La. Admin. Code tit. 10 § III-307
Current through Register Vol. 50, No. 12, December 20, 2024
Section III-307 - Agreement CorporationsA. Activities engaged in by a corporation ("agreement corporation") (under an agreement with the Board of Governors of the Federal Reserve System (the "Federal Reserve"), including an agreement under Section 25 of the Federal Reserve Act (12 U.S.C. § 601 - 604 (a)), pursuant to which agreement such corporation's activities are limited to those which may be performed by a corporation ("edge corporation") organized under Section 25(a) of such act (12 U.S.C. § 611 - 613), shall be deemed not to constitute a banking business and an agreement corporation engaging in such activities shall be deemed not to be a bank, so long as its activities are at all times subject to regulation by the Federal Reserve and limited to those activities which may be performed in accordance with any regulations issued by or agreements with the Federal Reserve applicable to such agreement corporation. The Commissioner of Financial Institutions may, however, visit and examine an agreement corporation engaging in such activities in Louisiana whenever in his judgment an examination of its affairs is necessary or expedient.La. Admin. Code tit. 10, § III-307
Promulgated by the Department of Commerce, Office of Financial Institutions, LR 10:4 (January 1984).AUTHORITY NOTE: Promulgated in accordance with R.S. 6:237(B).