§551.13. State agency; authorized actions
A foreign bank granted a certificate of authority to transact business in this state through a state agency may:
(1) Borrow and lend money with or without real or personal security.
(2) Purchase, sell, and make loans whether or not secured by bonds or mortgages on immovable property.
(3) Engage in foreign exchange transactions.
(4) Issue, advise, confirm, and otherwise deal with letters of credit and pay, accept, or negotiate drafts drawn thereunder.
(5) Accept bills of exchange or drafts.
(6) Buy or acquire and sell or dispose of but not discount bills of exchange, drafts, notes, acceptances, and other obligations for the payment of money.
(7) Maintain credit balances.
(8) Receive money for transmission and transmit the money from its authorized office in this state to any other place.
(9) Perform such other activities as the commissioner may from time to time determine are analogous or incidental to the foregoing; provided that the foreign bank corporation may not exercise fiduciary powers or receive deposits in this state and may not otherwise exercise banking or discounting privileges in this state.
Acts 2004, No. 420, §1.
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