1. When the superintendent shall have issued a license as provided in section twenty-six of this chapter to any such foreign banking corporation, it may engage in the business
specified in sections two hundred and two hundred one of this article either as an agency or as a branch at the location specified in such
license for a period not exceeding one year from the date of such license or, if such
license so provides, until such license is surrendered or revoked. A license issued for a period not exceeding one year may, upon the approval of the
superintendent, be renewed as provided in section twenty-six of this chapter. No such license shall be transferable or assignable. Every such license shall be at all times conspicuously displayed in the place of
business specified therein. In the event that such license shall have been revoked by the superintendent, as
provided in article two of this chapter, it shall be surrendered to the superintendent
within twenty-four hours after such corporation has received written notice of such
2. Whenever the superintendent shall have revoked any such license and shall have
taken the action to make such revocation effective specified in article two of this
chapter, all the rights and privileges of such foreign banking corporation to transact
the business thus licensed shall forthwith cease and determine.
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