§ 6-1607 — International administrative offices.

International administrative offices. A. Any international banking corporation having capital accounts in excess of Twenty-five Million Dollars ($25,000,000.00) may establish one office in this state for the purposes of: 1. Administering its personnel and operations outside the United States; 2. Engaging in data processing and recordkeeping with respect to its international transactions; and 3. Negotiating, approving, or servicing international loans or extensions of credit. B. An office established pursuant to the provisions of this section may not engage in any activity except those activities set forth in subsection A of this section. C. An office established in accordance with the provisions of this section does not require a certificate of authority to do business pursuant to Sections 301 through 313 of Title 6 of the Oklahoma Statutes, nor shall it be deemed a branch pursuant to Section 501.1 of Title 6 of the Oklahoma Statutes. D. An international banking corporation establishing an office in accordance with the provisions of this section is subject to the provisions of subsection A of Section 14 of this act and subsections A through D of Section 16 of this act, except that the nonrefundable application fee to be set by rule of the Board shall be no less than Two Thousand Five Hundred Dollars ($2,500.00) and the annual renewal fee shall be no less than Two Hundred Fifty Dollars ($250.00). E. The Board shall conduct regular examinations of any office established in accordance with the provisions of this section. Such examinations shall be conducted primarily for the purpose of determining compliance with the provisions of this section and the Board's rules concerning any international banking corporation having an international administrative office in this state.

Legislative History

Added by Laws 1992, c. 295, § 17, eff. July 1, 1992.