Local Financial Institution Law and Legal Definition

Pursuant to 22 USCS § 2198 (g) [Title 22. Foreign Relations And Intercourse; Chapter 32. Foreign Assistance; International Development; Other Programs; Overseas Private Investment Corporation] the term local financial institution--

“(1) means any bank or financial institution that is organized under the laws of any country or area in which the Corporation operates; but

(2) does not include a branch, however organized, of a bank or other financial institution that is organized under the laws of a country in which the Corporation does not operate.”