State representative office: Prerequisites to issuance of license; issuance and contents of license.
1. A foreign bank making an application for a license to establish and maintain a state representative office must deliver to the Commissioner two duplicate originals of the application.
2. The Commissioner shall issue a license to a foreign bank to establish and maintain a state representative office if he finds that:
(a) The foreign bank is of good character and sound financial standing;
(b) The management of the foreign bank and the proposed management of the state representative office are adequate; and
(c) The convenience and needs of persons to be served by the proposed state representative office will be advantageously served.
3. If the Commissioner determines to issue a license to a foreign bank to establish and maintain a state representative office, he shall, when all fees have been paid as required by this chapter, issue the license.
4. Each license issued to a foreign bank to establish and maintain a state representative office must state fully the name of the foreign bank to which the license is issued, the address or addresses at which the state representative office is to be located and such other information as the Commissioner may require.
Last modified: February 26, 2006