New Jersey § 17:9a-445

§ 17:9a-445.

a. A foreign bank which is licensed to establish an agency or branch office may transact

banking business at that office, subject to the following: (1) If the office is an agency, the bank shall not transact the business of accepting

deposits, other than deposits of: (a) a foreign nation; (b) an agency or instrumentality

of a foreign nation; or (c) a person which resides, is domiciled, and maintains its

principal place of business in a foreign nation. For purposes of this paragraph “ person ” means any individual, proprietorship, joint venture, partnership, trust, business

trust, syndicate, association, joint stock company, corporation, or any other organization

or any branch or division thereof. (2) If the office is a branch office, the bank shall not transact the business of

accepting any deposits other than: (a) deposits of the kind described in paragraph

(1) of this subsection a.; (b) deposits of $100,000 or more; (c) deposits of less

then $100,000 which the branch is permitted to accept under applicable federal law;

or (d) deposits the acceptance of which the commissioner determines by regulation

or order does not constitute engaging in domestic retail deposit activities requiring

deposit insurance protection. (3) If the office is an agency or branch office or commercial lending company, the

bank or lending company may maintain credit balances as those obligations are defined

under the term “agency” in section 38 of P.L.1996, c. 17 ( C. 17:9A-419 ). (4) In any case, the bank or commercial lending company shall not transact any business

which it is not authorized to transact or is prohibited from transacting under the

laws of its domicile or which banks organized under the laws of this State are not

authorized to transact or are prohibited from transacting. b. No foreign bank which is licensed to establish an agency or branch office shall

transact any trust business at that office unless the commissioner expressly authorizes

the trust business by order upon a finding by the commissioner that the agency or

branch is qualified to transact such business under standards similar to those required

to obtain a charter for a trust company under the Banking Act. c. All provisions of the Banking Act shall apply to any foreign bank or commercial

lending company licensed to transact business in this State, unless the commissioner

by regulation or order otherwise specifies. d. (1) Any provisions of the Banking Act which are applicable to or with respect to

foreign banks licensed to transact business in this State, whether by law, regulation

or order, shall be applied with any changes in interpretation or application as may

be necessary or appropriate. (2) Without limiting the provisions of paragraph (1) of this subsection d., for purposes

of any provision of the Banking Act, which are applicable to or with respect to a

foreign bank or commercial lending company licensed to transact business in this State: (a) “Approved by, or approval of, the board” means approved or ratified by the board

of the bank, by a committee of the board authorized to exercise the powers of the

board with respect to the particular matter, or by an officer of the bank who is assigned

to the head office of the bank and who has authority over the bank's business in this

State, including authority to approve or ratify the particular matter. (b) “ Principal office ” means the primary office of the bank. (c) “Shareholders‘ equity” means the shareholders' equity of the bank or, if the bank

has no shareholders' equity, the closest equivalent account or accounts. e. Whenever any provision of the Banking Act, which is applicable to or with respect

to a foreign bank or commercial lending company licensed to transact business in this

State limits the amount of any assets or liabilities of the bank, including, by way

of example, the amount of borrowings of, obligations to, or investment of the bank

or commercial lending company, for purposes of calculating the amount of such assets

or liabilities, only assets or liabilities of the agencies or branch offices of the

bank or commercial lending company shall be included, and the assets and liabilities

of offices of the bank or commercial lending company outside this State shall be excluded.