New Jersey Statutes 17:9A-437. Approval for foreign bank to establish representative office
Terms Used In New Jersey Statutes 17:9A-437
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- 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.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
(2) Paragraph (1) of this subsection a. shall not prohibit a foreign bank which establishes a federal agency or federal branch in this State from establishing one or more representative offices in this State.
b. If the commissioner finds the following with respect to an application by a foreign bank to establish a representative office, the commissioner shall approve the 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 compliance with all applicable laws, regulations, and orders;
(5) That the bank’s establishment of the office will promote the public convenience and advantage; and
(6) Such other standards as the commissioner may by regulation require.
If the commissioner finds otherwise, the commissioner shall deny the application.
c. Whenever an application by a foreign bank to establish a representative office has been approved and all conditions precedent to the issuance of a license authorizing the foreign bank to establish the representative office have been fulfilled, the commissioner shall issue the license.
L.1996,c.17,s.56.