State Codes and Statutes

Statutes > California > Fin > 1725-1729

FINANCIAL CODE
SECTION 1725-1729



1725.  (a) No foreign (other nation) bank shall establish or
maintain an office in this state at which it engages in
representational functions unless it is licensed to maintain a
representative office, agency, or branch office at that place.
   (b) (1) No person shall establish or maintain an office in this
state as representative of a foreign (other nation) bank unless the
bank is licensed to maintain the office as a representative office.
   (2) For purposes of this chapter, if any person establishes or
maintains an office in this state as representative of a foreign
(other nation) bank, the bank shall be deemed to establish and
maintain the office as a representative office.
   (c) Neither subdivision (a) nor subdivision (b) shall be deemed to
prohibit a foreign (other nation) bank that maintains a federal
agency or federal branch in this state from establishing or
maintaining one or more representative offices in this state.



1726.  (a) (1) No foreign (other nation) bank shall establish or
maintain a representative office unless the commissioner shall have
first approved the establishment of the office and issued a license
authorizing the bank to maintain the office.
   (2) Paragraph (1) shall not be deemed to prohibit a foreign (other
nation) bank that maintains a federal agency or federal branch in
this state from establishing or maintaining one or more
representative offices in this state.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) bank for approval to
establish a representative office, the commissioner shall approve the
application:
   (1) That the bank, any controlling person of the bank, the
directors and executive officers of the bank or of any controlling
person of the bank, and the proposed management of the office are
each of good character and sound financial standing.
   (2) That the financial history and condition of the bank are
satisfactory.
   (3) That the management of the bank and the proposed management of
the office are adequate.
   (4) That it is reasonable to believe that, if licensed to maintain
the office, the bank will operate the office in compliance with all
applicable laws, regulations, and orders.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to establish a representative office has been approved and
all conditions precedent to the issuance of a license authorizing the
bank to maintain the office have been fulfilled, the commissioner
shall issue the license.


1727.  (a) No foreign (other nation) bank that is licensed to
maintain a representative office shall relocate the office unless the
commissioner shall have first approved the relocation and issued a
license authorizing the bank to maintain the office at the new site.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) bank for approval to relocate
a representative office, the commissioner shall approve the
application:
   (1) In case the new site of the office is in the same vicinity as
the old site, that the relocation of the office will not be
substantially detrimental to the public convenience and advantage; or
   (2) In case the new site of the office is not in the same vicinity
as the old site:
   (A) That the relocation of the office from the old site will not
be substantially detrimental to the public convenience and advantage
in the area that is primarily served by the office at the old site;
and
   (B) That the relocation of the office to the new site will promote
the public convenience and advantage.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to relocate a representative office has been approved and
all conditions precedent to the issuance of a license authorizing the
bank to maintain the office at the new site have been fulfilled, the
commissioner shall issue the license.
   (d) Promptly after a foreign (other nation) bank that is licensed
to maintain a representative office relocates the office, the bank
shall surrender to the commissioner the license that authorized it to
maintain the office at the old site.



1728.  A foreign (other nation) bank that is licensed to maintain a
representative office may, subject to any regulations that the
commissioner may prescribe, engage in representational functions at
the office but shall not solicit or accept deposits or otherwise
transact business at the office.



1729.  (a) (1) No foreign (other nation) bank that is licensed to
maintain a representative office shall close the office unless the
commissioner shall have first approved the closing.
   (2) Paragraph (1) shall not be deemed to prohibit a foreign (other
nation) bank that is licensed to maintain a representative office
from closing the office in accordance with Article 4 (commencing with
Section 1775).
   (b) If the commissioner finds, with respect to an application by a
foreign (other nation) bank for approval to close a representative
office, that the closing of the office will not be substantially
detrimental to the public convenience and advantage, the commissioner
shall approve the application. If the commissioner finds otherwise,
the commissioner shall deny the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to close a representative office has been approved and all
conditions precedent to the closing have been fulfilled, the bank may
close the office and shall promptly thereafter surrender to the
commissioner the license that authorized it to maintain the office.



State Codes and Statutes

Statutes > California > Fin > 1725-1729

FINANCIAL CODE
SECTION 1725-1729



1725.  (a) No foreign (other nation) bank shall establish or
maintain an office in this state at which it engages in
representational functions unless it is licensed to maintain a
representative office, agency, or branch office at that place.
   (b) (1) No person shall establish or maintain an office in this
state as representative of a foreign (other nation) bank unless the
bank is licensed to maintain the office as a representative office.
   (2) For purposes of this chapter, if any person establishes or
maintains an office in this state as representative of a foreign
(other nation) bank, the bank shall be deemed to establish and
maintain the office as a representative office.
   (c) Neither subdivision (a) nor subdivision (b) shall be deemed to
prohibit a foreign (other nation) bank that maintains a federal
agency or federal branch in this state from establishing or
maintaining one or more representative offices in this state.



1726.  (a) (1) No foreign (other nation) bank shall establish or
maintain a representative office unless the commissioner shall have
first approved the establishment of the office and issued a license
authorizing the bank to maintain the office.
   (2) Paragraph (1) shall not be deemed to prohibit a foreign (other
nation) bank that maintains a federal agency or federal branch in
this state from establishing or maintaining one or more
representative offices in this state.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) bank for approval to
establish a representative office, the commissioner shall approve the
application:
   (1) That the bank, any controlling person of the bank, the
directors and executive officers of the bank or of any controlling
person of the bank, and the proposed management of the office are
each of good character and sound financial standing.
   (2) That the financial history and condition of the bank are
satisfactory.
   (3) That the management of the bank and the proposed management of
the office are adequate.
   (4) That it is reasonable to believe that, if licensed to maintain
the office, the bank will operate the office in compliance with all
applicable laws, regulations, and orders.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to establish a representative office has been approved and
all conditions precedent to the issuance of a license authorizing the
bank to maintain the office have been fulfilled, the commissioner
shall issue the license.


1727.  (a) No foreign (other nation) bank that is licensed to
maintain a representative office shall relocate the office unless the
commissioner shall have first approved the relocation and issued a
license authorizing the bank to maintain the office at the new site.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) bank for approval to relocate
a representative office, the commissioner shall approve the
application:
   (1) In case the new site of the office is in the same vicinity as
the old site, that the relocation of the office will not be
substantially detrimental to the public convenience and advantage; or
   (2) In case the new site of the office is not in the same vicinity
as the old site:
   (A) That the relocation of the office from the old site will not
be substantially detrimental to the public convenience and advantage
in the area that is primarily served by the office at the old site;
and
   (B) That the relocation of the office to the new site will promote
the public convenience and advantage.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to relocate a representative office has been approved and
all conditions precedent to the issuance of a license authorizing the
bank to maintain the office at the new site have been fulfilled, the
commissioner shall issue the license.
   (d) Promptly after a foreign (other nation) bank that is licensed
to maintain a representative office relocates the office, the bank
shall surrender to the commissioner the license that authorized it to
maintain the office at the old site.



1728.  A foreign (other nation) bank that is licensed to maintain a
representative office may, subject to any regulations that the
commissioner may prescribe, engage in representational functions at
the office but shall not solicit or accept deposits or otherwise
transact business at the office.



1729.  (a) (1) No foreign (other nation) bank that is licensed to
maintain a representative office shall close the office unless the
commissioner shall have first approved the closing.
   (2) Paragraph (1) shall not be deemed to prohibit a foreign (other
nation) bank that is licensed to maintain a representative office
from closing the office in accordance with Article 4 (commencing with
Section 1775).
   (b) If the commissioner finds, with respect to an application by a
foreign (other nation) bank for approval to close a representative
office, that the closing of the office will not be substantially
detrimental to the public convenience and advantage, the commissioner
shall approve the application. If the commissioner finds otherwise,
the commissioner shall deny the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to close a representative office has been approved and all
conditions precedent to the closing have been fulfilled, the bank may
close the office and shall promptly thereafter surrender to the
commissioner the license that authorized it to maintain the office.




State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 1725-1729

FINANCIAL CODE
SECTION 1725-1729



1725.  (a) No foreign (other nation) bank shall establish or
maintain an office in this state at which it engages in
representational functions unless it is licensed to maintain a
representative office, agency, or branch office at that place.
   (b) (1) No person shall establish or maintain an office in this
state as representative of a foreign (other nation) bank unless the
bank is licensed to maintain the office as a representative office.
   (2) For purposes of this chapter, if any person establishes or
maintains an office in this state as representative of a foreign
(other nation) bank, the bank shall be deemed to establish and
maintain the office as a representative office.
   (c) Neither subdivision (a) nor subdivision (b) shall be deemed to
prohibit a foreign (other nation) bank that maintains a federal
agency or federal branch in this state from establishing or
maintaining one or more representative offices in this state.



1726.  (a) (1) No foreign (other nation) bank shall establish or
maintain a representative office unless the commissioner shall have
first approved the establishment of the office and issued a license
authorizing the bank to maintain the office.
   (2) Paragraph (1) shall not be deemed to prohibit a foreign (other
nation) bank that maintains a federal agency or federal branch in
this state from establishing or maintaining one or more
representative offices in this state.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) bank for approval to
establish a representative office, the commissioner shall approve the
application:
   (1) That the bank, any controlling person of the bank, the
directors and executive officers of the bank or of any controlling
person of the bank, and the proposed management of the office are
each of good character and sound financial standing.
   (2) That the financial history and condition of the bank are
satisfactory.
   (3) That the management of the bank and the proposed management of
the office are adequate.
   (4) That it is reasonable to believe that, if licensed to maintain
the office, the bank will operate the office in compliance with all
applicable laws, regulations, and orders.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to establish a representative office has been approved and
all conditions precedent to the issuance of a license authorizing the
bank to maintain the office have been fulfilled, the commissioner
shall issue the license.


1727.  (a) No foreign (other nation) bank that is licensed to
maintain a representative office shall relocate the office unless the
commissioner shall have first approved the relocation and issued a
license authorizing the bank to maintain the office at the new site.
   (b) If the commissioner finds the following with respect to an
application by a foreign (other nation) bank for approval to relocate
a representative office, the commissioner shall approve the
application:
   (1) In case the new site of the office is in the same vicinity as
the old site, that the relocation of the office will not be
substantially detrimental to the public convenience and advantage; or
   (2) In case the new site of the office is not in the same vicinity
as the old site:
   (A) That the relocation of the office from the old site will not
be substantially detrimental to the public convenience and advantage
in the area that is primarily served by the office at the old site;
and
   (B) That the relocation of the office to the new site will promote
the public convenience and advantage.
   If the commissioner finds otherwise, the commissioner shall deny
the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to relocate a representative office has been approved and
all conditions precedent to the issuance of a license authorizing the
bank to maintain the office at the new site have been fulfilled, the
commissioner shall issue the license.
   (d) Promptly after a foreign (other nation) bank that is licensed
to maintain a representative office relocates the office, the bank
shall surrender to the commissioner the license that authorized it to
maintain the office at the old site.



1728.  A foreign (other nation) bank that is licensed to maintain a
representative office may, subject to any regulations that the
commissioner may prescribe, engage in representational functions at
the office but shall not solicit or accept deposits or otherwise
transact business at the office.



1729.  (a) (1) No foreign (other nation) bank that is licensed to
maintain a representative office shall close the office unless the
commissioner shall have first approved the closing.
   (2) Paragraph (1) shall not be deemed to prohibit a foreign (other
nation) bank that is licensed to maintain a representative office
from closing the office in accordance with Article 4 (commencing with
Section 1775).
   (b) If the commissioner finds, with respect to an application by a
foreign (other nation) bank for approval to close a representative
office, that the closing of the office will not be substantially
detrimental to the public convenience and advantage, the commissioner
shall approve the application. If the commissioner finds otherwise,
the commissioner shall deny the application.
   (c) Whenever an application by a foreign (other nation) bank for
approval to close a representative office has been approved and all
conditions precedent to the closing have been fulfilled, the bank may
close the office and shall promptly thereafter surrender to the
commissioner the license that authorized it to maintain the office.



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