12 U.S.C. § 616 : US Code - Section 616: Place of carrying on business; when business may be begun

Search 12 U.S.C. § 616 : US Code - Section 616: Place of carrying on business; when business may be begun

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: And
provided further, 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.