SECTIONS 1775 - California Statutes

FINANCIAL CODE

SECTION 1775

1775. (a) Any foreign (other nation) bank that holds a license to
maintain an office may voluntarily surrender the license by filing
the license and a report with the commissioner. However, any foreign
(other nation) bank that holds licenses to maintain two or more
offices may not voluntarily surrender less than all of the licenses.
(b) (1) Except as otherwise provided in paragraph (2), a voluntary
surrender of a license shall be effective on the 30th day after the
license and the report called for in subdivision (a) are filed with
the commissioner or on an earlier date as the commissioner may by
order specify.
(2) If a proceeding to revoke or suspend a license is pending at
the time when the license and the report called for in subdivision
(a) are filed with the commissioner or if a proceeding to revoke or
suspend a license or to impose conditions upon the surrender of a
license is instituted before the 30th day after the license and the
report called for in subdivision (a) are filed with the commissioner,
the voluntary surrender of the license shall become effective at the
time and upon the conditions that the commissioner may by order
specify.