(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.