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No foreign bank which is licensed to establish and maintain a Mississippi state branch, Mississippi state agency or Mississippi representative office shall close such office without filing an application with, and obtaining the prior approval of, the commissioner. An application by a foreign bank under this section shall be in such form and include such information as the commissioner shall establish by regulation or order.
If the commissioner finds, with respect to an application by a foreign bank under this section, that the closing of such office will not be substantially detrimental to the public convenience and advantage, the commissioner shall approve such application. If the commissioner finds otherwise, he or she shall deny the application.
Whenever an application by a foreign bank under this section has been approved and all conditions precedent to such closing have been fulfilled, such foreign bank may close such office and shall promptly thereafter surrender to the commissioner the license which authorized the foreign bank to maintain the office.