(a) The application for a license shall contain information and be accompanied by a reasonable fee as determined, by rule, by the Commissioner. (b) The Commissioner shall issue a license to a foreign bank to establish and maintain a representative office if the Commissioner finds: (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 representative office are adequate; and (3) the convenience and needs of persons to be served by the proposed representative office will be promoted. financial standing; proposed management of the representative office are adequate; and by the proposed representative office will be promoted.
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