26-1706. REQUIREMENTS FOR CARRYING ON BANKING BUSINESS. (1) No international banking corporation, other than a federal international bank corporation, shall transact a banking business or maintain in this state any office for carrying on a banking business or any part of a banking business unless the corporation:

(a) Is authorized by its articles to carry on a banking business and has complied with the laws of the country under which it is chartered;

(b) Has furnished to the director any proof as to the nature and character of its business and as to its financial condition as the director may require;

(c) Has filed with the director:

(i) A duly executed instrument in writing, by its terms of indefinite duration and irrevocable, appointing the director its true and lawful attorney upon whom all process in any action against it may be served with the same force and effect as if it were a domestic corporation and has been lawfully served with process within the state;

(ii) A written certificate of designation, which may be changed from time to time thereafter by the filing of a new certificate of designation, specifying the name and address of the officer, agent, or other person to whom the director shall forward the process; and

(iii) A certified copy of any filings required to be made by foreign corporations to the secretary of state by the Idaho business corporation act.

(d) Has paid to the director a fee set by the director to defray the cost of investigation and supervision.

(e) Has received a license duly issued to it by the director.

(2) The director shall not issue a license to an international banking corporation unless it is chartered in a foreign country that permits banks chartered by the United States or any of its states to establish similar facilities in that country.

History:

[26-1706, added 1995, ch. 99, sec. 10, p. 309.]