12 USC § 616 - Place of carrying on business; when business may be begun

---
identifier: "/us/usc/t12/s616"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 616 - Place of carrying on business; when business may be begun"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "616"
section_name: "Place of carrying on business; when business may be begun"
chapter_number: 6
chapter_name: "FOREIGN BANKING"
subchapter_number: "II"
subchapter_name: "ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)"
---


# § 616. Place of carrying on business; when business may be begun

*And provided further*

No corporation organized under this subchapter shall carry on any part of its business in the United States except such as, in the judgment of the Board of Governors of the Federal Reserve System, shall be incidental to its international or foreign business: , That except such as is incidental and preliminary to its organization, no such corporation shall exercise any of the powers conferred by this subchapter until it has been duly authorized by the Board of Governors of the Federal Reserve System to commence business as a corporation organized under the provisions of this subchapter.

---

**Source Credit**: (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)

## Editorial Notes

### References in Text

This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act , which is classified to this subchapter (§ 611 et seq.).

### Codification

Section is comprised of par. 8 (undesignated) of section 25A of act , which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under .

## Statutory Notes and Related Subsidiaries

### Change of Name

Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.