Section 7-1-715. Application for license

   (a) Every international banking corporation, before being licensed by the department to transact a banking business in this state or before maintaining in this state any office to carry on such business or any part thereof, shall subscribe and acknowledge and submit to the department at its office a separate application, in duplicate, which shall state:

   (1) The name of such international banking corporation;

   (2) The location by street and post office address and county where its business is to be transacted in this state and the name of the person who shall be in charge of the business and affairs of such agency;

   (3) The location where its initial registered office will be located in this state;

   (4) The amount of its capital actually paid in and the amount subscribed for and unpaid; and

   (5) The actual value of the assets of such international banking corporation, which must be at least $50 million in excess of its liabilities, and a complete and detailed statement of its financial condition as of a date within 60 days prior to the date of such application; except that the department, in its discretion, may, when necessary or expedient, accept such statement of financial condition as of a date within 120 days prior to the date of such application.

(b) At the time such application is submitted to the department, such corporation shall also submit a duly authenticated copy of its articles and an authenticated copy of its bylaws, or an equivalent thereof satisfactory to the department, and pay an investigation and supervision fee to be established by regulation of the department.

Ga. L. 1972, p. 1140, § 6; Code 1933, § 41A-3306, enacted by Ga. L. 1974, p. 705, § 1.