As Amended
SEC. 81-5-40. Licensing of foreign banking corporations to do business.
(1) No banking corporation or firm or representative of such corporation or firm, organized and licensed under the laws of a foreign country or political subdivision thereof, shall be licensed to transact business in this state without the express approval of the state banking board.
(2) Upon approval and licensing by the state banking board, such foreign banking corporation, firm or representative of such, shall be: (a) subject to Mississippi banking laws; (b) limited to transactions that are clearly related to and are usual in international or foreign business and financing international commerce; (c) unable to exercise fiduciary powers; and (d) unable to receive deposits, but it may maintain for the account of others credit balances necessarily incidental to permissible international transactions.
(3) The license granted by the state banking board to such foreign banking corporation, firm or representative shall be valid for a period of one (1) year from the date of such license, or until such license is suspended or revoked. Such license shall not be transferable or assignable.
(4) An application for a license for such foreign banking corporation, firm or representative shall be accompanied by an application fee which shall be a minimum of two thousand five hundred dollars ($2,500.00) and a maximum of ten thousand dollars ($10,000.00) as set by the state banking board. Annual license renewal fees shall be two hundred fifty dollars ($250.00).
SOURCES: Laws, 1979, ch. 420, Sec. 1, eff from and after July 1, 1979; 1996, ch. 441, Sec. 71, eff from and after May 1, 1997, provides for the repeal of this section