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Alabama Code (Last Updated: November 28, 2014) |
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Title5 BANKS AND FINANCIAL INSTITUTIONS. |
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Chapter13B. INTERSTATE AND INTERNATIONAL BANK ACQUISITIONS, MERGERS AND BRANCHING. |
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Article3. Regulation of Foreign Banks. |
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Division3. Direct Branch, Agency, and Representative Offices of Foreign Banks. |
§5-13B-89. Representative office of foreign banks - Necessity of licensure.
Latest version.
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(a) No foreign bank shall establish or maintain an Alabama representative office unless such foreign bank is licensed by the superintendent to maintain such an Alabama representative office.
(b) Nothing in subsection (a) shall be deemed to prohibit a foreign bank which maintains a federal agency or federal branch in this state from establishing or maintaining one or more Alabama representative offices.