§ 5-13B-90 — Representative Office - Application

Alabama § 5-13B-90

• 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) The application for a license to establish and maintain an Alabama representative office shall be in writing under oath and shall be in such form and contain such information as the superintendent may require by regulation or order. The application shall be accompanied by a reasonable fee as the superintendent may establish by regulation.
(b) The superintendent shall require a foreign bank to include as part of its application to establish and maintain an Alabama representative office 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 such foreign bank or any of its successors which arises out of a transaction with its Alabama representative office, 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, §38.)