(a) The application of a foreign bank to procure a certificate of authority to establish and maintain a foreign bank branch, foreign bank limited purpose branch or foreign bank agency shall state: (1) The name of the foreign bank and the country under the laws of which it was organized. (2) The date of its incorporation and the period of its duration. (3) The address of its principal office in the country under the laws of which it was organized. (4) The names of other states and countries in which it is admitted or qualified to transact business and the nature of the worldwide business conducted by the foreign bank. (5) The amount of its capital stock actually paid in cash and the amount subscribed for and unpaid. (6) The actual value of the assets of the foreign bank, which must be at least $1,000,000 in excess of its liabilities; and a complete and detailed statement of its financial condition as of a date within 120 days prior to the date of such application or such other date as the Commissioner may determine. (7) The location by street and post-office address and county where its business is to be transacted in this State and the name of the person who shall be in charge of the business and affairs of the proposed foreign bank branch, foreign bank limited purpose branch or foreign bank agency. (8) The address of its proposed registered office in this State, and the name of its proposed registered agent in this State at that address for service of any paper, notice or legal process upon the applicant in connection with matters arising out of this chapter. (9) Such additional information as shall enable the Commissioner to determine whether such foreign bank is entitled to a certificate of authority. (b) At the time any such application is submitted to the Commissioner, such foreign bank shall also submit a duly authenticated copy of its charter and bylaws, or an equivalent thereof satisfactory to the Commissioner. (c) Any application under this section shall be accompanied by a filing fee in the amount of $2,000 for the use of the State. (d) In determining whether to approve any application under this section and to issue a certificate of authority to such applicant, the Commissioner shall consider: (1) The financial and managerial resources of the foreign bank; (2) The future prospects of the foreign bank and its proposed activity in this State; (3) The financial history of the foreign bank; (4) Whether the establishment of the proposed foreign bank branch, foreign bank limited purpose branch or foreign bank agency may result in undue concentration of resources or substantial lessening of competition in this State; and (5) The convenience and needs of the public of this State. (e) A certificate of authority issued in accordance with this section shall remain in effect until surrendered or revoked.
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