§ 17:9A-437 — Approval for foreign bank to establish representative office

56. a. (1) No foreign bank shall establish a representative office unless the commissioner shall have first approved the establishment of that office and issued a license authorizing the foreign bank to establish the office. (2) Paragraph (1) of this subsection a. shall not prohibit a foreign bank which establishes a federal agency or federal branch in this State from establishing one or more representative offices in this State. b. If the commissioner finds the following with respect to an application by a foreign bank to establish a representative office, the commissioner shall approve the application: (1) That the bank, any controlling person of the bank, the directors and executive officers of the bank or of any controlling person of the bank, and the proposed management of the office are each of good character and sound financial standing; (2) That the financial history and condition of the bank are satisfactory; (3) That the management of the bank and the proposed management of the office are adequate; (4) That it is reasonable to believe that, if licensed to establish the office, the bank will operate the office in compliance with all applicable laws, regulations, and orders; (5) That the bank's establishment of the office will promote the public convenience and advantage; and (6) Such other standards as the commissioner may by regulation require. If the commissioner finds otherwise, the commissioner shall deny the application. c. Whenever an application by a foreign bank to establish a representative office has been approved and all conditions precedent to the issuance of a license authorizing the foreign bank to establish the representative office have been fulfilled, the commissioner shall issue the license. L.1996,c.17,s.56.