RSA 384-F:19 · Representative Office; Factors for Approval of Application

384-F:19 Representative Office; Factors for Approval of Application. –

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I.

A foreign bank making an application for a license to establish and maintain a New Hampshire representative office shall deliver to the commissioner 2 duplicate originals of the foreign bank's application.

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II.

The commissioner shall issue a license to a foreign bank to establish and maintain a New Hampshire representative office if he or she finds:

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(a)

That the foreign bank is of good character and sound financial standing;

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(b)

That the management of the foreign bank and the proposed management of the New Hampshire representative office are adequate; and

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(c)

That the convenience and needs of persons to be served by the proposed New Hampshire representative office will be promoted.

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III.

If the commissioner determines to issue a license to a foreign bank to establish and maintain a New Hampshire representative office, he or she shall, when all fees have been paid as required under this chapter:

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(a)

Endorse on each application the date of the filing thereof;

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(b)

File in his or her office one of such duplicate originals of the application; and

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(c)

Issue a license to establish and maintain a New Hampshire representative office to such foreign bank. A duplicate original of the license issued by the commissioner, along with a certified copy of the foreign bank's charter or articles of incorporation and amendments thereto shall be filed with the New Hampshire secretary of state before such representative office shall commence business in the state of New Hampshire. A copy of any certificate or similar document issued by the secretary of state in connection with such filing shall be forthwith filed with the commissioner.

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IV.

Each license issued to a foreign bank to establish and maintain a New Hampshire representative office shall state fully the name of the foreign bank to which such license is issued, the address or addresses at which such New Hampshire representative office is to be located and all such other information as the commissioner may require under rules adopted pursuant to RSA 541-A. Source. 1997, 236:1, eff. July 1, 1997.

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