Alabama § 5-13B-85 No Concurrent Maintenance of Federal Branches or Agencies

Alabama Statutes

§ 5-13B-85 — No Concurrent Maintenance of Federal Branches or Agencies

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

(a)No foreign bank which is licensed under this article to establish and maintain an Alabama state branch or Alabama state agency shall concurrently maintain a federal branch or federal agency in this state.

(b)No foreign bank which maintains a federal branch or federal agency in this state shall concurrently be licensed under this article to maintain an Alabama state branch or Alabama state agency.

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(a) No foreign bank which is licensed under this article to establish and maintain an Alabama state branch or Alabama state agency shall concurrently maintain a federal branch or federal agency in this state.
(b) No foreign bank which maintains a federal branch or federal agency in this state shall concurrently be licensed under this article to maintain an Alabama state branch or Alabama state agency.

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