RCW 30A.42.155
Powers and activities.
(1) In addition to the taking of deposits and making of loans as provided in this chapter, a branch of an alien bank shall have the power only to carry out these other activities:
(a) Borrow funds from banks and other financial institutions;
(b) Make investments to the same extent as a state bank chartered pursuant to this title;
(c) Buy and sell foreign exchange;
(d) 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;
(e) Hold securities in safekeeping for, or buy and sell securities upon the order and for the risk of, customers abroad;
(f) 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 of any state or the District of Columbia, to do business in the United States;
(g) In order to prevent loss on debts previously contracted a branch 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;
(h) Issue letters of credit and create acceptances;
(i) Act as paying agent or trustee in connection with revenue bonds issued pursuant to chapter 39.84 RCW, in which the user is: (i) A corporation organized under the laws of a country other than the United States, or a subsidiary or affiliate owned or controlled by such a corporation; or (ii) a corporation, partnership, or other business organization, the majority of the beneficial ownership of which is owned by persons who are citizens of a country other than the United States and who are not residents of the United States, and any subsidiary or affiliate owned or controlled by such an organization; or in which the bank purchases twenty-five percent or more of the bond issue. For the purposes of chapter 39.84 RCW, such an alien bank shall be deemed to possess trust powers.
(2) In addition to the powers and activities expressly authorized by this section, a branch shall have the power to carry on such additional activities which are necessarily incidental to the activities expressly authorized by this section.
[ 2014 c 37 § 219; 1982 c 95 § 5. Formerly RCW 30.42.155.]
NOTES:
Effective date—1982 c 95: See note following RCW 30A.42.070.
Structure Revised Code of Washington
Title 30A - Washington Commercial Bank Act
30A.42.030 - Authorization and compliance with chapter required.
30A.42.040 - More than one office prohibited.
30A.42.060 - Conditions to be met before opening office in state.
30A.42.070 - Allocated paid-in capital—Requirements.
30A.42.080 - Separate assets—Books and records—Priority as to assets.
30A.42.090 - Approval of application—Criteria—Reciprocity.
30A.42.100 - Notice of approval—Filing—Time period for commencing business.
30A.42.105 - Power to make loans and to guarantee obligations.
30A.42.115 - Solicitation and acceptance of deposits.
30A.42.120 - Requirements for accepting deposits or transacting business.
30A.42.130 - Taking possession by director—Reasons—Disposition of deposits—Claims—Priorities.
30A.42.140 - Investigations—Examinations.
30A.42.145 - Examination reports and information—Confidential—Privileged—Penalty.
30A.42.150 - Loans subject to usury laws.
30A.42.155 - Powers and activities.
30A.42.160 - Powers as to real estate.
30A.42.180 - Approved agencies—Powers and activities.
30A.42.190 - Bonding requirements for officers and employees.
30A.42.200 - Books and accounts—English language.
30A.42.210 - Bureaus—Application procedure.
30A.42.220 - Bureaus—Approval—Certificate of authority—Time limit for commencing business.
30A.42.230 - Bureaus—Number—Powers.
30A.42.240 - Bureaus—Examinations.
30A.42.250 - Temporary facilities at trade fairs, etc.
30A.42.280 - Directors, officers, and employees—Duties, responsibilities and restrictions—Removal.
30A.42.290 - Compliance—Violations—Penalties.
30A.42.300 - Suspension or revocation of certificate to operate—Grounds.
30A.42.310 - Change of location.
30A.42.340 - Alien banks or branches in business on or before effective date.