reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-115 - Certificate of authority

(1)
No foreign bank which is licensed to establish and maintain a Mississippi state branch shall engage in fiduciary activities at such branch office unless such foreign bank shall have first obtained a certificate of authority from the commissioner to engage in fiduciary activities at such office.
(2)
An application to obtain a certificate of authority to engage in fiduciary activities shall be in such form and contain such information, and be accompanied by such reasonable fee, as the commissioner may require by regulation. The commissioner shall issue a certificate of authority to engage in fiduciary activities to a foreign bank making an application under this section if he or she finds that such foreign bank will exercise fiduciary powers in accordance with the laws and regulations of the State of Mississippi.
(3)
A foreign bank which holds a certificate of authority issued under this section may engage at its Mississippi state branch or Mississippi state agency in fiduciary activities to the same extent and in the same manner as if such foreign bank were a Mississippi state bank.
(4)
A foreign bank which holds a certificate of authority issued under this section shall file all such reports, pay all such reasonable fees, and be subject to examination and supervision as the commissioner may determine by regulation.
(5)
The commissioner may suspend or revoke a certificate to engage in fiduciary activities issued under this section if he or she finds:
(a)
That conditions exist which would authorize the commissioner under this chapter to revoke or suspend such foreign bank's license to establish and maintain a Mississippi state branch; or
(b)
Any fact or condition exists which, if it had existed at the time of the foreign bank's original application to obtain a certificate of authority to engage in fiduciary activities, would have resulted in the commissioner refusing to issue such certificate of authority to the foreign bank.
(6)
Fiduciary activities shall not be permitted at agency or representative offices.
Laws, 1996, ch. 441, § 31, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-117 - Permissible and prohibited activities

(1)
A Mississippi state branch or Mississippi state agency of a foreign bank licensed under this chapter may receive deposits, renew time deposits, close loans, service loans, and receive payments on loans and other obligations as an agent for any depository institution affiliate of such foreign bank, including branch, agency and other offices of the same foreign bank located in other states, generally in accordance with the same terms, conditions, procedures and requirements that are applicable under the laws and regulations of Mississippi to such agency activities that may be conducted by Mississippi state banks.
(2)
Notwithstanding any other provision of the laws or regulations of the State of Mississippi, a Mississippi state branch or Mississippi state agency of a foreign bank acting in the State of Mississippi as an agent in accordance with the provisions of this section shall not be considered to be a branch of such other depository institution affiliate; however, no Mississippi state branch or Mississippi agency shall be authorized by this section to act as agent for a branch or agency of an affiliated foreign bank other than the foreign bank which has been licensed to transact business in the State of Mississippi pursuant to this chapter.
(3)
A Mississippi state branch or Mississippi state agency of a foreign bank licensed under this chapter may not:
(a)
Conduct any activity as an agent under this section which such office is prohibited from conducting as a principal under any applicable federal or state law, including but not limited to the acceptance of impermissible deposits; or
(b)
As a principal, have an agent conduct any activity under this section which such office is prohibited from conducting under any applicable federal or state law, including but not limited to the acceptance of impermissible deposits.
(4)
An agency relationship between a Mississippi state branch or Mississippi state agency of a foreign bank licensed under this chapter and a depository institution affiliate or other affiliate of such foreign bank shall in any event be on terms that are consistent with safe and sound banking practices and all applicable regulations and orders of the commissioner.
Laws, 1996, ch. 441, § 32, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-119 - Establishment and maintenance of a Mississippi state representative office

(1)
No foreign bank shall establish or maintain a Mississippi state representative office unless such foreign bank is licensed by the commissioner to maintain such a Mississippi representative office.
(2)
Nothing in subsection (1) shall be deemed to prohibit a foreign bank which maintains a federal agency or federal branch in the State of Mississippi from establishing or maintaining one or more Mississippi representative offices.
Laws, 1996, ch. 441, § 33, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-121 - Application for a license to establish and maintain a Mississippi representative office

(1)
The application for a license to establish and maintain a Mississippi representative office shall be in writing under oath and shall be in such form and contain such information as the commissioner may require by regulation or order. The application shall be accompanied by a reasonable fee as the commissioner may establish by regulation.
(2)
Each application to establish and maintain a Mississippi representative office shall include an instrument irrevocably appointing the commissioner or his or her successors in office to be such foreign bank's agent, representative and attorney to receive service of any lawful judicial and administrative process in accordance with Section
81-25-101
.
Laws, 1996, ch. 441, § 34, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-123 - Application procedures

(1)
A foreign bank making an application for a license to establish and maintain a Mississippi representative office shall deliver to the commissioner two (2) (or more as the commissioner may require by regulation) duplicate originals of the foreign bank's application.
(2)
The commissioner shall issue a license to a foreign bank to establish and maintain a Mississippi representative office if he or she finds that:
(a)
The foreign bank is of good character and sound financial standing;
(b)
The management of the foreign banks and the proposed management of the Mississippi representative office are adequate; and
(c)
The convenience and needs of persons to be served by the proposed Mississippi representative office will be promoted.
(3)
If the commissioner determines to issue a license to a foreign bank to establish and maintain a Mississippi representative office, he or she shall, when all fees have been paid as required under this chapter:
(a)
Endorse on each duplicate original of the application the word "Filed," and the date of the filing thereof and return to the foreign bank one (1) such duplicate original so endorsed;
(b)
File in his or her office one (1) of such duplicate originals of the application; and
(c)
Issue a license to establish and maintain a Mississippi representative office to such foreign bank.
(4)
Each license issued to a foreign bank to establish and maintain a Mississippi representative office shall state fully the name of the foreign bank to which such license is issued, the address or addresses at which such Mississippi representative office is to be located and all such other information as the commissioner may require by regulation.
Laws, 1996, ch. 441, § 35, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-125 - Permissible activities

(1)
A foreign bank which is licensed to establish and maintain a Mississippi representative office may, subject to such regulations as the commissioner may prescribe, engage in the following activities:
(a)
Solicitation for loans and in connection therewith the assembly of credit information, making of property inspections and appraisals, securing of title information, preparation of applications for loans including making recommendations with respect to action thereon, solicitation of investors to purchase loans from the foreign bank, and the search for such investors to contract with the foreign bank for servicing of such loans;
(b)
The solicitation of new business;
(c)
The conduct of research; and
(d)
Back office administrative functions as may be more specifically defined in regulations issued by the commissioner.
Any other activity which the foreign bank seeks to conduct at such office shall be subject to the prior written approval of the commissioner by general regulation or upon application in such form as the commissioner shall require by regulation or order.
(2)
Notwithstanding subsection (1), a Mississippi representative office that is a regional administrative office of the foreign bank, as may be defined more fully by the commissioner in regulations and orders, may engage in credit approval activities if the foreign bank (a) gives forty-five (45) days prior written notice to the commissioner; and (b) the commissioner does not object within such forty-five (45) day period to the conduct of such activities by the Mississippi representative office. Written notice under this subsection shall be in such a form and contain such information as the commissioner shall require by regulation or order.
Laws, 1996, ch. 441, § 36, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-127 - Revocation of license

The commissioner, after notice and opportunity for a hearing, may revoke a license to establish and maintain a Mississippi representative office if he or she finds:
(a)
The foreign bank has violated any provision of this chapter or any other law, rule or regulation of the State of Mississippi; or
(b)
Any fact or condition exists which, if it had existed at the time of the foreign bank's original application for such license, would have resulted in the commissioner refusing to issue such license to the foreign bank.
Laws, 1996, ch. 441, § 37, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-129 - Posting of license

Each foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall post its license in a conspicuous place at such office.
Laws, 1996, ch. 441, § 38, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-131 - License transfer restriction

No license issued by the commissioner in accordance with this chapter shall be transferable or assignable.
Laws, 1996, ch. 441, § 39, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-133 - Filing of instrument to appoint commissioner as agent, representative and attorney

(1)
A foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency, or Mississippi representative office shall file with the commissioner an instrument irrevocably appointing the commissioner and his or her successors in office to be such foreign bank's agent, representative and attorney to receive service of any lawful process in any judicial or administrative proceeding against the foreign bank or any of its successors which arises out of the foreign bank's activities in the State of Mississippi after such appointment has been filed, with the same force and validity as if served directly on the foreign bank or its successor, as the case may be. Such appointment shall be in such form and contain such information as the commissioner may require by regulation or order.
(2)
Any foreign bank which establishes a Mississippi state branch, Mississippi state agency or Mississippi representative office and which has not filed with the commissioner an instrument pursuant to subsection (1) of this section shall be deemed by the establishment of such office to have appointed the commissioner as its agent, representative and attorney to receive service of any lawful process in any judicial or administrative proceeding against the foreign bank or any of its successors which arises out of the foreign bank's activities in the State of Mississippi, with the same force and validity as if served directly on the foreign bank or its successor, as the case may be.
Laws, 1996, ch. 441, § 40, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-135 - Service of processes, notices and demands

(1)
Service of any lawful process in any judicial or administrative proceeding against the foreign bank or any of its successors which arises out of the foreign bank's activities in this state shall be made on the commissioner by delivering to and leaving with him or her, or with any official having charge of his or her office, duplicate copies of such process, notice or demand. If any process, notice or demand is served on the commissioner, he or she shall immediately cause a copy thereof to be forwarded by registered mail addressed to such foreign bank at its principal office as the same appears in his or her records. Any service so had on the commissioner shall be returnable in not less than thirty (30) days.
(2)
Nothing in this chapter limits or affects the right to serve any process, notice or demand required or permitted by law to be served upon a foreign corporation in any other manner now or hereafter permitted by law.
(3)
The commissioner shall keep a record of all processes, notices and demands served upon him or her under this section and shall record therein the time of such service and his or her action with reference thereto.
Laws, 1996, ch. 441, § 41, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-137 - Filing of amendments to articles of incorporation

A foreign bank which is licensed to maintain a Mississippi state branch or Mississippi state agency, whenever its articles of incorporation are amended, shall forthwith file in the office of the commissioner a copy of such amendment duly authenticated by the proper officer of the country of such foreign bank's organization, but the filing thereof may not of itself enlarge or alter the purpose or purposes for which such foreign bank is authorized to pursue in the transaction of its business in the State of Mississippi, nor authorize such foreign bank to transact business in the State of Mississippi under any name other than the name set forth in its license, nor extend the duration of its corporate existence.
Laws, 1996, ch. 441, § 42, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-139 - Amendment to license

(1)
A foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency must secure an amended license if it changes its corporate name, changes the duration of its corporate existence or desires to pursue in the State of Mississippi other or additional purposes than those set forth in its prior application under this chapter for a license, by making application therefor to the commissioner.
(2)
The requirements with respect to the form and contents of an application under subsection (1), the manner of its execution, the filing of duplicate originals thereof with the commissioner, the issuance of an amended license and the effect thereof shall be the same as in the case of an initial application for a license to establish and maintain a Mississippi state branch or Mississippi state agency.
Laws, 1996, ch. 441, § 43, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-141 - Notice of acquisition or merger

A foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall file with the commissioner a notice, in such form and containing such information as the commissioner may prescribe, no later than fourteen (14) calendar days after such foreign bank becomes aware of any acquisition of control of such foreign bank or merges with another foreign bank.
Laws, 1996, ch. 441, § 44, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-143 - Notice of relocation

(1)
No foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall relocate any such office unless the foreign bank provides prior written notice to commissioner and the commissioner shall have approved such relocation.
(2)
Written notice provided by a foreign bank under this section shall be in such form and contain such information as the commissioner shall require by regulation or order.
Laws, 1996, ch. 441, § 45, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-145 - Examination by commissioner

(1)
A Mississippi state branch, Mississippi state agency or Mississippi representative office shall be subject to examination by the commissioner at such intervals and in such a manner as he or she shall establish by regulation or order.
(2)
In conducting an examination pursuant to this section, the commissioner shall:
(a)
Have full access to the offices, books, accounts, and records of each office located in the State of Mississippi as well as all of the books, accounts and records maintained in this state of any office not located in the State of Mississippi of such foreign bank; and
(b)
Have authority to require the attendance of and to examine under oath all persons whose testimony may be required relative to the activities of such office.
(3)
A foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall be assessed a reasonable fee for the expenses incurred by the commissioner in making an examination of such office. Such fee shall be assessed in an amount and in a manner as the commissioner shall establish by regulation.
(4)
A foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall be subject to all reasonable fees and expenses in such amounts as the commissioner may require by regulation.
Laws, 1996, ch. 441, § 46, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-149 - Filing of reports with commissioner

(1)
Each foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall file with the commissioner such reports as and when the commissioner may require by regulation or order.
(2)
Each report filed with the commissioner under this chapter or under any regulation or order issued under this chapter shall be in such form and contain such information, shall be signed in such manner, and shall be verified in such manner, as the commissioner may require by regulation or order.
Laws, 1996, ch. 441, § 48, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-151 - All reports subject to subpoena and public access

All reports of examinations and investigations, correspondence and memoranda concerning or arising out of such examinations and investigations, including any duly authenticated copy of copies thereof in the possession of any foreign bank, shall be subject to subpoena and public access to the same extent as if such information pertained to a Mississippi state bank.
Laws, 1996, ch. 441, § 49, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-153 - Records to be kept and made available upon request by commissioner

Each foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall maintain at any such office, and make available upon request by the commissioner, appropriate books, accounts and records reflecting (a) all transactions effected by or on behalf of such office and (b) all actions taken in the State of Mississippi by employees of the foreign banking corporation located in the State of Mississippi to effect transactions on behalf of any office of such foreign bank located outside the State of Mississippi.
Laws, 1996, ch. 441, § 50, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-155 - Separation of assets

(1)
Each foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency in Mississippi shall keep the assets of its business in the State of Mississippi separate and apart from the assets of its business outside the State of Mississippi.
(2)
The creditors of a foreign bank arising out of transactions with, and recorded on the books of, its Mississippi state branch or Mississippi state agency shall be entitled to absolute preference and priority over the creditors of such foreign bank's offices located outside the State of Mississippi with respect to the assets of such foreign bank in the State of Mississippi.
Laws, 1996, ch. 441, § 51, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-157 - Requirement to give notice that deposits and credit balances are not insured by the Federal Deposit Insurance Corporation

Each foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency shall, in a manner established by the commissioner by regulation or order, give notice that deposits and credit balances in such office are not insured by the Federal Deposit Insurance Corporation.
Laws, 1996, ch. 441, § 52, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-159 - Limitations

A foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency shall be subject to the same limitations with respect to the payment of interest on deposits as a state bank which is a member of the Federal Reserve System.
Laws, 1996, ch. 441, § 53, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-161 - Required securities

(1)
Each foreign bank which is licensed to establish and maintain a Mississippi state branch or Mississippi state agency shall keep on deposit, in accordance with such regulations or orders as the commissioner may promulgate, with such unaffiliated Mississippi banks as such foreign bank may designate and the commissioner may approve, interest-bearing stocks and bonds, notes, debentures, or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of this state, or of a city, county, town, village, school district, or instrumentality of this state or guaranteed by this state, or dollar deposits, or obligations of the International Bank for Reconstruction and Development, or obligations issued by the InterAmerican Development Bank, or obligations of the Asian Development Bank, or obligations issued by the African Development Bank, or such other assets as the commissioner shall by regulation or order permit, to an aggregate amount to be determined by the commissioner, based upon principal amount or market value, whichever is lower, in the case of the above-described securities, and subject to such limitations as he or she shall prescribe.
(2)
The commissioner may from time to time require that the assets deposited pursuant to this section may be maintained by the foreign bank in such amount, in such form and subject to such conditions as he or she shall deem necessary or desirable for the maintenance of a sound financial condition, the protection of depositors and the public interest, and to maintain public confidence in the business of such Mississippi state branch or Mississippi state agency. The commissioner may give credit to reserves required to be maintained with a federal reserve bank in or outside the State of Mississippi pursuant to federal law, in accordance with such regulations or procedures as the commissioner may promulgate.
(3)
So long as it shall continue business in the ordinary course, such foreign bank shall be permitted to collect interest on the securities deposited under this section and from time to time exchange, examine and compare such securities.
Laws, 1996, ch. 441, § 54, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-165 - Closing of office

(1)
No foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall close such office without filing an application with, and obtaining the prior approval of, the commissioner. An application by a foreign bank under this section shall be in such form and include such information as the commissioner shall establish by regulation or order.
(2)
If the commissioner finds, with respect to an application by a foreign bank under this section, that the closing of such office will not be substantially detrimental to the public convenience and advantage, the commissioner shall approve such application. If the commissioner finds otherwise, he or she shall deny the application.
(3)
Whenever an application by a foreign bank under this section has been approved and all conditions precedent to such closing have been fulfilled, such foreign bank may close such office and shall promptly thereafter surrender to the commissioner the license which authorized the foreign bank to maintain the office.
Laws, 1996, ch. 441, § 56, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 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.
Laws, 1996, ch. 441, § 57, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 5 - DIRECT OFFICES OF FOREIGN BANKS (§§ 81-25-101 — 81-25-171) › Section 81-25-169 - Authority of of commissioner to suspend or revoke license

If the commissioner finds that any of the factors set forth in Section
81-25-167
are true with respect to any foreign bank which is licensed to maintain a Mississippi state branch or Mississippi state agency and that it is necessary for the protection of the interests of creditors of the foreign bank's business in the State of Mississippi or, in any case, for the protection of the public interest that the commissioner immediately suspend or revoke the license of the foreign bank, the commissioner may issue, without notice and hearing, an order suspending or revoking the license of the foreign bank for a period of up to ninety (90) days, pending investigation or hearing. The suspension or revocation of the license of the foreign bank by the commissioner may be appealed using the same procedure in which a suspension or revocation of a license of a state bank may be appealed.
Laws, 1996, ch. 441, § 58, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 7 - MISSISSIPPI BRANCHES OF OUT-OF-STATE FOREIGN BANKS (§§ 81-25-201 — 81-25-203) › Section 81-25-201 - Intention

This article is intended generally to ensure that interstate state branches of out-of state foreign banks may be established and operated in the State of Mississippi (a) to the extent consistent with the provisions of Section 5 of the federal International Banking Act, and (b) under terms and conditions that are generally comparable to and no less favorable than those applicable to the establishment of interstate federal branches in the State of Mississippi by out-of-state foreign banks.
Laws, 1996, ch. 441, § 60, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 25 - THE MISSISSIPPI INTERNATIONAL BANKING ACT (§§ 81-25-1 — 81-25-203) › Article 7 - MISSISSIPPI BRANCHES OF OUT-OF-STATE FOREIGN BANKS (§§ 81-25-201 — 81-25-203) › Section 81-25-203 - Establishment of an interstate Mississippi state branch by an out-of-state foreign bank

(1)
Except as provided in subsection (2) of this section, an out-of-state foreign bank may establish an interstate Mississippi state branch in the same manner, including by merger or other transactions under Section 44 of the Federal Deposit Insurance Act, as, and subject generally to the same criteria, standards, conditions, requirements and procedures applicable to the establishment of interstate branches in the State of Mississippi by, an out-of-state bank having the same home state in the United States, notwithstanding any provision of the laws or regulations of the State of Mississippi to the contrary.
(2)
Notwithstanding the provisions of subsection (1), the commissioner:
(a)
Shall apply to the establishment of an initial interstate Mississippi state branch, and subsequent intrastate Mississippi branches, of any out-of-state foreign bank the same criteria, standards, conditions, requirements, and procedures applicable under Article 3 of this chapter or regulations thereunder to the establishment of an initial Mississippi state branch, and of subsequent intrastate Mississippi branches, respectively;
(b)
May apply any other criterion, standard, condition, requirement or provision of the laws or regulations of the State of Mississippi that is determined by the commissioner to be substantially equivalent to or consistent with a criterion, standard, condition, requirement or provision of federal law or regulation generally applicable to the establishment of branches in the United States by foreign banks or specifically applicable to the establishment of a branch in the United States by the applicant foreign bank;
(c)
May by regulation or order allow an out-of-state foreign bank:
(i)
To acquire an individual branch of any "insured bank" within the meaning of Section 3(h) of the Federal Deposit Insurance Act (12 USCS 1813(h)), or of any other depository institution, including another foreign bank, without acquiring the entire bank or other institution only to the extent not inconsistent with the ability of Mississippi state banks to do so; or
(ii)
To acquire or merge with another foreign bank maintaining a Mississippi branch or agency and thereafter continue such operations as its own; and
(iii)
To acquire or establish an interstate Mississippi branch through any other means not inconsistent with Section 5 of the federal International Banking Act (12 USCS 3103).
Laws, 1996, ch. 441, § 60, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 1 - GENERAL PROVISIONS; TRUST INSTITUTION AUTHORIZED ACTIVITIES (§§ 81-27-1.001 — 81-27-1.105) › Subarticle A - GENERAL (§§ 81-27-1.001 — 81-27-1.004) › Section 81-27-1.001 - Title and purposes

(a)
Articles 1 and 2 of this chapter may be cited as the Multistate Trust Institutions Act.
(b)
It is the express intent of Articles 1 and 2 of this chapter to permit banks and other depository institutions, foreign banks and trust companies to engage in the trust business on a multistate and international basis to the extent consistent with the safety and soundness of the trust institutions engaged in a trust business in this state and the protection of consumers, clients and other customers of such trust institutions.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 1 - GENERAL PROVISIONS; TRUST INSTITUTION AUTHORIZED ACTIVITIES (§§ 81-27-1.001 — 81-27-1.105) › Subarticle A - GENERAL (§§ 81-27-1.001 — 81-27-1.004) › Section 81-27-1.003 - Regulations

The commissioner may promulgate such rules and regulations as he or she determines to be necessary or appropriate in order to implement the provisions of this chapter.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 1 - GENERAL PROVISIONS; TRUST INSTITUTION AUTHORIZED ACTIVITIES (§§ 81-27-1.001 — 81-27-1.105) › Subarticle A - GENERAL (§§ 81-27-1.001 — 81-27-1.004) › Section 81-27-1.004 - Severability

If any provision of this chapter or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as to any trust institution or other person or circumstance, or to be superseded by federal law, the remaining provisions of this chapter shall not be affected and shall continue to apply to any trust institution or other person or circumstance.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 1 - GENERAL PROVISIONS; TRUST INSTITUTION AUTHORIZED ACTIVITIES (§§ 81-27-1.001 — 81-27-1.105) › Subarticle B - COMPANIES AUTHORIZED TO ACT AS A FIDUCIARY (§§ 81-27-1.101 — 81-27-1.105) › Section 81-27-1.101 - Companies authorized to act as a fiduciary

(a)
No company shall act as a fiduciary in this state except:
(1)
A state trust company;
(2)
A state bank;
(3)
A savings association organized under the laws of this state and authorized to act as a fiduciary pursuant to Section
81-12-1
et seq. or Section
81-14-1
et seq.;
(4)
A national bank having its principal office in this state and authorized by the Comptroller of the Currency to act as a fiduciary pursuant to 12 USCS 92a;
(5)
A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(6)
An out-of-state bank with a branch in this state established or maintained pursuant to Section
81-23-1
et seq. or a trust office licensed by the commissioner pursuant to this chapter;
(7)
An out-of-state trust company with a trust office licensed by the commissioner pursuant to this chapter; or
(8)
A foreign bank with a trust office licensed by the commissioner pursuant to this chapter.
(b)
No company shall engage in an unauthorized trust activity.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 1 - GENERAL PROVISIONS; TRUST INSTITUTION AUTHORIZED ACTIVITIES (§§ 81-27-1.001 — 81-27-1.105) › Subarticle B - COMPANIES AUTHORIZED TO ACT AS A FIDUCIARY (§§ 81-27-1.101 — 81-27-1.105) › Section 81-27-1.103 - Trust business of state trust institution

(a)
A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of such state or foreign country, at an office established and maintained pursuant to this chapter, at a branch or at any location other than an office or branch.
(b)
In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation or order of the commissioner applicable to the state trust institution; however, the commissioner may waive any such prohibition if he or she determines, by order or regulation, that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of such state trust institutions.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 1 - GENERAL PROVISIONS; TRUST INSTITUTION AUTHORIZED ACTIVITIES (§§ 81-27-1.001 — 81-27-1.105) › Subarticle B - COMPANIES AUTHORIZED TO ACT AS A FIDUCIARY (§§ 81-27-1.101 — 81-27-1.105) › Section 81-27-1.104 - Trust business of out-of-state trust institution

An out-of-state trust institution which establishes or maintains one or more offices in this state under this chapter may conduct any activity at each such office which would be authorized under the laws of this state for a state trust institution to conduct at such an office.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 1 - GENERAL PROVISIONS; TRUST INSTITUTION AUTHORIZED ACTIVITIES (§§ 81-27-1.001 — 81-27-1.105) › Subarticle B - COMPANIES AUTHORIZED TO ACT AS A FIDUCIARY (§§ 81-27-1.101 — 81-27-1.105) › Section 81-27-1.105 - Name of trust institution

A state trust company or out-of-state trust institution may register any name with the commissioner in connection with establishing a principal office, trust office or representative trust office in this state pursuant to this chapter, except that the commissioner may determine that a name proposed to be registered is potentially misleading to the public and require the registrant to select a name which is not potentially misleading.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle A - STATE TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.005) › Section 81-27-2.001 - Trust business

A state trust company or a state bank may:
(a)
Perform any act as a fiduciary;
(b)
Engage in any trust business;
(c)
Exercise any incidental power that is reasonably necessary to enable it to fully exercise, according to commonly accepted fiduciary customs and usages, a power conferred in this chapter; and
(d)
If a state trust company, exercise any other power authorized by Section
81-27-4.101
.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle A - STATE TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.005) › Section 81-27-2.002 - Branches and offices of state trust institutions

(a)
A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this chapter and at a branch.
(b)
A state trust institution may not act as a fiduciary but may otherwise engage in a trust business at a representative trust office as permitted by this chapter.
(c)
Notwithstanding subsections (a) and (b) of this section, a state bank or a state trust company may not engage at an out-of-state office in any trust business not permitted for such an office by the host state where the office is located to trust institutions chartered by such state.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.