Consider what happens when State X passes a law that makes it compulsory for branches of all of its domestic banks to follow State X's rules on the regulation of bank deposits. Around the time this law is passed, another law is passed in the parliament of State Y.State Y's law makes it mandatory for the local branches of those located in State Y, but whose parent banks are located overseas, to follow State Y's rules regulating bank deposits. Bankers Credit Company, a bank headquartered in State X, and which has a foreign branch in State Y, is confused as to which laws - State X's or State Y's - to comply with.

Explain your answer with reference to the relevant international business law principles