(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.