Mississippi § 81-25-107 - Application procedures.

§ 81-25-107. Application procedures.

A foreign bank making an application under this chapter for a license to establish and maintain a Mississippi state branch or Mississippi state agency shall deliver to the commissioner: At least two (2) (or more as the commissioner may require by regulation) duplicate originals of the foreign bank’s application; and At least two (2) (or more as the commissioner may require by regulation) copies of its charter or articles of incorporation and all amendments thereto, duly authenticated by the proper officer of the country of such foreign bank’s organization. The commissioner shall issue a license to a foreign bank to establish and maintain a Mississippi state branch or Mississippi state agency if he or she finds that: The foreign bank is of good character and sound financial standing; The management of the foreign bank and the proposed management of the Mississippi state branch or Mississippi state agency are adequate; The convenience and needs of persons to be served by the proposed Mississippi state branch or Mississippi state agency will be promoted; and The foreign bank satisfies such other standards as the commissioner may establish by regulation. If the commissioner determines to issue a license to a foreign bank to establish and maintain a Mississippi state branch or Mississippi state agency, he or she shall, when all fees have been paid as required under this chapter: Endorse on each document filed as part of the application the word “Filed,” and the date of the filing thereof and return to the foreign bank a copy of each document so endorsed; File in his or her office one (1) of such duplicate originals of the application and copies of the charter or articles of incorporation and amendments thereto; and Issue a license to establish and maintain a Mississippi state branch or Mississippi state agency to such foreign bank. Each license issued to a foreign bank to establish and maintain a Mississippi state branch or Mississippi state agency shall state fully the name of the foreign bank to which such license is issued, and all such other information as the commissioner may require by regulation or order. The commissioner may, by regulation or order, prescribe abbreviated application procedures and standards applicable to applications by foreign banks that have already established an initial Mississippi state branch or agency, subsequently to establish additional intrastate Mississippi state branches or agencies, as the case may be.