reglab/housing_qa huggingface dataset:
MS Code § 81-27-5.103 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|State Trust Company Investments|§ 81-27-5.103. Subsidiaries

 Except as otherwise provided by this article or rules or regulations adopted under this article, a state trust company may acquire or establish a subsidiary to conduct any activity that may lawfully be conducted through the form of organization chosen for the subsidiary.   A state trust company may not invest more than an amount equal to fifteen percent (15%) of its capital in a single subsidiary and may not invest an amount in excess of its restricted capital in all subsidiaries. The amount of a state trust company's investment in a subsidiary is the total amount of the state trust company's investment in equity or investment securities issued by its subsidiary and any loans and extensions of credit from the state trust company to its subsidiary. The commissioner may authorize investments in excess of these limitations on written application if the commissioner concludes that:    The excess investment is not prohibited by other applicable law; and   The safety and soundness of the requesting state trust company is not adversely affected.    A state trust company that intends to acquire, establish, or perform new activities through a subsidiary shall submit a letter to the commissioner describing in detail the proposed activities of the subsidiary.   The state trust company may acquire or establish a subsidiary or begin performing new activities in an existing subsidiary on the thirty-first day after the date the commissioner receives the state trust company's letter, unless the commissioner specifies an earlier or later date. The commissioner may extend the thirty-day period of review on a determination that the state trust company's letter raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust company may acquire or establish the subsidiary, or perform new activities in an existing subsidiary, only on prior written approval of the commissioner.   A subsidiary of a state trust company is subject to regulation by the commissioner to the extent provided by this article or rules or regulations adopted under this article. In the absence of limiting rules or regulations, the commissioner may regulate a subsidiary as if it were a state trust company.
MS Code § 81-27-5.104 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|State Trust Company Investments|§ 81-27-5.104. Mutual funds

 A state trust company may invest for its own account in equity securities of an investment company registered under the Investment Company Act of 1940 (15 USCS Section 80a-1 et seq.) and the Securities Act of 1933 (15 USCS Section 77a et seq.) if the portfolio of the investment company consists wholly of investments in which the state trust company could invest directly for its own account.   If the portfolio of an investment company described in subsection (a) of this section consists wholly of investments in which the state trust company could invest directly without limitation under Section 81-27-5.101(d), the state trust company may invest in the investment company without limitation.   If the portfolio of an investment company described in subsection (a) of this section contains any investment that is subject to the limits of Section 81-27-5.101(c), the state trust company may invest in the investment company not more than an amount equal to fifteen percent (15%) of the state trust company's capital. This provision does not apply to a money market fund.   In evaluating investment limits under this article, a state trust company may not be required to combine:    The state trust company's pro rata share of the securities of an issuer in the portfolio of an investment company with the state trust company's pro rata share of the securities of that issuer held by another investment company in which the state trust company has invested; or   The state trust company's own direct investment in the securities of an issuer with the state trust company's pro rata share of the securities of that issuer held by each investment company in which the state trust company has invested under this section.
MS Code § 81-27-5.105 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|State Trust Company Investments|§ 81-27-5.105. Engaging in commerce prohibited

 Except as otherwise provided by this chapter or rules adopted under this chapter, a state trust company may not invest its funds in trade or commerce by buying, selling, or otherwise dealing in goods or by owning or operating a business not part of the state trust business, except as necessary to fulfill a fiduciary obligation to a client.
MS Code § 81-27-5.201 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|Loans|§ 81-27-5.201. Lending limits

 A state trust company's total outstanding loans and extensions of credit to a person other than an insider may not exceed an amount equal to fifteen percent (15%) of the state trust company's capital.   The aggregate loans and extensions of credit outstanding at any time to insiders of the state trust company may not exceed an amount equal to fifteen percent (15%) of the state trust company's capital. All covered transactions between an insider and a state trust company must be engaged in only on terms and under circumstances, including credit standards, that are substantially the same as those for comparable transactions with a noninsider.   The commissioner may adopt rules or regulations to administer and carry out this section, including rules to establish limits, requirements, or exemptions other than those specified by this section for particular classes or categories of loans or extensions of credit, and establish collective lending and investment limits.   The commissioner may determine whether a loan or extension of credit putatively made to a person will be attributed to another person for purposes of this section.   A state trust company may not lend trust deposits, except that a trustee may make a loan to a beneficiary of the trust if the loan is expressly authorized or directed by the instrument or transaction establishing the trust.   An officer, director, manager, managing participant, or employee of a state trust company who approves or participates in the approval of a loan with actual knowledge that the loan violates this section is jointly and severally liable to the state trust company for the lesser of the amount by which the loan exceeded applicable lending limits or the state trust company's actual loss and remains liable for that amount until the loan and all prior indebtedness of the borrower to the state trust company has been fully repaid. The state trust company may initiate a proceeding to collect an amount due under this subsection at any time before the date the borrower defaults on the subject loan or any prior indebtedness or before the fourth anniversary of that date. A person that is liable for and pays amounts to the state trust company under this subsection is entitled to an assignment of the state trust company's claim against the borrower to the extent of the payments. For purposes of this subsection, an officer, director, manager, managing participant, or employee of a state trust company is presumed to know the amount of the state trust company's lending limit under subsection (a) of this section and the amount of the borrower's aggregate outstanding indebtedness to the state trust company immediately before a new loan or extension of credit to that borrower.
MS Code § 81-27-5.202 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|Loans|§ 81-27-5.202. Lease financing transactions

 Subject to rules or regulations adopted under this chapter, a state trust company may become the owner and lessor of tangible personal property for lease financing transactions on a net lease basis on the specific request and for the use of a client. Without the written approval of the commissioner to continue holding property acquired for leasing purposes under this subsection, the state trust company may not hold the property more than six (6) months after the date of expiration of the original or any extended or renewed lease period agreed to by the client for whom the property was acquired or by a subsequent lessee.   Rental payments received by the trust company in a lease financing transaction under this section are considered to be rent and not interest or compensation for the use, forbearance, or detention of money. However, a lease financing transaction is considered to be a loan or extension of credit for purposes of Section 81-27-5.201.
MS Code § 81-27-5.301 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|Trust Deposits|§ 81-27-5.301. Trust deposits

 A state trust company may deposit trust funds with itself as an investment if authorized by the settlor or the beneficiary provided:    It maintains as security for the deposits a separate fund of securities, legal for trust investments, under control of a federal reserve bank or a clearing corporation, as defined by Section 75-8-102, either in this state or elsewhere;   The total market value of the security is at all times at least equal to the amount of the deposit;   The separate fund is designated as such; and   The separate fund is maintained under the control of another trust institution, bank or government agency.    A state trust company may make periodic withdrawals from or additions to the securities fund required by subsection (a) of this section as long as the required value is maintained. Income from the securities in the fund belongs to the state trust company.   Security for a deposit under this section is not required for a deposit under subsection (a) of this section to the extent the deposit is insured by the Federal Deposit Insurance Corporation or its successor.
MS Code § 81-27-5.302 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|Trust Deposits|§ 81-27-5.302. Common investment funds

 A state trust company may establish common trust funds to provide investment to itself as a fiduciary.   The commissioner may adopt rules to administer and carry out this section, including but not limited to rules to establish investment and participation limitations, disclosure of fees, audit requirements, limit or expand investment authority for particular classes or categories of securities or other property, advertising, exemptions, and other requirements that may be necessary to carry out this section.
MS Code § 81-27-5.401 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|Liabilities and Pledge of Assets|§ 81-27-5.401. Borrowing limit

 Except with the prior written approval of the commissioner, a state trust company may not have liabilities outstanding exceeding an amount equal to five (5) times its capital.
MS Code § 81-27-5.402 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|Liabilities and Pledge of Assets|§ 81-27-5.402. Pledge of asset

 A state trust company may not pledge or create a lien on any of its assets except to secure the repayment of money borrowed or as specifically authorized or required by Section 81-27-5.301, or by rules or regulations adopted under this article. An act, deed, conveyance, pledge, or contract in violation of this section is void.
MS Code § 81-27-6.101 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Transfer of Ownership Interest in State Trust Company|§ 81-27-6.101. Acquisition of control

 Except as expressly otherwise permitted, a person may not without the prior written approval of the commissioner directly or indirectly acquire control of a state trust company through a change in a legal or beneficial interest in voting securities of a state trust company or a corporation or other entity owning voting securities of a state trust company.   This subarticle does not prohibit a person from negotiating to acquire, but not acquiring, control of a state trust company or a person that controls a state trust company.   This section does not apply to:    The acquisition of securities in connection with the exercise of a security interest or otherwise in full or partial satisfaction of a debt previously contracted for in good faith if the acquiring person files written notice of acquisition with the commissioner before the person votes the securities acquired;   The acquisition of voting securities in any class or series by a controlling person who has previously complied with and received approval under this subarticle or who was identified as a controlling person in a prior application filed with and approved by the commissioner;   An acquisition or transfer by operation of law, will, or intestate succession if the acquiring person files written notice of acquisition with the commissioner before the person votes the securities acquired;   A transaction exempted by the commissioner by rule, regulation or order because the transaction is not within the purposes of this subarticle or the regulation of which is not necessary or appropriate to achieve the objectives of this subarticle.
MS Code § 81-27-6.102 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Transfer of Ownership Interest in State Trust Company|§ 81-27-6.102. Application regarding acquisition of control

 The proposed transferee seeking approval to acquire control of a state trust company or a person that controls a state trust company must file with the commissioner:    An application in the form prescribed by the commissioner;   The filing fee required by statute, rule or regulation;   All information required by rule or that the commissioner requires in a particular application as necessary to an informed decision to approve or reject the proposed acquisition.    If the proposed transferee includes any group of individuals or entities acting in concert, the information required by the commissioner may be required of each member of the group.   Information obtained by the commissioner under this section is confidential and may not be disclosed by the commissioner or any employee of the department except as provided by Subarticle B of Article 2 of this chapter.   If the proposed transferee is not a Mississippi resident, a Mississippi corporation, or an out-of-state corporation qualified to do business in this state, a written consent to service of process on a resident of this state in any action or suit arising out of or connected with the proposed acquisition.   The proposed transferee must publish notice of the application, its date of filing, and the identity of each participant, in the form specified by the commissioner, in a newspaper of general circulation in the county where the state trust company's home office is located, promptly after the commissioner accepts the application as complete. Publication of notice of an application filed in contemplation of a public tender offer subject to the requirements of 15 USCS Section 78n(d)(1) may be deferred for not more than thirty-four (34) days after the date the application is filed if:   The proposed transferee requests confidential treatment and represents that a public announcement of the tender offer and the filing of appropriate forms with the Securities and Exchange Commission or the appropriate federal banking agency, as applicable, will occur within the period of deferral; and   The commissioner determines that the public interest will not be harmed by the requested confidential treatment.   The commissioner may waive the requirement that a notice be published or permit delayed publication on a determination that waiver or delay is in the public interest.
MS Code § 81-27-6.103 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Transfer of Ownership Interest in State Trust Company|§ 81-27-6.103. Hearing and decision on acquisition of control

 Not later than the sixtieth day after the date the notice is published, the commissioner shall approve the application or set the application for hearing. If the commissioner sets a hearing, the commissioner shall conduct a hearing and one or more prehearing conferences and opportunities for discovery as the commissioner considers advisable and consistent with governing statutes and rules. A hearing held under this section is confidential and closed to the public.   Based on the record, the commissioner may issue an order denying an application if:    The acquisition would substantially lessen competition, be in restraint of trade, result in a monopoly, or be in furtherance of a combination or conspiracy to monopolize or attempt to monopolize the trust industry in any part of this state, unless:   The financial condition of the proposed transferee, or any member of a group composing the proposed transferee, might jeopardize the financial stability of the state trust company being acquired;   Plans or proposals to operate, liquidate, or sell the state trust company or its assets are not in the best interests of the state trust company;   The experience, ability, standing, competence, trustworthiness, and integrity of the proposed transferee, or any member of a group comprising the proposed transferee, are insufficient to justify a belief that the state trust company will be free from improper or unlawful influence or interference with respect to the state trust company's operation in compliance with law;   The state trust company will not be solvent, have adequate capitalization, or be in compliance with the laws of this state after the acquisition;   The proposed transferee has failed to furnish all information pertinent to the application reasonably required by the commissioner; or   The proposed transferee is not acting in good faith.    The anticompetitive effects of the proposed acquisition are clearly outweighed in the public interest by the probable effect of acquisition in meeting the convenience and needs of the community to be served; and   The proposed acquisition is not in violation of law of this state or the United States;   If an application filed under this section is approved by the commissioner, the transaction may be consummated. Any written commitment from the proposed transferee offered to and accepted by the commissioner as a condition that the application will be approved is enforceable against the state trust company and the transferee and is considered for all purposes an agreement under this chapter.
MS Code § 81-27-6.104 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Transfer of Ownership Interest in State Trust Company|§ 81-27-6.104. Appeal from adverse decision

 If a hearing has been held, the commissioner has entered an order denying the application, and the order has become final, the proposed transferee may appeal the final order to the Chancery Court of the First Judicial District of Hinds County, Mississippi.   The filing of an appeal under this section does not stay the order of the commissioner.
MS Code § 81-27-6.105 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Transfer of Ownership Interest in State Trust Company|§ 81-27-6.105. Objection to other transfer

 This subarticle may not be construed to prevent the commissioner from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a state trust company, regardless of whether the transfer is included within this subarticle, if the commissioner considers the transfer to be against the public interest.
MS Code § 81-27-6.106 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Transfer of Ownership Interest in State Trust Company|§ 81-27-6.106. Civil enforcement; criminal penalties

 The commissioner may bring any appropriate civil action against any person who the commissioner believes has committed or is about to commit a violation of this subarticle or a rule, regulation or order of the commissioner pertaining to this subarticle.   A person who knowingly fails or refuses to file the application required by Section 81-27-6.102 is guilty of a misdemeanor and, upon conviction hereof, shall be fined not more than One Thousand Dollars ($1,000.00).
MS Code § 81-27-6.201 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Board and Officers|§ 81-27-6.201. Voting securities held by state trust company

 Voting securities of a state trust company held by the state trust company in a fiduciary capacity under a will or trust, whether registered in its own name or in the name of its nominee, may not be voted in the election of directors or managers or on a matter affecting the compensation of directors, managers, officers, or employees of the state trust company in that capacity, unless:    Under the terms of the will or trust, the manner in which the voting securities are to be voted may be determined by a donor or beneficiary of the will or trust and the donor or beneficiary actually makes the determination in the matter at issue;   The terms of the will or trust expressly direct the manner in which the securities must be voted to the extent that no discretion is vested in the state trust company as fiduciary; or   The securities are voted solely by a cofiduciary that is not an affiliate of the state trust company, as if the cofiduciary were the sole fiduciary.    Voting securities of a state trust company that cannot be voted under this section are considered to be authorized but unissued for purposes of determining the procedures for and results of the affected vote.