Closure of office.
1. No foreign bank which is licensed to establish and maintain a state branch, agency or representative office may close that office without obtaining the prior written approval of the Commissioner. An application by a foreign bank under this section must be in such form and include such information as the Commissioner requires.
2. If the Commissioner finds that the closing of the office will not be substantially detrimental to the public convenience and advantage, he shall approve the application.
3. If an application by a foreign bank under this section is approved and all conditions precedent to the closing have been fulfilled, the foreign bank may close the office and shall promptly thereafter surrender to the Commissioner the license which authorized it to maintain the office.
Last modified: February 26, 2006