reglab/housing_qa huggingface dataset:
MS Code § 81-13-17 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-17. Examination by Commissioner of Banking and Consumer Finance; powers of Commissioner; fees; acceptance of examination performed by National Credit Union Administration

 Each credit union shall be examined at least once per eighteen-month period by the Commissioner of Banking and Consumer Finance. The commissioner may conduct other examinations and the commissioner or examiners of the Department of Banking and Consumer Finance shall at all times be given free access to all the books, papers, securities and other sources of information in respect to the credit union. For that purpose he shall have the power to subpoena and examine personally or through one (1) of his deputies, or examiners, duly authorized, witnesses on oath and documents pertaining to the business of the credit union. The fees for examination shall be determined by the commissioner by assessing the association according to the cost based on the average daily cost of all examiners of the department, plus actual and necessary expenses. The commissioner shall have the authority to prescribe supervision fees at the rate of Ten Cents (10¢) per One Thousand Dollars ($1,000.00) of assets, and not be less than Twenty Dollars ($20.00) nor more than Two Hundred Dollars ($200.00) a year for overhead expenses of the department in supervising the credit union. The commissioner shall send each such credit union a statement of the amount due by it and shall specify how the same shall be paid. The fees shall be due and payable in accordance with the statement so furnished and shall be paid within ten (10) days after the date fixed for their payment. Such fees shall constitute a lien on the assets of the credit union until paid. Any such credit union failing to make payment within ten (10) days as herein provided shall be liable to a penalty of ten percent (10%) of the amount in default for each day thereafter.   In the event the commissioner's office, because of work load or other good sufficient cause, is unable to conduct an annual examination of a credit union as provided for in this section, the commissioner is hereby authorized to accept the examination of any credit union performed by the National Credit Union Administration or by any succession thereto. However, in no case shall the commissioner be authorized to accept any such examination of any credit union performed by the NCUA or its successor for any two (2) consecutive eighteen-month periods.
MS Code § 81-13-19 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-19. Failure to make reports or pay fees; duties and authority of Commissioner of Banking and Consumer Finance; suspension of credit union's operations

  If it appears that any credit union is bankrupt or insolvent, or that it has violated any other provisions of law, or is in danger of loss due to mismanagement or fraud, the commissioner shall issue an order temporarily suspending the credit union's operations for not less than thirty (30) nor more than sixty (60) days. The board of directors shall be given notice by registered mail of such suspension, which notice shall include a list of the reasons for such suspension, or a list of the specific violations of law.   Upon receipt of such suspension notice, the credit union shall cease all operations, except those operations authorized by the commissioner. The board of directors shall file with the commissioner a reply to the suspension notice, and may request a hearing to present a plan of corrective actions proposed if the credit union desires to continue operations. The board of directors may request that the credit union be declared insolvent and a liquidating agent be appointed.   Upon receipt of evidence from the suspended credit union that the conditions causing the order of suspension have been corrected, the commissioner, upon finding that such conditions have been corrected, may revoke the suspension notice and permit the credit union to resume normal operations.   If the commissioner, after issuing notice of suspension and providing an opportunity for a hearing, rejects the credit union's plan to continue operations, he may issue a notice of involuntary liquidation and appoint a liquidating agent. The commissioner shall continue his order suspending the credit union's operation until final determination or liquidation. The credit union may request the chancery court of the county in which the home office of the credit union is located to take such action as it may deem necessary under the law.   If, within the suspension period, the credit union fails to answer the suspension notice or request a hearing, the commissioner may then revoke the credit union's charter, appoint a liquidating agent and liquidate the credit union.
MS Code § 81-13-23 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-23. Fiscal year

 The credit union fiscal year shall end at the close of business on the thirty-first day of December.
MS Code § 81-13-25 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-25. Elections

 At an annual meeting the members shall elect a board of directors and a supervisory committee. The credit union's board of directors shall determine whether the credit union will: (1) have a credit committee elected by the membership; (2) have a credit committee appointed by the board; and/or (3) will hire loan officers. The board shall include this decision in their bylaws and the board shall determine and record in the minutes of a duly held meeting, the authority of the credit committee, if any, and/or the loan officers. Unless the number of members of the credit union is less than eleven (11), no member of the board shall be a member of either of said committees. All members of the board and committees and all officers shall be sworn to discharge their duties faithfully and shall hold their several offices for such terms as may be provided in the bylaws. The oath shall be subscribed by the individual taking it and certified by the officer before whom it is taken and shall be transmitted within ten (10) days after the oath to the Commissioner of Banking and Consumer Finance and filed and preserved in his office. For any failure or delay in transmitting the oath, the credit union shall be subject to an administrative fine, which may be imposed by the commissioner, of Ten Dollars ($10.00) per day for each day the documents are not received.
MS Code § 81-13-27 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-27. Directors, officers; special duty of directors

 At the first meeting and at each first meeting in the fiscal year, the board of directors shall elect from their own number a president or chairman, vice president or vice chairman, treasurer, and may elect a secretary. At each board, special or annual meeting, the president/chairman shall appoint a recording secretary to accurately record the actions taken at said meeting. The board of directors shall have the general management of the affairs, funds and records of the corporation and shall meet as often as may be necessary. Unless the bylaws shall specifically reserve any or all of the duties to the members, it shall be the special duty of the directors:   To act upon all applications for membership and on the expulsion of members;   To determine, from time to time, rates of interest which shall be allowed on deposits and charged on loans;   To fix the amount of the surety bond which shall be required of each officer having the custody of funds;   To fix the maximum number of shares which may be held by, and the maximum amount which may be loaned to any one (1) member; to declare dividends and recommend amendments to the bylaws;   To fill vacancies in the board of directors and credit committee until the election and qualification of successors;   To have charge of the investment of funds of the corporation, other than loans to members, and to perform such other duties as the members may, from time to time, authorize.
MS Code § 81-13-28 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-28. Member or employee not to participate in matters in which he or she has pecuniary interest; penalty

 A member of the board of directors or a member of the credit committee or supervisory committee or an employee of a credit union may not participate in the deliberation or the determination of a question affecting his own pecuniary interest or the pecuniary interest of a corporation, partnership or association in which he is interested. Any person who violates this section may not thereafter serve as an officer, agent or employee of a credit union.
MS Code § 81-13-29 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-29. Directors and members of supervisory committees not to receive compensation; compensation of treasurer

 No member of the credit or supervisory committee shall receive any compensation for his services as a member of said committees; provided, however, that one (1) elected official of the board of directors may be compensated for services rendered.
MS Code § 81-13-33 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-33. Supervisory committee; suspension of directors, committee members or officers; review of credit union practices; audit and report

 The supervisory committee shall, at frequent intervals, inspect the securities, cash and accounts of the credit union and supervise the acts of the board of directors, credit committee and officers, any or all of whom the supervisory committee may, at any time, by a unanimous vote suspend. Within seven (7) days after such suspension, the supervisory committee shall cause notice to be given the members of a special meeting to take action on such suspension, the call for the meeting to indicate clearly its purpose. By a majority vote the committee may call a meeting of the shareholders to consider any violation of this chapter or of the bylaws, or any practice of the credit union which, in the opinion of said committee, is unsafe and unauthorized. The committee shall fill vacancies in their own number until the next annual meeting of the members. Annually the supervisory committee shall make or cause to be made a thorough audit of the receipts, disbursements, income, assets and liabilities of the credit union for the said fiscal year and shall make a full report thereon to the directors, which report shall be filed and preserved with the records of the credit union. The supervisory committee shall make a report to the members at the annual meeting.
MS Code § 81-13-35 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-35. Capital

 The capital of a credit union shall consist of the regular and any other reserve accounts, the undivided earnings and any other earnings accounts, allowances for loss accounts. A credit union shall have a lien on the shares of any member and on the dividends payable thereon for and to the extent of any loan towards the liquidation of said member's indebtedness. A credit union may, upon the resignation or expulsion of a member, cancel the shares of such member and apply the withdrawal value of such shares first towards the liquidation of said member's indebtedness. A credit union may charge an entrance or membership fee as may be provided in the bylaws.
MS Code § 81-13-37 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-37. Shares and deposits of minors and in trust

 Shares may be issued and deposits received in the name of a minor, without a guardian, and in trust in accordance with applicable law.
MS Code § 81-13-39 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-39. Authority to lend or invest funds; interest rates

 A credit union may lend to its members at reasonable rates of interest, which shall not exceed one and three-fourths percent (1-3/4%) per month, computed on unpaid balances, or invest the funds accumulated as herein provided. Fines and penalties shall not be considered as interest. A charge of Ten Dollars ($10.00) in lieu of interest may be made on any loan payable in a single payment, and a charge of Fifteen Dollars ($15.00) in lieu of interest may be made on any loan payable in installments.
MS Code § 81-13-41 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-41. Power to borrow

 A credit union shall have the power to borrow from any source, but the total of such borrowing shall at no time exceed fifty percent (50%) of the capital and surplus of the borrowing credit union.
MS Code § 81-13-43 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-43. Loans

  Loans to members may be made only in accordance with the NCUA's rules and regulations, Federal Credit Union Act, state statutes, and any interpretive rulings issued by the NCUA.   No officer or committee member shall act as endorser or guarantor for other borrowers from the same credit union.
MS Code § 81-13-45 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-45. When borrower may repay loan

 A borrower may repay the whole or any part of his loan on any day on which the office of the corporation is open for the transaction of business.
MS Code § 81-13-51 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-51. Portion of net income set apart at close of fiscal year for reserve fund

 Immediately before the payment of each dividend, and in no event less than one (1) time per year, the net income of the credit union shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and against such other losses as may be specified in regulations prescribed under this chapter, sums as follows:   A credit union whose accounts are insured by the National Credit Union Administration, as required by this chapter, shall set aside and maintain its reserve funds in the manner promulgated and prescribed by the administrator of the National Credit Union Administration. Provided, however, that said reserve funds shall be no less than those prescribed by the Commissioner of Banking and Consumer Finance, who may, upon written notice, require additional reserves to protect the capital structures of any credit union. The board of directors may elect to set apart to the reserve fund any amount deemed necessary if it determines that potential contingencies require additional reserves. The reserve fund shall belong to the credit union and shall be held to meet contingencies and shall not be distributed to the members except upon dissolution of the credit union.
MS Code § 81-13-53 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-53. Dividends

 The board of directors of a credit union may declare and pay a dividend from net earnings or accumulated net undivided earnings remaining after the statutory reserve has been set aside.
MS Code § 81-13-55 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-55. Expulsion of members

 At any duly held meeting the board of directors, by a two-thirds (2/3) vote of those present may expel from the corporation any member thereof.
MS Code § 81-13-57 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-57. Refunds to expelled or withdrawing members

 All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to his shares to the date of expulsion or withdrawal shall be paid to said member but only as funds therefor become available and after deducting any amounts due to the corporation by said member. All deposits of an expelled or withdrawing member, with any interest accrued, shall be paid to such member, subject to ninety (90) days' notice, and after deducting any amounts due to the corporation by said member. Said member, when withdrawing shares or deposits, shall have no further right in said credit union or to any of its benefits, but such expulsion or withdrawal shall not operate to relieve such member from any remaining liability to the corporation.
MS Code § 81-13-58 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-58. Deposit in name of two or more persons; payments to successors of deceased depositors without administration

 When a deposit has been made or is hereafter made in the name of two (2) or more persons, payable to any one (1) of those persons, or payable to any one (1) of those persons or the survivor, or payable to any one (1) of those persons or to the survivor or survivors, or payable to the persons as joint tenants, the deposit or any part thereof or interest or dividends thereon may be paid to any one (1) of those persons, without liability whether one or more of those persons is living or not, and the receipt of acquittance of the person so paid shall be a valid and sufficient release and discharge to the credit union for any payment so made. The making of a deposit in that form, or the making of additions thereto, shall create a presumption in any action or proceeding to which either the credit union or any survivor is a party of the intention of all the persons named on the deposit to vest title to the deposit and the additions thereto and all interest or dividends thereon in the survivor or survivors. Any credit union may pay to the successor of a deceased depositor, as defined in Section 91-7-322(2), without necessity of administration, any sum to the credit of the decedent not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00), without liability to any other persons, relatives or beneficiaries, and the receipt of acquittance of the person so paid shall be a valid and sufficient release and discharge to the credit union for any payment so made. This section shall apply to all credit unions, including state and federal credit unions within the state. The term "deposit" as used in this section shall include, but not be limited to, any form of deposit or account, such as a savings account, checking account, time deposit, demand deposit or certificate of deposit, whether negotiable, nonnegotiable or otherwise.
MS Code § 81-13-59 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-59. Voluntary dissolution

 At any meeting, called for the purpose, notice of the purpose being contained in the call, a majority of the entire membership may vote to dissolve the corporation and shall, thereupon signify their consent to such dissolution in writing and shall file such consent with the Commissioner of Banking and Consumer Finance, attested by a majority of its officers, with a statement of the names and addresses of the directors and officers, duly verified. The commissioner, upon receipt of satisfactory proof of the solvency of the corporation, shall execute in duplicate a certificate to the effect that such consent and statement have been filed and that it appears therefrom that the corporation had complied with this section. Such duplicate certificate shall be filed by such corporation in the office of the clerk of the chancery court of the county in which said corporation has its place of business and thereupon such credit union shall be dissolved and shall cease to carry o n business except for the purpose of adjusting and winding up its affairs. It shall, by its board of directors, then proceed to adjust and wind up its business, be empowered to carry out its contracts, collect its accounts receivable, and liquidate its assets and apply the same in discharge of the obligations of the corporation and, after paying such obligations, each share according to the amount paid in thereon, shall be entitled to its proportion of the balance of the assets. Said corporation shall continue in existence for the purpose of discharging its debts and obligations, collecting and distributing its assets, and doing all other acts required in order to wind up its business, and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted and wound up, for three (3) years.
MS Code § 81-13-60 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-60. Establishment of branch office

  Any state credit union may apply to the Commissioner of Banking and Consumer Finance for permission to establish a branch office. The application shall be in such a form as may be prescribed by the commissioner and shall be approved or denied by the commissioner within one hundred twenty (120) days of filing.   The commissioner shall approve a branch application when all of the following criteria are met:   The applicant has an examination rating of two (2) or higher;   The applicant has capital ratios equal or exceeding the amount required by the insurer of deposit accounts;   The applicant has no formal or informal enforcement actions outstanding; and   The applicant has demonstrated that its members would be well served by the branch.     If the commissioner denies the branch application, the branch applicant will have the right of a hearing as prescribed in Section 81-13-1 for those applicants denied a new credit union.
MS Code § 81-13-61 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 13 - Credit Unions|§ 81-13-61. Change of place of business

 A credit union may change its place of business upon written approval from the Department of Banking and Consumer Finance.