Branches of banks authorized under the provisions of this article are authorized to accept deposits, cash checks, buy and sell exchange, make loans and do a general banking business. A permit to open the branch shall first be obtained from the director.
History: 1941 Comp., § 50-215b, enacted by Laws 1951, ch. 32, § 2; 1953 Comp., § 48-2-17; Laws 1977, ch. 245, § 21; 1991, ch. 12, § 2.
ANNOTATIONSThe 1991 amendment, effective June 14, 1991, in the first sentence, substituted "of banks authorized under the provisions of this article are" for "or banks authorized under the provisions hereof shall be," and deleted a proviso relating to the location of the branches and, in the second sentence deleted "of the financial institutions division" from the end and made a minor stylistic change.
Branch banks prohibited in counties with banks. — While this provision of the law now authorizes branch banks instead of banking agencies, they are still prohibited if there is a bank operating in the county in which the branch is proposed to be opened. Again, under present law, operation of a bank in the county is the criterion, not willingness to conduct branch banking operations in the area in question. 1959 Op. Att'y Gen. No. 59-35.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 10 Am. Jur. 2d Banks § 324.
What is a "branch bank" within statutes regulating the establishment of branch banks, 23 A.L.R.3d 683.
9 C.J.S. Banks and Banking §§ 45, 46.