Qualification as expert trading company - Procedure - Rules and regulations - Orders - Violation of act.

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  2. Oklahoma Statutes
  3. State Government
  4. Qualification as expert trading company - Procedure - Rules and regulations - Orders - Violation of act.

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A. Any corporation proposing to qualify as an export trading company pursuant to the provisions of the Export Trading Company Act shall file an application for approval with the Commission. The application shall contain the names of the shareholders and principal officers of the applicant and such other information as the Commission may by regulation require, and shall specifically acknowledge the applicant's agreement to be bound by the conditions set forth in the rules and regulations issued pursuant to this section.

B. 1. In determining whether to approve an application for qualification as an export trading company and to certify such export trading company as a qualified export trading company, the Commission shall consider whether:

  • a.the stated purposes of the corporation satisfy the basic aim of encouraging and expanding export trade;
  • b.the activities undertaken in this state will be a significant factor in, or contribute significantly to encouraging export trade;
  • c.the tax exemptions provided for in Section 6 of this act will serve as a significant incentive and aid to encouraging export trade; and
  • d.export trade opportunities will be improved and initiated, particularly for small and medium-sized producers, by creation of an export trading company.

2. No successor corporation of a qualified export trading company shall be certified as a qualified export trading company if the names of the shareholders and the principal officers of such successor corporation are the same as those of the qualified export trading company.

C. 1. The Oklahoma Tax Commission shall promulgate such rules and regulations as may be necessary to implement the provisions of the Export Trading Company Act and to safeguard against abuses of the Export Trading Company Act. Such rules and regulations shall include a prohibition against the stacking of tax exemptions provided for in Section 2106 of this title.

2. The Commission may issue orders pursuant to the provisions of the Export Trading Company Act in order to:

  • a.prescribe information or forms required in connection with an application; and
  • b.establish procedures in connection with approvals and the filing of required reports.

D. The Commission, upon the determination that any export trading company is in violation of any provisions of the Export Trading Company Act or regulations, rules, or orders issued pursuant to the Export Trading Company Act, may order the export trading company to take steps to remedy such violation or disqualify said company as an export trading company.

Added by Laws 1987, c. 214, § 7, eff. Nov. 1, 1987. Amended by Laws 1992, c. 313, § 5, emerg. eff. May 27, 1992.


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