Section 1754 Of Article 1. General Provisions From California Financial Code >> Division 1.1. >> Chapter 20. >> Article 1.
1754
. (a) For purposes of this chapter:
(1) Changing a lower class office into a higher class office shall
be treated as establishing the higher class office, but not as
closing the lower class office.
(2) Changing a higher class office into a lower class office shall
be treated as closing the higher class office, but not as
establishing the lower class office.
(b) In the case of changing a higher class office into a lower
class office, when the application for approval to close the higher
class office has been approved and all conditions precedent to the
closing have been fulfilled, the foreign (other nation) bank may
change the higher class office into the lower class office, and the
commissioner shall issue a license authorizing the bank to maintain
the lower class office.