California Law Financial Code Division 1 Chapter 13.5 Article 3 Section 1754
Contents |
Section 1754.
(a) No foreign (other nation) bank which is licensed to
maintain an agency or branch office shall relocate such office unless
the commissioner shall have first approved such relocation and
issued a license authorizing such 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
any agency or branch office, the commissioner shall approve such
application:
(1) In case the new site of the office is in the same vicinity as
the old site:
(A) That it will not be unsafe or unsound for the bank to relocate
the office; and
(B) That the relocation of the office will not be substantially
detrimental to the public convenience and advantage, or that the
relocation is necessary in the interests of the safety and soundness
of the bank; or
(2) In case the new site of the office is not in the same vicinity
as the old site:
(A) That the bank's plan to relocate the office and to maintain
the office at the new site affords reasonable promise of successful
operation;
(B) That the relocation of the office from the old site will not
be substantially detrimental to the public convenience and advantage
in the area which is primarily served by the office at the old site,
or that the relocation is necessary in the interests of the safety
and soundness of the bank; and
(C) 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 an agency or branch office has been approved and
all conditions precedent to the issuance of a license authorizing
such bank to maintain such office at the new site have been
fulfilled, the commissioner shall issue such license.
(d) Promptly after a foreign (other nation) bank which is licensed
to maintain an agency or branch office relocates such office, such
bank shall surrender to the commissioner the license which authorized
it to maintain such office at the old site.
Last Update: 10/10/2011
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