Section 412:5A-205 - Powers and dutiesEvery international banking corporation shall be authorized:
(1) To engage in banking or financial operations in any foreign country, or in a dependency, territory or possession of the United States, either directly or indirectly through the agency, ownership or control of a foreign institution;(2) When required by the Secretary of the Treasury of the United States, to act as a fiscal agent of the United States in any foreign country, or in a dependency, territory or possession of the United States;(3) To purchase, sell, discount, and negotiate, with or without its endorsement or guaranty, notes, drafts, checks, bills of exchange, acceptances, including bankers' acceptances, cable transfers, and other evidences of indebtedness; to purchase and sell, with or without its endorsement or guaranty, securities, including the obligations of the United States or of any state thereof, but not including shares of stock in any corporation except as herein provided; to accept bills or drafts drawn upon it subject to the limitations and restrictions which the commissioner may impose; to issue letters of credit; to purchase and sell coin, bullion, and exchange; to borrow and to lend money; to lease personal property and engage in activities incidental thereto; to issue debentures, bonds, and promissory notes under such general conditions as to security and such limitations as the commissioner may prescribe, but in no event having liabilities outstanding thereon at any one time exceeding ten times its capital and surplus; to receive deposits outside of the United States and to receive only such deposits in this State or in any other state of the United States as may be incidental to or for the purpose of carrying out transactions in foreign countries or dependencies, territories or possessions of the United States;(4) Generally, to exercise such powers as are incidental to the powers conferred by this part or as may be usual, in the determination of the commissioner, in connection with the transaction of the business of banking or other financial operations in the countries, dependencies, territories or possessions in which it shall transact business and not inconsistent with the power specifically granted herein;(5) To establish and maintain for the transaction of its business branches or agencies in foreign countries, and in any state of the United States, and in the dependencies, territories or possessions of the United States, at such place as may be approved by the commissioner and under such rules as the commissioner may prescribe; and(6) To purchase and hold stock or other certificates of ownership in any other corporation organized under this article, or under the laws of the United States, or under the laws of any foreign country, or under the laws of any state, dependency, territory or possession of the United States; provided that the other corporation shall not engage in the general business of buying or selling goods, wares, merchandise, or commodities in the United States, and shall not transact any business in the United States except such as in the judgment of the commissioner may be incidental to its international or foreign business. Any acquisition of such stock or certificates of ownership by an international banking corporation shall be subject to the prior approval of the commissioner, who shall render a decision within sixty days following submission of an application; provided, however, that the commissioner may extend such deadline for an additional sixty days for good cause.