reglab/housing_qa huggingface dataset:
MS Code § 81-9-39 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-39. Compensation and expenses of receiver and attorney

 Compensation of the receiver and attorney shall be fixed by the court from time to time, upon a salary basis. In banks with total assets of one million dollars ($1,000,000.00) or more the salary of the receiver shall not exceed three hundred dollars ($300.00) per month and the salary of the attorney shall not exceed two hundred fifty dollars ($250.00) per month. In banks with total assets of less than one million dollars ($1,000,000.00) the salary of the receiver shall not exceed two hundred dollars ($200.00) per month and the salary of the attorney shall not exceed one hundred fifty dollars ($150.000) per month. The receiver and attorney shall also be allowed reasonable amounts for necessary expenses, all of which shall be a charge upon the assets of the bank. Any receiver, attorney, or employee may be removed for cause by the chancellor at any time.   In the event a bank receivership shall be closed and the receiver and attorney finally discharged and it should appear after a lapse of ten (10) years from the date of the closing of said receivership that certain probable assets might be recovered for the benefit of depositors and creditors of said bank and the court shall reopen said receivership for the purpose of recovering said assets, the receiver or attorney, or both, so appointed by the court to recover said assets may be allowed for his services in lieu of the salaries above stated, a fee to be fixed by the court, and said fee may be either a cash fee or an interest in the property or thing recovered in the sole discretion of the court, and the court may allow such fee for services heretofore rendered for a period of not more than six (6) years prior to March 6, 1958.
MS Code § 81-9-43 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-43. Procedure to obtain depositors' liquidation

 Proceedings to accomplish depositor liquidation of banks shall be begun by the filing of a petition in the chancery court of the county in which such bank shall be domiciled within the ninety day period in which the state comptroller remains in charge of the closed bank. Each petition shall be signed by depositors owning sixty percent in amount of deposits not preferred and totally unsecured, and the allegations thereof shall be sworn to by at least one of the signers of the petition, either as true and correct upon personal knowledge, or upon information and belief. If any signer be a corporation the signature thereof by the president or vice-president shall be sufficient, and the signature of any partnership or similar firm by any member thereof shall be sufficient. The state comptroller shall be the only necessary party respondent to such petition. The petition may be heard by the chancellor in vacation or in term time, at such place in his district as he may direct, upon certificate of the chancery clerk that he has sent, at least five days before such hearing, by registered mail, to the respondent at the city of Jackson, Mississippi, a true copy of the petition, with time and place of hearing designated thereon. The cause in which such petition shall be filed shall be entitled "In the matter of the depositor liquidation of (name of bank proposed to be liquidated) by (naming here the liquidating corporation proposed to be formed)."
MS Code § 81-9-45 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-45. Petition and decree thereon

 If the petition shall be signed and sworn to as aforesaid, and shall pray that the liquidation of the bank shall be conducted by the depositors and that a liquidating corporation be formed for such purpose, the chancellor shall, by decree on such petition, create a liquidating corporation, not for pecuniary gain, and without capital or capital stock. The decree shall name five directors for the corporation who shall be natural persons chosen by the chancellor from among the signers of the petition, but such signers as may be named as directors in the petition shall be so named in the decree. The decree shall give the corporation a name, which shall include the words, "liquidating corporation," preceded by the name of the bank to be liquidated. The municipality in which the bank to be liquidated is domiciled shall be the domicile of the corporation. The decree shall be recorded on the book of corporation charters in the office of the chancery clerk of the proper county, and need not be published.
MS Code § 81-9-47 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-47. Effect of decree

 The signing of the decree shall divest the state comptroller and the department of bank supervision of all title to the assets of the bank and of all control of the liquidation thereof, and the state comptroller and the department shall be relieved of future liability thereto, except for proper delivery of the assets of the corporation. The recording of a certified copy of the decree in the deed records of any county shall have the same effect as the recording of a deed to the assets.
MS Code § 81-9-49 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-49. General powers of liquidating corporation

 Liquidating corporations created under the authority of this chapter shall be bodies corporate and politic, with power to sue and be sued by their respective corporate names. No action shall be begun against any such corporation except in the county in which it is domiciled. The corporation shall have as its seal the seal of the bank which it is liquidating. Such corporation shall have generally the powers and responsibilities of receivers with respect to the assets and liabilities of all banks which they shall liquidate. Acts involving discretion shall be subject to approval of the chancery court, except as herein specifically provided.
MS Code § 81-9-51 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-51. Double liability of certain stockholders released

 Such corporation shall have power to bring suits to enforce any liability of directors or officers of the bank, but the double liability of stockholders, as provided in Section 81-5-27, by the turning over of the liquidation by the depositors as herein provided, shall be released as to all stockholders of any such bank. However, no stockholder shall be refunded any sum of money which he may have actually paid in discharge of his double liability, nor shall the release of double liability provided by this section be construed to extend to any instance where a stockholder shall have executed a promissory note or other instrument of writing in settlement of such double liability. All double liabilities of stockholders, as referred to in this section, are canceled and released with respect to future liquidations.
MS Code § 81-9-53 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-53. Bond of directors; compensation

 Each director shall make bond, conditioned to perform faithfully his duties as director, payable to the corporation, with such surety or sureties as the chancellor may approve, and in such sum as the chancellor may, from time to time, direct, but in no case less than $2,000.00 for any one director. Such bonds shall serve generally the same purposes and be of the same general effect as a receiver's bond, and action upon such bonds may be brought by any party aggrieved. No action shall lie, however, against any director or upon any director's bond because of the exercise of any power recited in Section 81-9-61, excepting only instances of actual abuse of discretion.   No director shall be entitled to compensation as such, but the chancellor, may, in his discretion, allow conservative compensation on a salary basis for designated period of time, in instances where an unreasonable amount of any director's time shall be required for the faithful performance of his duties.
MS Code § 81-9-55 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-55. Vacancies and removal of directors

 Vacancies among directors shall be filled by the chancellor on ex parte hearing in term time, or in vacation, but the choice of any four remaining directors shall be the choice of the chancellor, except for good cause shown. Removal of directors shall be in the discretion of the chancellor, in term time or in vacation, on petition of any party aggrieved, and upon such notice not less than five days as the chancellor may direct.
MS Code § 81-9-57 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-57. Officers of the corporation

 The directors shall choose from among themselves a president and a vice-president of the corporation. They shall also employ a liquidator who shall be ex officio secretary-treasurer of the corporation, and who need not be a depositor in the bank being liquidated by the corporation. No officer, except the liquidator, shall be entitled to compensation as such. The liquidator shall furnish bond, payable to the corporation, in such amount and with such surety or sureties as may be approved by the directors, conditioned to perform his duties faithfully as liquidator, and action upon such bond may be brought by any party aggrieved.
MS Code § 81-9-59 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-59. Compensation of liquidator and other employees

 The directors shall fix the compensation of the liquidator, may employ and fix the compensation of counsel for the corporation; and may employ and fix the compensation of such clerical and other employees as they may deem necessary or advisable to carry on the business of the corporation.
MS Code § 81-9-61 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-61. Exercise of discretion without approval of court

 By authority of order on the minutes signed by all five directors, the corporation may do and perform, without approval of court, the following, to-wit:   Employ and fix the compensations of the liquidator, counsel and other employees;   Lease premises to be occupied by the corporation as business quarters;   Borrow money, execute promissory notes, and pledge or mortgage the assets of the corporation;   Compromise or extend indebtedness due the bank being liquidated, and release and surrender securities and collaterals;   Compromise claims against the bank;   Sell any or all assets of the bank for cash or on other terms;   Barter or exchange any assets of the bank for other property;   Lease any property belonging to the bank;   Pay dividends to creditors or stockholders of the bank.
MS Code § 81-9-63 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-63. Sale of assets to going bank

 By and with the approval of the chancellor and of the state comptroller any liquidating corporation may sell any portion or all of the assets of the bank being liquidated by such corporation to an active and operating bank, the purchase price to be in cash or on terms, or otherwise; or, the purchasing bank may be allowed to assume a percentage of the liabilities of the insolvent bank, with optional privilege to the creditors to receive cash or other property in settlement of their claims. Under this section chancellors shall have broad powers and discretion to approve plans which are for the best interests of creditors of closed banks taken as a whole.
MS Code § 81-9-65 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-65. Corporation and directors may be restrained

 On petition of any party aggrieved, filed in the depositor liquidation cause, the liquidating corporation and its directors and officers may, as in other cases, be enjoined by the chancellor from actual abuse of discretion.
MS Code § 81-9-67 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-67. Liquidating corporations may apply to court for directions

 Liquidating corporations shall have the power to apply in vacation to the chancellor for orders and directions concerning the liquidation, and this section shall be liberally construed in favor of speedy and economical liquidations.
MS Code § 81-9-69 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-69. Records and inspection thereof

 Full and complete minutes shall be kept of all proceedings of the directors, and full and complete records and books of account shall be kept by the corporation. The directors shall have discretion to grant to parties of interest reasonable inspection and permission to take copies of all such minutes, records and books, and such reasonable inspection and right to take copies may be ordered by the chancellor in term time or vacation, upon reasonable notice to the corporation of time and place of a hearing on any petition seeking such inspection and right to take copies.
MS Code § 81-9-73 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-73. When Federal Deposit Insurance Corporation or any similar corporation to be appointed receiver

 Whenever the state comptroller shall apply for appointment of a receiver under the provisions of this chapter, and the deposits of such bank shall be to any extent insured by the Federal Deposit Insurance Corporation, or any similar corporation organized under the laws of the United States, and it shall appear that said corporation will accept the receivership of said bank, then it shall be mandatory upon the chancellor to appoint said Federal Deposit Insurance Corporation, or any similar corporation organized under the laws of the United States, receiver of such bank. In such event, the receivership may be conducted by the Federal Deposit Insurance Corporation or any similar corporation organized under the laws of the United States, at its option, in the proper chancery court of this state and under the provisions of this chapter applicable to other bank receivers. In all instances in which the Federal Deposit Insurance Corporation, or any similar corporation organized under the laws of the United States, shall pay any portion of the deposits of a bank in this state, it shall be fully subrogated to the position of depositors in so far as such payments are made and as equity and justice may appear.
MS Code § 81-9-75 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 9 - Insolvent Banks|§ 81-9-75. Priority of claims for payment against certain insolvent banks upon liquidation or upon execution of purchase of assets and assumption of liabilities

 On liquidation of a state or private bank or on execution of a purchase of certain assets and assumption of certain liabilities of a state bank under this chapter, claims for payment against that state bank have the following priority:   Obligations incurred by the Banking Commissioner, fees and assessments due to the Department of Banking and Consumer Finance, and expenses of liquidation, including any taxes due, all of which may be covered by a proper reserve of funds;   Claims of depositors having an approved claim against the general liquidating account of the bank;   Claims of salaried employees of the bank for salaries that are earned but unpaid at the time the bank is closed or purchased under this chapter;   Claims of general creditors having an approved claim against the general liquidating account of the bank;   Claims otherwise proper that were not filed within the time prescribed by this code;   Approved claims of subordinated creditors; and   Claims of stockholders of the bank.
MS Code § 81-12-1 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-1. Citation of chapter

 This chapter shall be cited as the "Savings Association Law."
MS Code § 81-12-4 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-4. Private corporation laws; application to savings and loan associations

 All the provisions of law relating to private corporations operating in this state which are not inconsistent with this chapter, or with the proper business of depository institutions, shall be applicable to all savings and loan associations.
MS Code § 81-12-6 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-6. Department of Savings Institutions and Savings Institution Board abolished; transfer of powers, duties, etc. to other agencies

 The Department of Savings Institutions and the Savings Institution Board are abolished, and all of the powers, duties, property, contractual rights and obligations and unexpended funds of that department and board shall be transferred to the Department of Banking and Consumer Finance, Commissioner of Banking and Consumer Finance and State Board of Banking Review as provided in this chapter.
MS Code § 81-12-7 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-7. Rights, powers, privileges and duties of board

 The commissioner shall have such rights, powers and privileges and shall be subject to such duties as are provided by this chapter, and shall make such other provisions for the orderly conduct of the business of the department under this chapter as he deems necessary. The commissioner shall have the authority and duty to make, after notice and hearing, such reasonable rules, regulations and orders as required by this chapter and as may be necessary from time to time to administer and enforce this chapter. The commissioner shall give at least thirty (30) days' notice of any proposed rule or regulation by publication not less than one (1) time in a newspaper having statewide circulation and, in addition, shall give such notice of the proposed rule or regulation by United States mail, postage prepaid, to each thrift institution in this state and to such others as he deems necessary or advisable and shall file such notice in his office. Any savings institution may propose rules or regulations for consideration by the commissioner. The commissioner shall maintain in his office permanent records of his hearings and decisions. Notice of the adoption of any rule or regulation shall be sent by United States mail, postage prepaid, to each thrift institution within ten (10) days of its adoption.
MS Code § 81-12-9 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-9. Determinations of commissioner final; judicial review

 The determination by the commissioner upon any matter decided by him shall be final, subject to review by the courts as provided herein.
MS Code § 81-12-11 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-11. Duties of department

 The department is charged with the execution of all laws relating to institutions carrying on a savings and loan business in this state.
MS Code § 81-12-17 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-17. Interests in savings institutions prohibited; confidentiality of information

  The commissioner, deputy commissioner and examiners shall not be interested in a savings institution, directly or indirectly, either as creditor (except that each may be a savings account holder and receive earnings thereon), director, officer, employee, borrower (except that each may be a borrower as to a single home in which he actually resides or has resided), trustee or attorney, nor shall any one (1) of them receive, directly or indirectly, any payment, compensation or gratuity from any savings institution.   The commissioner, examiners, all employees of the department and members of the board shall not divulge any information acquired by them in the discharge of their duties as prescribed by this chapter, except insofar as the same may be rendered necessary by law or under order of court; however, the commissioner may furnish information as to the condition of any savings institution to the appropriate federal regulatory authority, any federal home loan bank, the board, or the board of directors of the affected savings institution, and the commissioner may provide to members of the public the information authorized under Section 81-12-178 without being in violation of this subsection.
MS Code § 81-12-21 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-21. Transfer of books and records; continuation of actions

  Within sixty (60) days after July 1, 1977, the funds, books, records, documents, equipment, and supplies of every such office and officer created or appointed by Chapter 11, Title 81, Mississippi Code of 1972, shall be transferred, pursuant to orders of the Governor, to the office of the commissioner.   All actions or proceedings heretofore instituted by any officer or officers charged with the supervision of such associations other than actions or proceedings by the conservator appointed pursuant to Section 81-11-91, shall be continued in the name of the commissioner in such manner as he may direct.
MS Code § 81-12-23 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-23. Commissioner; supervisory and enforcement powers; approvals, orders and instructions

  The commissioner shall have general supervision over all associations and corporations which are subject to the provisions of this chapter. He shall enforce the provisions of this chapter by use of the powers herein conferred; and he is hereby vested with the authority to require such associations and corporations to correct violations of this chapter. Upon a finding that it is necessary and appropriate to further the objective of this chapter, the commissioner may order that improper entries found on the books and records of an association be corrected.   Every approval by the commissioner or the board given pursuant to the provisions of this chapter and every communication having the effect of an order or instruction to any association shall be in writing signed by the commissioner under seal and shall be sent by United States mail, postage prepaid, to the association affected thereby, addressed to the president thereof at the home office of the association.