(a) No foreign (other nation) bank shall concurrently be licensed to maintain offices of different classes.

(b) Subdivision (a) does not prohibit a foreign (other nation) bank that is licensed to maintain a representative office from being concurrently licensed to maintain an office of a different class or to prohibit a foreign (other nation) bank that is licensed to maintain an office other than a representative office from being concurrently licensed to maintain a representative office.

Terms Used In California Financial Code 1761

  • 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
  • Representative office: when used with respect to a foreign (other nation) bank, means an office in this state at which the bank engages in representational functions but at which it does not transact commercial banking business. See California Financial Code 1750

(Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

  Previous section
Next section  
 Article 1 Contents