Definitions. As used in the International Bank Act:

1. "Board" when used with an initial capital letter means the Banking Board of this state;

2. "Foreign country" means a country or sovereign government other than the United States and includes any colony, dependency, state or possession of such country or sovereign government other than the United States;

3. "International administrative office" means an office of an international banking corporation, which office exists for the purposes described in Section 17 of this act;

4. "International bank agency" means the international banking corporation with respect to all business or activities conducted in this state or through an office located in this state;

5. "International banking corporation" means a banking corporation organized and licensed under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands or, if organized and licensed under the laws of the United States of America, a banking corporation:

a.which is not a bank or bank holding company as defined in the federal Bank Holding Company Act, as amended, Sections 1841 through 1850 of Title 12 of the United States Code, and

b.which maintained, on July 1, 1981, as its only United States banking office, one state agency licensed by a state other than this state. The term "international banking corporation" includes, without limitation, a foreign commercial bank, foreign merchant bank or other foreign institution that is chartered by or that engages in banking activities usually in connection with the business of banking within the country or pursuant to the laws of the country where such foreign institution is organized or operating;

6. "Representative office" means a business location of a representative of an international banking corporation established for the purpose of acting in a liaison capacity with existing and potential customers of such international banking corporation and to generate new loans and other activities for such international banking corporation which is operating outside the state.

Added by Laws 1992, c. 295, § 11, eff. July 1, 1992.