7-1-1107. Offices.

For purposes of this Code section, offices of foreign banks in this state shall be divided into classes and ranked in descending order as a:#

1. (1)

   Georgia state branch;#

2. (2)

   Georgia state agency; and#

3. (3)

   Georgia state representative office.#

A foreign bank may change a lower class office into a higher class office by applying for the higher class office pursuant to Code Section 7-1-1111. On approval of the application to establish the higher class office and after all conditions to the approval have been satisfied, the foreign bank may change the lower class office into the higher class office, and the department shall issue a license authorizing the bank to maintain the higher class office. Upon issuance of the license for the higher class office, the license or registration previously issued by the department in connection with the lower class office shall be deemed surrendered and rescinded.#

A foreign bank may change a higher class office into a lower class office by applying for approval to close the higher class office pursuant to Code Section 7-1-1125. On approval of the application to close the higher class office and after conditions precedent to the closing have been satisfied, the foreign bank may change the higher class office into the lower class office, and the department shall issue a license or registration authorizing the bank to maintain the lower class office. Upon issuance of the license or registration for the lower class office, the license or registration previously issued by the department in connection with the higher class office shall be deemed surrendered and rescinded.#