17:9A-443. Approval, license required for establishment of agency, branch office of foreign bank

285 words·~1 min read·/nj/title-17/chapter-9a/17-9a-443

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62. a.

(1)No foreign bank shall establish an agency or branch office unless the commissioner shall have first approved the establishment of that office and issued a license authorizing the bank to establish the office.

(2)Paragraph

(1)of this subsection a. shall not prohibit a foreign bank from establishing a federal agency or federal branch in this State.

b. If the commissioner finds the following with respect to an application by a foreign bank to establish an agency or branch office, the commissioner shall approve that 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 a safe and sound manner and in compliance with all applicable laws, regulations, and orders;

(5)That the bank's plan to establish and to operate the office affords reasonable promise of successful operation; and

(6)That the bank's establishment of the office will promote the public convenience and advantage.

If the commissioner finds otherwise, the commissioner shall deny the application.

c. Whenever an application by a foreign bank to establish an agency or branch office has been approved and all conditions precedent to the issuance of a license authorizing the bank to establish the office have been fulfilled, the commissioner shall issue the license.

L.1996,c.17,s.62.