Section 1
SECTION 1. It shall be lawful for any commercial bank organized under the laws of the Philippine Islands having a paid-up capital of not less than one million pesos to establish branches and agencies outside the Philippine Islands with the approval of the Secretary of Finance upon recommendation of the Bank Commissioner, provided that such foreign branches and agencies shall be subject to inspection at any time by the Bank Commissioner. In lieu of inspections made personally by the Bank Commissioner or by his representatives, the Commissioner may, with the approval of the Secretary of Finance in the case of any foreign branch or agency, designate a responsible firm of public accountants to make a thorough audit and credit investigation of such branch or agency. All costs and expenses incurred in connection with the examination, inspection, investigation, or audit of such branch or agency shall be a special charge to be paid by its central office.