Section 33
SEC. 33. The said National Bank, by this Act created, may establish not to exceed two branches or agencies in the United States of America, at such points as may be determined upon by the board of directors of the said National Bank. It shall be the function of each of the said agencies- (a) To receive, transmit and disburse any funds of the Philippine Government payable in the United States. (b) To receive, transmit and disburse any funds of the United States Government which may be placed on deposit with, or entrusted to it. (c) To receive, transmit and disburse any funds of individuals, firms, companies or corporations engaged in business with the Philippine Islands, or having interests therein. (d) To engage in business to the extent permitted by law of the United States with the Federal Reserve Bank of the district in which said branches or agencies may be located, and if and when permitted by law of the United States, to conduct a deposit and discount business with the said Federal Reserve Bank to the extent that conditions may require, under the instructions of the board of directors of the said National Bank.