§ 5-13B-82 — Application to Establish and Maintain a Branch or Agency - Contents

Alabama § 5-13B-82

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 13B: Interstate and International Bank Acquisitions, Mergers and Branching
• Art. 3: Regulation of Foreign Banks
• Div. 3: Direct Branch, Agency, and Representative Offices of Foreign Banks

Text

(a) A foreign bank, in order to procure a license under this article to establish and maintain an Alabama state branch or Alabama state agency shall submit an application to the superintendent. Such application shall contain:
(1) The same information as required by the Board of Governors of the Federal Reserve System for an application to establish a branch or agency, as the case may be, in the United States; and
(2) Such additional information as the superintendent may require by regulation or order.
(b) In addition to the information required to be included in an application for a license to establish and maintain an Alabama state branch or Alabama state agency listed in subsection (a), the superintendent may as he or she deems necessary or appropriate require a foreign bank to include as part of such an application an instrument irrevocably appointing the superintendent and his or her successors in office to be such foreign bank’s agent, representative, and attorney to receive service of any lawful process in any proceeding against the foreign bank or any of its successors which arises out of the foreign bank’s activities in this state after such appointment has been filed, with the same force and validity as if served on the foreign bank or its successor, as the case may be. Such appointment shall be in such form and contain such information as the superintendent may require by regulation or order.

Legislative History

(Acts 1995, No. 95-115, p. 134, §30.)