Agreement corporation

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Agreement corporation

Corporation chartered by a state to engage in international banking: so named because the corporation enters into an "agreement" with the Fed's Board of Governors that it will limit its activities to those permitted by an Edge Act Corporation.

Agreement Corporation

A corporation that has received a charter from a state to engage in international banking. Under the Agreement Corporation Act, agreement corporations are allowed to receive funds from national corporations and use them to engage in international banking. They are called "agreement" corporations because they agree to abide by the restrictions of the Agreement Corporation Act and the Edge Act, though many of those restrictions have since been relaxed.
References in periodicals archive ?
The following reserve requirement ratios are prescribed for all depository institutions, banking Edge and agreement corporations, and United States branches and agencies of foreign banks:
1 (1) Data are prorated averages of Wednesday values for domestically chartered commercial banks, branches and agencies of foreign banks, New York State investment companies (through September 1996), and Edge Act and agreement corporations.
The Federal Reserve Board on May 29, 2003, announced that it is seeking public comment on a proposal to amend Regulation K (International Banking Operations) to require Edge Act and agreement corporations and U.
The Board's proposal to amend Regulation K is designed to require Edge Act and agreement corporations and U.
Edge and Agreement corporations engaged in banking shall report in accordance with instructions for preparation of the Report of Condition for Edge and Agreement Corporations (Form ER.
The following reserve ratios are prescribed for all depository institutions, Edge and Agreement corporations, and United States branches and agencies of foreign banks:
9) and limited investments in Edge and agreement corporations (section 211.
branches and agencies of foreign banks and Edge and agreement corporations must file deposit reports weekly, regardless of size.
These are: State member banks, bank holding companies and certain of their nonbank subsidiaries or affiliates, State uninsured branches and agencies of foreign banks, commercial lending companies owned or controlled by foreign banks, and Edge and Agreement corporations.
sections] 3105(d)),(1) and to establish three agreement corporations pursuant to section 25 of the FRA.
The FR-Y11Q, a quarterly report form filed by each covered bank holding company, consists of a brief balance sheet and a profit and loss statement that consolidate data for all of the nonbank subsidiaries of each bank holding company, excluding Edge and agreement corporations and subsidiaries of the affiliated banks.

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