(1) No foreign bank shall transact business in the State of Mississippi except at a Mississippi state branch or Mississippi state agency which it is licensed to establish and maintain pursuant to, and at which it conducts such activities as are permitted by, this chapter.

(2) Subsection (1) shall not be deemed to prohibit:

(a) Any foreign bank which establishes and maintains a federal agency or federal branch in the State of Mississippi from transacting at such federal agency or federal branch such business as it may be authorized to transact under applicable federal laws and regulations or from exercising any right otherwise extended to it under applicable federal law or regulation;

(b) Any foreign bank which does not maintain a Mississippi state branch or Mississippi state agency from making in the State of Mississippi loans secured by liens on real or personal property located in the State of Mississippi or enforcing such loans in the State of Mississippi;

(c) Any foreign bank which does not maintain a Mississippi branch from transacting trust business in the State of Mississippi as long as the trust business is not conducted from an office or location in the State of Mississippi and is otherwise authorized by law;

(d) Any foreign bank which maintains a Mississippi branch or agency from transacting business as agent for an affiliated depository or other institution in accordance with provisions of this chapter; or

(e) Any foreign bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation, from establishing and operating an interstate branch in the State of Mississippi in its capacity as a “state bank” as defined in the Federal Deposit Insurance Act, pursuant to the authorities contained in that act and in the laws of the State of Mississippi.

(3) For purposes of subsection (1), no foreign bank shall be deemed to be transacting business in the State of Mississippi merely because a subsidiary or affiliate transacts business in the State of Mississippi, including business that any depository institution subsidiary or affiliate may lawfully conduct in the State of Mississippi as an agent for the foreign bank in accordance with and to the extent authorized by the laws of the State of Mississippi and applicable regulations or orders of the commissioner.