The term "foreign bank" as used in this Act shall refer to a bank which is organized and registered in accordance with the laws of a foreign country and whose branch office is registered and operated within the territory of the Republic of China in accordance with the Company Act and this Act.

The incorporation of a foreign bank in the territory of the Republic of China shall be approved by the competent authority and registered in accordance with the Company Act. It shall commence operations only after applying and being issued a business license pursuant to Article 54; the establishment of a representative office in the territory of the Republic of China shall be approved by the competent authority.
The rules governing the incorporation and administration in the preceding paragraph shall be prescribed by the competent authority.

The central competent authority may, in consideration of the need for international trade and industrial development, designate areas where foreign banks may be incorporated.

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A foreign bank shall appropriate funds exclusively for its operation of business in the territory of the Republic of China and Articles 23 and 24 shall apply mutatis mutandis.

Businesses which may be operated by a foreign bank shall be prescribed by the competent authority in regulations after the consultation with the Central Bank of the Republic of China and within the scope prescribed in Articles 71 and 101, Paragraph 1. Matters in connection to foreign exchange shall be approved by the Central Bank of the Republic of China.

Any payments received or paid by a foreign bank shall be in the national currency of the Republic of China, except for the receipt of foreign currency deposits as approved by the Central Bank of the Republic of China.

Chapters 1 through 3 and 6 shall apply mutatis mutandis to foreign banks.

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