TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 5 INTERNATIONAL BANKING CORPORATIONS AND BANK AGENCIES

7-1-713. Requirements for carrying on banking business.

1. No international banking corporation shall transact a banking business or maintain in this state any office for carrying on such business or any part thereof unless such corporation shall have:
   1. Been authorized by its articles to carry on such business and shall have complied with the laws of the country under which it is chartered;
   2. Furnished to the department such proof as to the nature and character of its business and as to its financial condition as the department may require;
   3. Filed with the department:
      1. A duly executed instrument in writing, by its terms of indefinite duration and irrevocable, appointing the department its true and lawful attorney upon whom all process in any action against it may be served with the same force and effect as if it were a domestic corporation and had been lawfully served with process within the state; and
      2. A written certificate of designation, which may be changed from time to time thereafter by the filing of a new certificate of designation, specifying the name and address of the officer, agent, or other person to whom such process shall be forwarded by the department;
   4. Paid to the department the fee established by regulation of the department to defray the cost of investigation and supervision; and
   5. Received a license duly issued to it by the department.
2. The department shall not issue a license to an international banking corporation unless it is chartered in a country which permits banks chartered in the United States of America or any of its states to establish similar facilities therein.

(Ga. L. 1972, p. 1140, § 4; Code 1933, § 41A-3304, enacted by Ga. L. 1974, p. 705, § 1.)