Oklahoma § 74-2107 - Qualification as expert trading company - Procedure Rules and regulations - Orders - Violation of act

§ 74-2107. Qualification as expert trading company - Procedure Rules and regulations - Orders - Violation of act

A. Any corporation proposing to qualify as an export trading

company pursuant to the provisions of the Export Trading Company Act

shall file an application for approval with the Commission. The

application shall contain the names of the shareholders and

principal officers of the applicant and such other information as

the Commission may by regulation require, and shall specifically

acknowledge the applicant's agreement to be bound by the conditions

set forth in the rules and regulations issued pursuant to this

section.

B. 1. In determining whether to approve an application for

qualification as an export trading company and to certify such

export trading company as a qualified export trading company, the

Commission shall consider whether:

a.

the stated purposes of the corporation satisfy the

basic aim of encouraging and expanding export trade;

b.

the activities undertaken in this state will be a

significant factor in, or contribute significantly to

encouraging export trade;

Oklahoma Statutes - Title 74. State Government

c.

the tax exemptions provided for in Section 6 of this

act will serve as a significant incentive and aid to

encouraging export trade; and

d.

export trade opportunities will be improved and

initiated, particularly for small and medium-sized

producers, by creation of an export trading company.

2. No successor corporation of a qualified export trading

company shall be certified as a qualified export trading company if

the names of the shareholders and the principal officers of such

successor corporation are the same as those of the qualified export

trading company.

C. 1. The Oklahoma Tax Commission shall promulgate such rules

and regulations as may be necessary to implement the provisions of

the Export Trading Company Act and to safeguard against abuses of

the Export Trading Company Act. Such rules and regulations shall

include a prohibition against the stacking of tax exemptions

provided for in Section 2106 of this title.

2. The Commission may issue orders pursuant to the provisions

of the Export Trading Company Act in order to:

a.

prescribe information or forms required in connection

with an application; and

b.

establish procedures in connection with approvals and

the filing of required reports.

D. The Commission, upon the determination that any export

trading company is in violation of any provisions of the Export

Trading Company Act or regulations, rules, or orders issued pursuant

to the Export Trading Company Act, may order the export trading

company to take steps to remedy such violation or disqualify said

company as an export trading company.

Added by Laws 1987, c. 214, § 7, eff. Nov. 1, 1987. Amended by Laws

1992, c. 313, § 5, emerg. eff. May 27, 1992.