Arizona Laws 6-191. Foreign banking offices; additional powers; separate accounts; additional offices; definition
A. In addition to its other powers, a bank may through any foreign banking office act as fiscal agent of the United States and, except as prohibited or limited by regulations of the deputy director, exercise such powers as are usual in connection with the business of banking in the places where such foreign banking office transacts its business.
Terms Used In Arizona Laws 6-191
- Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
- Banking office: means any place of business of the bank at which deposits are received, checks are paid or money is loaned but does not include the premises used for computer operations, proofing, record keeping, accounting, storage, maintenance or other administrative or service functions. See Arizona Laws 6-101
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
B. The accounts of each foreign banking office shall be maintained independently of the accounts of all other banking offices and the profit or loss of the office for each fiscal year shall be recorded as a separate item in the general ledger of the bank.
C. A bank having a foreign banking office, on thirty days’ notice to the deputy director, or such shorter notice as may be approved by the deputy director in individual cases, may establish such additional banking office or offices as specified in the notice in the same country without filing an application for approval, unless otherwise ordered by the deputy director.
D. For the purposes of this section, the term "foreign banking office" means a banking office in a foreign country or in a dependency or insular possession of the United States.