California Financial Code 1760 – (a) No foreign (other nation) bank which is licensed to maintain …
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(a) No foreign (other nation) bank which is licensed to maintain an agency or branch office shall concurrently maintain a federal agency or federal branch in this state.
(b) No foreign (other nation) bank which maintains a federal agency or federal branch in this state shall concurrently be licensed to maintain an agency or branch office in this state.
Terms Used In California Financial Code 1760
- Agency: means a depositary agency or a nondepositary agency. See California Financial Code 1750
- Branch office: means a limited branch office, a retail branch office, or a wholesale branch office. See California Financial Code 1750
- Federal agency: has the meaning set forth in Section 1(b) of the International Banking Act of 1978. See California Financial Code 1750
- Federal branch: has the meaning set forth in Section 1(b) of the International Banking Act of 1978. See California Financial Code 1750
- licensed: means to be issued or to hold a license. 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
(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)