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Edge Act corporation

   Also found in: Wikipedia 0.06 sec.
Edge Act corporation
Corporation chartered by the Federal Reserve to engage in international banking. The Board of Governors acts on applications to establish Edge Act corporations and also examines the corporations and their subsidiaries. Named after Senator Walter Edge of New Jersey, who sponsored the original legislation to permit formation of such organizations. See also: agreement corporation.

Edge Act corporation
A corporation established under the 1919 Edge Act to undertake activities in international banking and investing. The Act gives U.S. firms more flexibility in competing effectively with foreign firms. Corporations established under the Edge Act are often organized in order to finance foreign trade or to own foreign securities.


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NBG could not own an Edge Act corporation because Pharaon was not a U.
This Reserve Bank reviewed Bank of America's investment in BCCI annually through the examination of the Edge Act corporation that held Bank of America's interest in BCCI.
Miami's 13 Edge Act Corporations account for 64% of foreign assets managed by Edge Acts nationwide," said Roussakis, co author of the study.
 
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