Okla. Stat. tit. 6, § 6-1606

Licenses; permissible activities.

A. An international banking corporation licensed to operate an

international bank agency, representative office, or administrative

office may engage in the business authorized by the International

Bank Act at the office specified in such license for such period as

is provided in subsection B or subsection C of this section. No

international bank agency, representative office, or administrative

office may have more than one place of doing business; provided,

nothing in this section or elsewhere in the Oklahoma Statutes shall

be construed to prevent an international banking corporation from

operating more than one international bank agency or representative

office, each at a different place of business, provided each such

agency or representative office is separately licensed. No license

to operate an international bank agency, representative office, or

administrative office is transferable or assignable. Every such

license shall be, at all times, conspicuously displayed in the place

of business specified therein.

B. Except as provided in subsection C of this section, a

license to operate an international bank agency, representative

office, or administrative office shall be valid for a period of one

(1) year, unless such license is suspended or revoked. Such license

may be renewed annually upon application to the Board, upon forms

available for that purpose, within thirty (30) days prior to the

expiration of the license. Such license may be renewed by the

Board, in its discretion, upon its determination, with or without

examination, that the international banking corporation is in a safe

and sound condition and has complied with all requirements of law

with respect to the international bank agency, representative

office, or administrative office; that such renewal of the license

will not be detrimental to the public interest; and that the renewal

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has been duly authorized by proper corporate action. Each

application for renewal of an international bank agency license

shall be accompanied by an annual renewal fee in an amount set by

rule of the Board.

C. Notwithstanding the provisions of subsection B of this

section, the Board may, in its discretion, issue a license for an

indefinite period if it finds that the international banking

corporation has satisfied the requirements for renewal of its

license and has held a license for the previous three (3) years. A

license issued for an indefinite period shall be valid without

renewal unless suspended or revoked. An international banking

corporation that is granted a license for an indefinite period shall

file with the Board such annual financial statements as the Board

may require and shall pay an annual fee equal in an amount to be set

by rule of the Board. Such annual fee shall be paid in January of

each year.

D. An international banking corporation which proposes to

terminate the operations of its international bank agency,

representative office, or administrative office shall comply with

such procedures as the Board may prescribe by rule to ensure an

orderly cessation of business in a manner which is not harmful to

the public interest and shall surrender its license to the Board.

E. An international banking agency, representative office, or

administrative office license may be suspended or revoked by the

Board, with or without examination, upon a determination that the

international banking corporation does not meet all requirements for

original licensing or any of the criteria established by subsection

B of this section for renewal of a license.

F. In the event any such license shall be suspended or revoked

by the Board, or the renewal thereof shall be refused by the Board,

all rights and privileges of the international banking corporation

to transact the business thus licensed shall forthwith cease, and
l requirements for

original licensing or any of the criteria established by subsection

B of this section for renewal of a license.

F. In the event any such license shall be suspended or revoked

by the Board, or the renewal thereof shall be refused by the Board,

all rights and privileges of the international banking corporation

to transact the business thus licensed shall forthwith cease, and

such license shall be surrendered to the Board within twenty-four

(24) hours after the Board has mailed or personally delivered

written notice of such decision. The notice may be personally

delivered to any officer, director, employee, or agent of the

corporation who is physically present in this state.

G. An international banking corporation licensed under the

terms of the International Bank Act is authorized to transact only

such limited business in this state as is clearly related to, and is

usual in, international or foreign business and financing

international commerce. No such international banking corporation

may exercise fiduciary powers. An international banking corporation

may furnish such investment advisory services as it may be

authorized to render under rules adopted by the Board with respect

to nonresident entities or persons whose principal places of

business or domicile are outside the United States. No such

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international banking corporation may receive deposits in this state

except:

1. Deposits from nonresident entities or persons whose

principal places of business or domicile are outside the United

States;

2. Interbank deposits, interbank borrowing, or similar

obligations; and

3. International banking facility deposits as defined by rule

of the Board.

An international banking corporation may maintain in this state, for

the account of others, credit balances necessarily incidental to, or

arising out of, the exercise of its lawful powers. Such credit

balances may be disbursed by check or other draft; however, the

Board shall by rule provide appropriate limitations upon such

disbursement to ensure that credit balances are not functionally

equivalent to demand deposits.

H. Notwithstanding any provision of the International Bank Act

or the Oklahoma Banking Code to the contrary, an international

banking corporation licensed under the International Bank Act as an

international bank agency may, if authorized by rules of the Board,

make any loan or investment or exercise any power which it could

make or exercise if it were operating in this state as a federal

agency under the federal International Banking Act of 1978. The

Board shall, when promulgating such rules, consider the public

interest and convenience and the need to maintain a sound and

competitive state banking system. Unless otherwise provided by

statute, an international bank agency may not exercise any powers

that a federal agency is not authorized to exercise.

I. Notwithstanding the provisions of subsections G and H of

this section, any banking corporation organized and existing under

the laws of any other state and licensed pursuant to the provisions

of this chapter shall engage only in those activities permissible

for an Edge Act corporation organized under Section 25(a) of the

Federal Reserve Act, as amended, 12 U.S.C., Sections 611 through

632.

J. It is the intent of the International Bank Act that an

international bank agency may not be a "state branch" or a "federal

branch", as those terms are defined in the federal International

Banking Act of 1978, and neither a foreign bank as defined in such

federal act nor an international banking corporation may establish

or operate any such branch in this state.