39. a. For purposes of sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467), offices of foreign banks are divided into classes and ranked in ascending order, as follows:
(1) Representative office.
(2) Commercial lending company.
(3) Agency.
(4) Branch.
b. For purposes of sections 37 through 86 of P.L.1996, c.17 (C.17:9A-418 through C.17:9A-467):
(1) Changing a lower class office into a higher class office shall be treated as establishing the higher class office, but not as closing the lower class office.
(2) Changing a higher class office into a lower class office shall be treated as closing the higher class office, but not as establishing the lower class office.
c. In the case of changing a higher class office into a lower class office, when the application for approval to close the higher class office has been approved and all conditions precedent to the closing have been fulfilled, the foreign bank may change the higher class office into the lower class office, and the commissioner shall issue a license authorizing the bank to establish the lower class office.