Section 1784 Of Article 2. Representative Offices From California Financial Code >> Division 1.1. >> Chapter 20. >> Article 2.
1784
. (a) (1) No foreign (other nation) bank that is licensed to
maintain a representative office shall close the office unless the
commissioner shall have first approved the closing.
(2) Paragraph (1) shall not be deemed to prohibit a foreign (other
nation) bank that is licensed to maintain a representative office
from closing the office in accordance with Article 4 (commencing with
Section 1825).
(b) If the commissioner finds, with respect to an application by a
foreign (other nation) bank for approval to close a representative
office, that the closing of the office will not be substantially
detrimental to the public convenience and advantage, the commissioner
shall approve the application. If the commissioner finds otherwise,
the commissioner shall deny the application.
(c) Whenever an application by a foreign (other nation) bank for
approval to close a representative office has been approved and all
conditions precedent to the closing have been fulfilled, the bank may
close the office and shall promptly thereafter surrender to the
commissioner the license that authorized it to maintain the office.