. L. 103–325, title III, §326(c), Sept. 23, 1994, 108 Stat. 2229, provided that: "Section 25C of the Federal Reserve Act [this section] (as added by subsection (a)) shall not be applied retroactively and shall not be construed to affect or apply to any claim or cause of action addressed by that section arising from events or circumstances that occurred before the date of enactment of this Act [Sept. 23, 1994]."
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.