Oklahoma § 6-1605 - Application for license - Approval or disapproval

§ 6-1605. Application for license - Approval or disapproval

Application for license; approval or disapproval.

A. Every international banking corporation, before being

licensed by the Commissioner to act in a liaison capacity or to

transact a banking business in this state, or before maintaining in

this state any office to carry on such business or any part thereof,

shall subscribe and acknowledge, and submit to the Board a separate

application which shall state:

1. The name of such international banking corporation;

2. The location by street and post office address and county

where its business is to be transacted in this state and the name of

the person who shall be in charge of the business and affairs of

such agency or representative office;

3. The location where its initial registered office will be

located in this state;

4. The amount of its capital actually paid in and the amount

subscribed for and unpaid; and

Oklahoma Statutes - Title 6. Banks and Trust Companies

5. The total amount of the capital accounts of such

international banking corporation, which must be at least Twentyfive Million Dollars ($25,000,000.00) for the establishment of an

international bank agency and Ten Million Dollars ($10,000,000.00)

for the establishment of a representative office; and a complete and

detailed statement of its financial condition as of a date within

one hundred eighty (180) days prior to the date of such application,

except that the Board in its discretion may, when necessary or

expedient, accept such statement of financial condition as of a date

the Board determines to be acceptable. The Board in its discretion

may, when necessary or expedient, require an opinion audit or the

equivalent.

B. The Board may disallow any illegally obtained currency,

monetary instruments, funds, or other financial resources from the

capitalization requirements of this section.

C. Notwithstanding the provisions of paragraph 5 of subsection

A of this section, the Board may approve such application if:

1. The international corporation has been in the business of

banking for at least ten (10) years and has been empowered under the

laws of the country in which it is organized and licensed to receive

deposits without restriction from the general public and to engage

in such other activities as are usual in connection with the

business of banking in the country where such foreign institution is

organized and licensed;

2. The international banking corporation is ranked by the

banking or supervisory authority of the country in which it is

organized and licensed as one of the five largest banks in that

country in terms of domestic deposits, as of the date of the

statement of its financial condition as required by paragraph 5 of

subsection A of this section; and

3. The Board received a certificate issued by the banking or

supervisory authority of the country in which the international

banking corporation is organized and licensed stating that the

international banking corporation is duly organized and licensed and

lawfully existing in good standing, and is empowered to conduct a

general banking business.

Provided, the Board may specify such other conditions as it may

deem appropriate, considering the public interest, the need to

maintain a sound and competitive banking system, and the

preservation of an environment conducive to the conduct of an

international banking business in the state.

D. At the time such application is submitted to the Board, such

corporation shall also submit a duly authenticated copy of its

articles and an authenticated copy of its bylaws, or an equivalent

thereof satisfactory to the Board. Such corporation shall also

submit a certificate issued by the banking or supervisory authority

of the country in which the international banking corporation is

Oklahoma Statutes - Title 6. Banks and Trust Companies

organized and licensed stating that the international banking

corporation is duly organized and licensed and lawfully existing in

good standing and has not been convicted of, or pleaded guilty or

nolo contendere to, a violation of any currency transaction

reporting or money laundering law which may exist in the country.

E. Application shall be made on a form prescribed by the Board

and shall contain such information as the Board may require.

F. The Board may, in its discretion, approve or disapprove the

application, but shall not approve such application unless, in its

opinion, the applicant meets each and every requirement of the

International Bank Act and of all other applicable provisions of the

Oklahoma Banking Code. In the processing of applications, the time

limitations under the Administrative Procedures Act shall not apply

as to approval or disapproval of the application.

Added by Laws 1992, c. 295, § 15, eff. July 1, 1992.