State Codes and Statutes

Statutes > California > Fin > 6550-6558

FINANCIAL CODE
SECTION 6550-6558



6550.  (a) A branch office is a legally established place of
business of an association other than the home office, a remote
service unit, or any agency, authorized by the board of directors and
approved by the commissioner, where the business of an association
may be conducted.
   (b) An association may, with the approval of the commissioner,
conduct business outside this state, subject to the laws of the state
in which the business is done.



6551.  (a) An agency of an association is a place or facility,
stationary or mobile, other than the home office, a remote service
unit, or a branch office, at or through which the association may
transact business that is specified by the board of directors and
approved by the commissioner.
   (b) The agency may perform other special duties and functions as
may be directed from time to time by the home office or a branch
office and approved by the commissioner.
   (c) An agency may perform only those activities, duties, or
functions as are authorized for savings associations by the
provisions of this division or regulations of the commissioner.




6552.  No association may establish or maintain a branch office or
agency without the prior written approval of the commissioner, except
that temporary and incidental agencies may be created for individual
transactions and for special temporary purposes without approval.



6553.  (a) Each application for approval of the establishment and
maintenance of a branch office or one or more agencies shall include
the following:
   (1) The proposed location of the branch or agency.
   (2) The functions to be performed at the branch or agency.
   (3) Any additional information the commissioner deems necessary to
reach a decision.
   (b) Each application shall be accompanied by the filing fee as
prescribed pursuant to Section 9001 and by a budget of the
association for the current earnings period and for the next
succeeding annual period, which reflects the estimated additional
expense of the maintenance of each branch or agency covered by the
application.


6554.  Upon receipt of a complete application for a branch office,
the commissioner shall give written notice of the filing of the
application to each association. The notice shall state the name of
the association and the name of the city or community in which the
branch is proposed to be located.



6555.  (a) Before acting on an application for a branch office, the
commissioner may hold a hearing at a time and place specified in a
notice of hearing.
   (b) If a hearing is to be held, the hearing shall not be held less
than 10 days after the mailing of a notice of hearing under
subdivision (a).
   (c) Any person may appear at the hearing in person or by agent or
attorney, and, pursuant to regulations issued by the commissioner,
show cause why the application should not be approved.




6556.  (a) Upon review of the application for a branch office or
agency and after a hearing on the branch application, if one is
deemed necessary, the commissioner shall determine whether all of the
following criteria are met:
   (1) The applicant's policies, financial condition, and operations
afford no basis for supervisory objection.
   (2) The proposed branch office or agency will be opened within a
reasonable time after approval, as determined by the commissioner.
   (b) If the commissioner determines that the criteria set forth in
subdivision (a) are met the application shall be approved.
   (c) If the commissioner determines that the criteria set forth in
subdivision (a) are not met the application shall be denied.




6557.  The provisions of this article relating to branch office and
agency applications do not apply to a branch office or agency of an
existing association acquired pursuant to a merger, consolidation,
conversion, or transfer of assets.


6558.  The commissioner may adopt rules and regulations relating to
any action pertaining to branch offices and agencies regulated by
this article.

State Codes and Statutes

Statutes > California > Fin > 6550-6558

FINANCIAL CODE
SECTION 6550-6558



6550.  (a) A branch office is a legally established place of
business of an association other than the home office, a remote
service unit, or any agency, authorized by the board of directors and
approved by the commissioner, where the business of an association
may be conducted.
   (b) An association may, with the approval of the commissioner,
conduct business outside this state, subject to the laws of the state
in which the business is done.



6551.  (a) An agency of an association is a place or facility,
stationary or mobile, other than the home office, a remote service
unit, or a branch office, at or through which the association may
transact business that is specified by the board of directors and
approved by the commissioner.
   (b) The agency may perform other special duties and functions as
may be directed from time to time by the home office or a branch
office and approved by the commissioner.
   (c) An agency may perform only those activities, duties, or
functions as are authorized for savings associations by the
provisions of this division or regulations of the commissioner.




6552.  No association may establish or maintain a branch office or
agency without the prior written approval of the commissioner, except
that temporary and incidental agencies may be created for individual
transactions and for special temporary purposes without approval.



6553.  (a) Each application for approval of the establishment and
maintenance of a branch office or one or more agencies shall include
the following:
   (1) The proposed location of the branch or agency.
   (2) The functions to be performed at the branch or agency.
   (3) Any additional information the commissioner deems necessary to
reach a decision.
   (b) Each application shall be accompanied by the filing fee as
prescribed pursuant to Section 9001 and by a budget of the
association for the current earnings period and for the next
succeeding annual period, which reflects the estimated additional
expense of the maintenance of each branch or agency covered by the
application.


6554.  Upon receipt of a complete application for a branch office,
the commissioner shall give written notice of the filing of the
application to each association. The notice shall state the name of
the association and the name of the city or community in which the
branch is proposed to be located.



6555.  (a) Before acting on an application for a branch office, the
commissioner may hold a hearing at a time and place specified in a
notice of hearing.
   (b) If a hearing is to be held, the hearing shall not be held less
than 10 days after the mailing of a notice of hearing under
subdivision (a).
   (c) Any person may appear at the hearing in person or by agent or
attorney, and, pursuant to regulations issued by the commissioner,
show cause why the application should not be approved.




6556.  (a) Upon review of the application for a branch office or
agency and after a hearing on the branch application, if one is
deemed necessary, the commissioner shall determine whether all of the
following criteria are met:
   (1) The applicant's policies, financial condition, and operations
afford no basis for supervisory objection.
   (2) The proposed branch office or agency will be opened within a
reasonable time after approval, as determined by the commissioner.
   (b) If the commissioner determines that the criteria set forth in
subdivision (a) are met the application shall be approved.
   (c) If the commissioner determines that the criteria set forth in
subdivision (a) are not met the application shall be denied.




6557.  The provisions of this article relating to branch office and
agency applications do not apply to a branch office or agency of an
existing association acquired pursuant to a merger, consolidation,
conversion, or transfer of assets.


6558.  The commissioner may adopt rules and regulations relating to
any action pertaining to branch offices and agencies regulated by
this article.


State Codes and Statutes

State Codes and Statutes

Statutes > California > Fin > 6550-6558

FINANCIAL CODE
SECTION 6550-6558



6550.  (a) A branch office is a legally established place of
business of an association other than the home office, a remote
service unit, or any agency, authorized by the board of directors and
approved by the commissioner, where the business of an association
may be conducted.
   (b) An association may, with the approval of the commissioner,
conduct business outside this state, subject to the laws of the state
in which the business is done.



6551.  (a) An agency of an association is a place or facility,
stationary or mobile, other than the home office, a remote service
unit, or a branch office, at or through which the association may
transact business that is specified by the board of directors and
approved by the commissioner.
   (b) The agency may perform other special duties and functions as
may be directed from time to time by the home office or a branch
office and approved by the commissioner.
   (c) An agency may perform only those activities, duties, or
functions as are authorized for savings associations by the
provisions of this division or regulations of the commissioner.




6552.  No association may establish or maintain a branch office or
agency without the prior written approval of the commissioner, except
that temporary and incidental agencies may be created for individual
transactions and for special temporary purposes without approval.



6553.  (a) Each application for approval of the establishment and
maintenance of a branch office or one or more agencies shall include
the following:
   (1) The proposed location of the branch or agency.
   (2) The functions to be performed at the branch or agency.
   (3) Any additional information the commissioner deems necessary to
reach a decision.
   (b) Each application shall be accompanied by the filing fee as
prescribed pursuant to Section 9001 and by a budget of the
association for the current earnings period and for the next
succeeding annual period, which reflects the estimated additional
expense of the maintenance of each branch or agency covered by the
application.


6554.  Upon receipt of a complete application for a branch office,
the commissioner shall give written notice of the filing of the
application to each association. The notice shall state the name of
the association and the name of the city or community in which the
branch is proposed to be located.



6555.  (a) Before acting on an application for a branch office, the
commissioner may hold a hearing at a time and place specified in a
notice of hearing.
   (b) If a hearing is to be held, the hearing shall not be held less
than 10 days after the mailing of a notice of hearing under
subdivision (a).
   (c) Any person may appear at the hearing in person or by agent or
attorney, and, pursuant to regulations issued by the commissioner,
show cause why the application should not be approved.




6556.  (a) Upon review of the application for a branch office or
agency and after a hearing on the branch application, if one is
deemed necessary, the commissioner shall determine whether all of the
following criteria are met:
   (1) The applicant's policies, financial condition, and operations
afford no basis for supervisory objection.
   (2) The proposed branch office or agency will be opened within a
reasonable time after approval, as determined by the commissioner.
   (b) If the commissioner determines that the criteria set forth in
subdivision (a) are met the application shall be approved.
   (c) If the commissioner determines that the criteria set forth in
subdivision (a) are not met the application shall be denied.




6557.  The provisions of this article relating to branch office and
agency applications do not apply to a branch office or agency of an
existing association acquired pursuant to a merger, consolidation,
conversion, or transfer of assets.


6558.  The commissioner may adopt rules and regulations relating to
any action pertaining to branch offices and agencies regulated by
this article.

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