SEC. 81-25-167. Suspension or revocation of license.
If, after notice and a hearing, the commissioner finds any of the following with respect to a foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency, he or she may issue an order suspending or revoking the license of such foreign bank:
(a) That the foreign bank has violated any provision of this chapter or of any regulation or order issued under this chapter or any provision of any other applicable law, regulation or order;
(b) That the foreign bank is transacting activities in the State of Mississippi in an unsafe or unsound manner or, in any case, is transacting activities elsewhere in an unsafe or unsound manner;
(c) That the foreign bank or any one or more of its Mississippi state branches or Mississippi state agencies is in an unsafe or unsound condition;
(d) That the foreign bank has ceased to operate any of its offices in the State of Mississippi without the prior approval of the commissioner in accordance with this chapter;
(e) That the foreign bank is insolvent in that it has ceased to pay its debts in the ordinary course of business, it cannot pay its debts as they become due, or its liabilities exceed its assets;
(f) That the foreign bank has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(g) That the foreign bank has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any foreign or domestic bankruptcy, reorganization, insolvency, or moratorium law, or that any person has applied for any such relief under such law against the foreign bank and the foreign bank has by any affirmative act approved of or consented to such action or such relief has been granted;
(h) That a receiver, liquidator, or conservator has been appointed for the foreign bank or that any proceeding for such an appointment or any similar proceeding has been initiated in the country of the foreign bank's organization;
(i) That the existence of the foreign bank or the authority of the foreign bank to transact banking business under the laws of the country of the foreign bank's organization has been suspended or terminated; or
(j) That any fact or condition exists which, if it had existed at the time when the foreign bank applied for its license to transact business in the State of Mississippi, would have been grounds for denying such application.
SOURCES: Laws, 1996, ch. 441, Sec. 57, eff from and after May 1, 1997