§ 201-a. Rights and privileges of foreign banking corporation under
license; effect of revocation. 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the event that such license shall have been revoked by the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 revocation.

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.