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This entry was published on 2014-09-22
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SECTION 202-G
Succession to agency by branch and to branch by agency
Banking (BNK) CHAPTER 2, ARTICLE 5
§ 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.