New Hampshire Revised Statutes 384-F:40 – Voluntary Closure of Branch, Agency, or Representative Office; Application
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I. No foreign bank which is licensed to establish and maintain a New Hampshire state branch, New Hampshire state agency, or New Hampshire representative office shall close such branch, agency, or office without filing an application with and obtaining the prior approval of the commissioner. An application by a foreign bank under this section shall be in such form and include such information as the commissioner shall establish by rules adopted pursuant to N.H. Rev. Stat. Chapter 541-A or by order.
II. If the commissioner finds, with respect to an application by a foreign bank under this section, that the closing of such branch, agency, or office will not be substantially detrimental to the public convenience and advantage, the commissioner shall approve such application and may impose such conditions precedent and subsequent to such approval as the commissioner may deem prudent or necessary. If the commissioner finds otherwise, he or she shall deny the application.
III. Whenever an application by a foreign bank under this section has been approved and all conditions precedent to such closing have been fulfilled, such foreign bank may close such branch, agency, or office and shall promptly thereafter surrender to the commissioner the license which authorized the foreign bank to maintain the office.
II. If the commissioner finds, with respect to an application by a foreign bank under this section, that the closing of such branch, agency, or office will not be substantially detrimental to the public convenience and advantage, the commissioner shall approve such application and may impose such conditions precedent and subsequent to such approval as the commissioner may deem prudent or necessary. If the commissioner finds otherwise, he or she shall deny the application.
Terms Used In New Hampshire Revised Statutes 384-F:40
- Agency: when used in reference to an office of a foreign bank, shall have the same meaning as set forth in section 1(b)(1) of the federal International Banking Act (12 U. See New Hampshire Revised Statutes 384-F:2
- bank: as used in this chapter shall not in any event include a foreign bank or a branch or agency of a foreign bank. See New Hampshire Revised Statutes 384-F:2
- Branch: when used in reference to an office of a foreign bank, shall have the same meaning as set forth in section 1(b)(3) of the federal International Banking Act (12 U. See New Hampshire Revised Statutes 384-F:2
- Commissioner: means the New Hampshire bank commissioner. See New Hampshire Revised Statutes 384-F:2
- Foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See New Hampshire Revised Statutes 384-F:2
- New Hampshire representative office: shall mean any such office that is located in this state. See New Hampshire Revised Statutes 384-F: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: has the same meaning as is set forth in section 3(a)(3) of the Federal Deposit Insurance Act (12 U. See New Hampshire Revised Statutes 384-F:2
III. Whenever an application by a foreign bank under this section has been approved and all conditions precedent to such closing have been fulfilled, such foreign bank may close such branch, agency, or office and shall promptly thereafter surrender to the commissioner the license which authorized the foreign bank to maintain the office.