(1)(a) An international banking corporation licensed to operate an office in this state may engage in the business authorized by this part at the office specified in such license for an indefinite period.
(b) An international banking corporation may operate more than one licensed office, each at a different place of business, provided that each office is separately licensed.
(c) A license is not transferable or assignable. However, the location of a licensed office may be changed after notification of the office.
(d) Every such license must be, at all times, conspicuously displayed in the place of business specified therein.
(2) An international banking corporation which proposes to terminate the operations of a licensed office in this state shall surrender the license to the office and comply with such procedures as the commission may prescribe by rule.
(3) The license for any international banking corporation office in this state may be suspended or revoked by the office, with or without examination, upon its determination that the international banking corporation or the licensed office does not meet all requirements for original licensing. Additionally, the office shall revoke the license of any licensed office that the office determines has been inactive for 6 months or longer. The commission may by rule prescribe additional conditions or standards under which the license of an international bank agency, international branch, international representative office, or international administrative office may be suspended or revoked.
(4) In the event any such license is surrendered by the international banking corporation or is suspended or revoked by the office, all rights and privileges of the international banking corporation to transact the business thus licensed shall cease. The commission shall, by rule, prescribe procedures for the surrender of a license and for the orderly cessation of business by an international banking corporation in a manner which is not harmful to the interests of its customers or of the public.
(5) In addition to the activities in which it is expressly permitted to engage:(a) An international branch may engage in any activities permissible for an international bank agency.
(b) An international bank agency may engage in any activities permissible for an international administrative office.
(c) An international administrative office may engage in any activities permissible for an international representative office.
