(a) The application for a license shall contain information and be accompanied by a reasonable fee as determined, by rule, by the Commissioner.
     (b) The Commissioner shall issue a license to a foreign bank to establish and maintain a representative office if the Commissioner finds:
        (1) the foreign bank is of good character and sound
    
financial standing;
        (2) the management of the foreign bank and the
    
proposed management of the representative office are adequate; and
        (3) the convenience and needs of persons to be served
    
by the proposed representative office will be promoted.