AMENDMENT TO SECTION 6136 OF THE REVISED STATUTES.

SEC. 308. AMENDMENT TO SECTION 6136 OF THE REVISED STATUTES.Paragraph “Seventh” of section 5136 of the Revised Statutes (12 U.S.C. 24 (Seventh)) is amended by adding at the end thereof the following: “A national banking association may deal in, underwrite, and purchase for such association’s own account qualified Canadian government obligations to the same extent that such association may deal in, underwrite, and purchase for such association’s own account obligations of the United States or general obligations of any State or of any political subdivision thereof. For purposes of this paragraph— “(1) the term ‘qualified Canadian government obligations’ means any debt obligation which is backed by Canada, any Province of Canada, or any political subdivision of any such Province to a degree which is comparable to the liability of the United States, any State, or any political subdivision thereof for any obligation which is backed by the full faith and credit of the United States, such State, or such political subdivision, and such term includes any debt obligation of any agent of Canada or any such Province or any political subdivision of such Province if— “(A) the obligation of the agent is assumed in such agent’s capacity as agent for Canada or such Province or such political subdivision; and “(B) Canada, such Province, or such political subdivision on whose behalf such agent is acting with respect to such obligation is ultimately and unconditionally liable for such obligation; and “(2) the term ‘Province of Canada’ means a Province of Canada and includes the Yukon Territory and the Northwest Territories and their successors.”.