(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.