202-G - Succession to agency by branch and to branch by agency.

§ 202-g.  Succession  to  agency  by  branch  and to branch by agency.  Notwithstanding any other provision of this chapter, the  superintendent  may,  subject  to  such  regulations  as  he  may  adopt,  authorize the  conversion of a foreign banking corporation agency to a  branch  or  the  conversion of a foreign banking corporation branch to an agency.    When  a  foreign  banking  corporation shall be licensed to conduct in  this state a branch in lieu of an agency theretofore conducted by it  or  to  conduct  an  agency  in  this  state in lieu of a branch theretofore  conducted by it, the preceding form  of  organization  shall,  with  the  approval of the superintendent, be converted into the succeeding form of  organization  of  such  foreign  banking  corporation  and  all  of  the  liabilities of such foreign banking corporation  previously  payable  at  the  office  where  such  preceding form of organization shall have been  conducted shall thereafter be payable at the  office  of  the  successor  form of organization.    In  the event that the successor form of organization shall succeed to  assets in which it would not have had  legal  power  to  invest  in  its  successor  form,  or,  in  the  event the successor form of organization  shall succeed to liabilities which the successor  form  of  organization  would  not  have  had  power to incur, it shall liquidate such assets or  liabilities within the next succeeding twelve calendar months unless the  superintendent shall, in his discretion, extend such period of  time  in  the interest of the orderly conduct of such branch or agency.