Section 202-D. Foreign banking corporation may not maintain both agencies and branches in this state

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No foreign banking corporation  licensed  to  maintain  one  or  more  agencies  in  this  state  shall be licensed to
  maintain a branch in this state except upon termination of the operation
  of such agency or agencies; and no foreign banking corporation  licensed
  to  maintain  one  or  more  branches in this state shall be licensed to
  maintain an  agency  in  this  state  except  upon  termination  of  the
  operation of such branch or branches.

                    
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