Section 202-G. Succession to agency by branch and to branch by agency

Notwithstanding any other provision of this chapter, the  superintendent
  may,  subject  to  such  regulations  as  he  may  adopt,  authorize the
  conversion of a foreign banking corporation agency to a  branch  or  the
  conversion of a foreign banking corporation branch to an agency.
    When  a  foreign  banking  corporation shall be licensed to conduct in
  this state a branch in lieu of an agency theretofore conducted by it  or
  to  conduct  an  agency  in  this  state in lieu of a branch theretofore
  conducted by it, the preceding form  of  organization  shall,  with  the
  approval of the superintendent, be converted into the succeeding form of
  organization  of  such  foreign  banking  corporation  and  all  of  the
  liabilities of such foreign banking corporation  previously  payable  at
  the  office  where  such  preceding form of organization shall have been
  conducted shall thereafter be payable at the  office  of  the  successor
  form of organization.
    In  the event that the successor form of organization shall succeed to
  assets in which it would not have had  legal  power  to  invest  in  its
  successor  form,  or,  in  the  event the successor form of organization
  shall succeed to liabilities which the successor  form  of  organization
  would  not  have  had  power to incur, it shall liquidate such assets or
  liabilities within the next succeeding twelve calendar months unless the
  superintendent shall, in his discretion, extend such period of  time  in
  the interest of the orderly conduct of such branch or agency.