Agreement corporation

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 ?
also in Birmingham, an agreement corporation subsidiary of SouthTrust of Alabama, pursuant to sections 25 and 25A of the Federal Reserve Act and the Board's Regulation K.
b) Banking institution means a State member bank; bank holding company; Edge Corporation and Agreement Corporation engaged in banking.
The conduct of activities abroad by a bank holding company, member bank, or Edge and agreement corporation, whether conducted directly or indirectly, must be confined to the activities of a banking or financial nature and to those activities that are necessary to carry on such activities.
Part 211) to acquire certain foreign operations and agreement corporation subsidiaries of First Security.
211), and Republic Bank proposes to acquire the Agreement corporation subsidiary of HSBC Bank pursuant to section 25 of the Federal Reserve Act (12 U.
Each depository institution, Edge or agreement corporation, and U.
An Agreement Corporation is permitted to conduct business of an international nature only, similar to an Edge Act corporation.
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 following reserve requirement ratios are prescribed for all depository institutions, banking Edge and agreement corporations, and United States branches and agencies of foreign banks:
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 following reserve ratios are prescribed for all depository institutions, Edge and Agreement corporations, and United States branches and agencies of foreign banks: