California Financial Code 1754 – (a) For purposes of this chapter:(1) Changing a lower class …
(a) For purposes of this chapter:
(1) Changing a lower class office into a higher class office shall be treated as establishing the higher class office, but not as closing the lower class office.
Terms Used In California Financial Code 1754
- License: means a license issued under this chapter, authorizing a foreign bank to maintain an office. See California Financial Code 1750
- Office: when used with respect to a foreign (other nation) bank, means any agency, branch office, or representative office of the bank. See California Financial Code 1750
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
(2) Changing a higher class office into a lower class office shall be treated as closing the higher class office, but not as establishing the lower class office.
(b) In the case of changing a higher class office into a lower class office, when the application for approval to close the higher class office has been approved and all conditions precedent to the closing have been fulfilled, the foreign (other nation) bank may change the higher class office into the lower class office, and the commissioner shall issue a license authorizing the bank to maintain the lower class office.
(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)