(a) A foreign bank making an application under this article for a license to establish and maintain an Alabama state branch or Alabama state agency shall deliver to the superintendent:

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Terms Used In Alabama Code 5-13B-83

  • agency: when used in reference to an office of a foreign bank, shall have the same meaning as is set forth in Section 1(b)(1) of the Federal International Banking Act (12 U. See Alabama Code 5-13B-41
  • Alabama state agency: when used in reference to an office of a foreign bank, shall mean an agency of a foreign bank that is located in this state and licensed pursuant to the provisions of Division 3 of this article. See Alabama Code 5-13B-41
  • Alabama state branch: when used in reference to an office of a foreign bank, shall mean a branch of a foreign bank that is located in this state and licensed pursuant to the provisions of Division 3 of this article. See Alabama Code 5-13B-41
  • bank: as used in this article shall not in any event include a foreign bank or a branch or agency of a foreign bank. See Alabama Code 5-13B-41
  • 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 Alabama Code 5-13B-41
  • 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 Alabama Code 5-13B-41
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
  • superintendent: means the superintendent then in office and, where appropriate, all of his or her successors and predecessors in office. See Alabama Code 5-13B-41
(1) At least two, or more as the superintendent may require by regulation, duplicate originals of the foreign bank‘s application; and
(2) At least two, or more as the superintendent may require by regulation, copies of its charter or articles of incorporation and all amendments thereto, duly authenticated by the proper officer of the country of such foreign bank’s organization.
(b) The superintendent shall issue a license to a foreign bank to establish and maintain an Alabama state branch or Alabama state agency if he or she finds that:

(1) The foreign bank is of good character and sound financial standing;
(2) The management of the foreign bank and the proposed management of the Alabama state branch or Alabama state agency are adequate;
(3) The convenience and needs of persons to be served by the proposed Alabama state branch or Alabama state agency will be promoted; and
(4) The foreign bank satisfies such other standards as the superintendent may establish by regulation.
(c) If the superintendent determines to issue a license to a foreign bank to establish and maintain an Alabama state branch or Alabama state agency, he or she shall, when all fees have been paid as required under this article:

(1) Endorse on each document filed as part of the application the word “Filed,” and the date of the filing thereof and return to the foreign bank a copy of each document so endorsed;
(2) File in his or her office one of such duplicate originals of the application and copies of the charter or articles of incorporation and amendments thereto; and
(3) Issue a license to establish and maintain an Alabama state branch or Alabama state agency to such foreign bank.
(d) Each license issued to a foreign bank to establish and maintain an Alabama state branch or Alabama state agency shall state fully the name of the foreign bank to which such license is issued and all such other information as the superintendent may require by regulation or order.
(e) The superintendent may, by regulation or order, prescribe abbreviated application procedures and standards applicable to applications by foreign banks that have already established an initial Alabama state branch or agency, subsequently to establish additional intrastate Alabama state branches or agencies, as the case may be.
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