§ 201-A — Rights and privileges of foreign banking corporation under license; effect of revocation

§ 201-a. Rights and privileges of foreign banking corporation under\nlicense; effect of revocation. 1. When the superintendent shall have\nissued a license as provided in section twenty-six of this chapter to\nany such foreign banking corporation, it may engage in the business\nspecified in sections two hundred and two hundred one of this article\neither as an agency or as a branch at the location specified in such\nlicense for a period not exceeding one year from the date of such\nlicense or, if such license so provides, until such license is\nsurrendered or revoked. A license issued for a period not exceeding one\nyear may, upon the approval of the superintendent, be renewed as\nprovided in section twenty-six of this chapter. No such license shall be\ntransferable or assignable. Every such license shall be at all times\nconspicuously displayed in the place of business specified therein. In\nthe event that such license shall have been revoked by the\nsuperintendent, as provided in article two of this chapter, it shall be\nsurrendered to the superintendent within twenty-four hours after such\ncorporation has received written notice of such revocation.\n 2. Whenever the superintendent shall have revoked any such license and\nshall have taken the action to make such revocation effective specified\nin article two of this chapter, all the rights and privileges of such\nforeign banking corporation to transact the business thus licensed shall\nforthwith cease and determine.\n