§ 53-232.9. Effect, renewal, and revocation of licenses; permissible activities.
§53‑232.9. Effect, renewal, and revocation of licenses; permissibleactivities.
(a) When theCommissioner has issued a license to an international banking corporation, itmay engage in the business authorized by this Article at, and only at, theoffice specified in the license for a period not exceeding one year from thedate of the license or until the license is surrendered or revoked. No licenseis transferable or assignable. Every license shall be, at all times,conspicuously displayed in the place of business specified in the license.
(b) The internationalbanking corporation may renew the license annually upon application to theCommissioner upon forms to be supplied by the Commissioner for that purpose. The application for renewal shall be submitted to the Commissioner no laterthan 60 days before the expiration of the license. The license may be renewedby the Commissioner upon a determination, with or without examination, that theinternational banking corporation is in a safe and satisfactory condition, thatit has complied with applicable requirements of law, and that the renewal ofthe license is proper and has been duly authorized by proper corporate action. Each application for renewal of an international banking corporation licenseshall be accompanied by an annual renewal fee to be determined by theCommissioner by regulation.
(c) The Commissionermay revoke the license, with or without examination, upon a determination thatthe international banking corporation does not meet the criteria established bysubsection (b) of this section for renewal of licenses.
(d) If the Commissionerrefuses to renew the license and, as a result, the license is revoked, all therights and privileges of the international banking corporation to transact thebusiness for which it was licensed shall immediately cease, and the licenseshall be surrendered to the Commissioner within 24 hours after written noticeof the decision has been mailed by the Commissioner to the registered office ofthe international banking corporation set forth in its application, as amended,or has been personally delivered to any officer, director, employee, or agentof the international banking corporation who is physically present in thisState.
(e) An internationalbanking corporation licensed under this Article to carry on business in thisState as an international bank branch may conduct a general banking business,including the right to receive deposits and exercise fiduciary powers, throughits international bank branch in the same manner as banks existing under thelaws of this State and under applicable federal law.
(f) An internationalbanking corporation licensed under this Article to carry on business in thisState as an international bank agency may conduct a general banking businessthrough its international bank agency in the same manner as banks existingunder the laws of this State, except that no international banking corporationshall, through its bank agency, exercise fiduciary powers or receive deposits,but may maintain for the account of others credit balances incidental to orarising out of the exercise of its lawful powers. (1991, c. 679, s. 1.)