§ 1422 — Application for license; fee; findings required for issuance

Delaware § 1422

• Jurisdiction: Delaware
• Title: 5
• Part: Banks and Trust Companies
• Ch. 14: FOREIGN BANKS
• Subch.: Foreign Bank Representative Office

Text

(a) The application for a license shall contain information and be accompanied by a reasonable fee as determined by the Commissioner.

(b) The Commissioner shall issue a license to a foreign bank to establish and maintain a representative office if the Commissioner finds:

(1) The foreign bank and the proposed management of the representative office are each of good character and sound financial standing;

(2) The management of the foreign bank and the proposed management of the representative office are adequate; and

(3) The convenience and needs of persons to be served by the proposed representative office will be promoted.

Legislative History

65 Del. Laws, c. 444, § 6 ; 71 Del. Laws, c. 254, § 24