Article XII Company(redirected from Article 12 Companies)
Article XII Company
A financial institution in New York that provides credit and other services for international commerce. Such institutions are usually owned by foreign companies and conduct activities like lending to borrowers outside the United States and exchanging foreign currencies. Article XII companies are not allowed to take deposits within New York and must receive permission from the banking board to take outside deposits. Its name is derived from Article XII of the New York State Banking Law.