reglab/housing_qa huggingface dataset:
MS Code § 81-27-2.202 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 2 - Trust Institution Offices|Out-of-State Trust Institution Representative Trust Office|§ 81-27-2.202. Registration of representative trust office

 An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution not maintaining a trust office in this state and desiring to establish or acquire and maintain a representative trust office shall file a notice on a form prescribed by the commissioner which shall set forth the name of the out-of-state trust institution and the location of the proposed office and satisfactory evidence that the notificant is a trust institution, furnish a copy of the resolution adopted by the board authorizing the representative trust office, and pay the filing fee, if any, prescribed by the commissioner.   The notificant may commence business at the representative trust office on the thirty-first day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.   The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the representative trust office only on prior written approval by the commissioner.   The commissioner may deny approval of the representative trust office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
MS Code § 81-27-2.302 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 2 - Trust Institution Offices|Supervision of Out-of-State Trust Institution|§ 81-27-2.302. Enforcement

 After notice and opportunity for hearing,   The commissioner may determine:    That an office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state or in an unsafe and unsound manner; or   That a company is engaged in an unauthorized trust activity. In either event, the commissioner shall have the authority to take all such enforcement actions as he or she would be empowered to take if the office or the company were a state trust company, including but not limited to issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state;    The commissioner may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state pursuant to Section 81-27-2.202, which order shall be effective on the date of issuance or such other date as the commissioner shall determine;   In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any action permitted by Section 81-27-2.302(a) or (b) without notice or opportunity for hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken. The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving said enforcement action.
MS Code § 81-27-2.303 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 2 - Trust Institution Offices|Supervision of Out-of-State Trust Institution|§ 81-27-2.303. Notice of subsequent merger, closing, etc.

 Each out-of-state trust institution that maintains an office in this state pursuant to this article, or the home state regulator of such trust institution, shall give at least thirty (30) days' prior written notice (or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law) to the commissioner of (i) any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, 12 USCS Section 1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 USCS Section 1841 et seq., or any successor statutes thereto, (ii) any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person or (iii) the closing or disposition of any office in this state.
MS Code § 81-27-3.001 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|General|§ 81-27-3.001. Title and purposes

 Articles 3, 4 and 5 of this chapter may be cited as the State Trust Institution Charter Modernization Act.   The express purposes of Articles 3, 4 and 5 of this chapter are to:    Provide for the chartering of trust companies and to permit trust companies to act as fiduciaries and otherwise engage in the trust business in this state, provided that they are adequately capitalized, competently managed by persons of integrity, and supervised by the commissioner, all in order to ensure that such trust companies are operated in compliance with law, in a safe and sound manner and in a manner which protects their clients and customers and other consumers in this state;   Improve service and reduce costs for trust institution clients and customers and other consumers in this state by modernizing state laws to permit the delegation by trust institutions of fiduciary functions but not fiduciary responsibility, authorize clients to designate any trust institution to act for them and to choose an appropriate state's law to govern fiduciary instruments and investments, and protect consumers from excessive fees or undisclosed conflicts of interest of trust institutions and their affiliates; and   Permit adequately capitalized and professionally managed trust companies serving only family members and their affiliated entities to operate as private trust companies which may not provide services to the general public.
MS Code § 81-27-3.002 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|General|§ 81-27-3.002. Definitions

 Definitions contained in Sections 81-27-1.002 and 81-27-6.001 shall apply to Articles 3, 4 and 5 of this chapter unless the context otherwise requires.
MS Code § 81-27-3.101 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|Designation of Trustee and Governing Law|§ 81-27-3.101. Designation of trustee

 Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of such person.
MS Code § 81-27-3.102 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|Designation of Trustee and Governing Law|§ 81-27-3.102. Choice of law governing trusts

 Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either (i) this state, (ii) a state where affected clients reside or (iii) the state where such trust institution has its principal office as the state whose laws shall govern any written agreement between such trust institution and its client or any instrument under which the trust institution acts for a client.
MS Code § 81-27-3.103 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|Designation of Trustee and Governing Law|§ 81-27-3.103. Choice of law governing fiduciary investments

 Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either (i) this state, (ii) a state where affected clients reside or (iii) the state where such trust institution has its principal office as the state whose laws shall govern with respect to the fiduciary investment standards applicable to any written agreement between such trust institution or its client and any other instrument under which the trust institution acts for a client.
MS Code § 81-27-3.201 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|Delegation; Affiliates|§ 81-27-3.201. Delegation and fiduciary responsibility

 Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management or administrative function if such person exercises reasonable care, judgment and caution in:    Selecting the delegate, taking into account the delegate's financial standing and reputation;   Establishing the scope and other terms of any delegation; and   Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.    Notwithstanding any delegation permitted by subsection (a) of this section, any person acting as a trustee or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.
MS Code § 81-27-3.202 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|Delegation; Affiliates|§ 81-27-3.202. Affiliates

 Any person acting as a trustee or in any other fiduciary capacity under Section 81-27-3.201 may hire and compensate, as a delegate, an affiliate of such person if:    Authorized by a trust or fiduciary instrument;   Authorized by court order;   Authorized in writing by each affected client; or   The standards of Section 81-27-3.201 are satisfied.    Fees paid to an affiliate shall be competitive with fees charged by nonaffiliates that provide substantially similar services; however, if an affiliate is used pursuant to subsection (a)(4) of this section, the amount of fees paid to the affiliate shall also be consistent with best execution.
MS Code § 81-27-3.301 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|Fees|§ 81-27-3.301. Fee determination

 The compensation arrangement between a client and any person acting as a trustee or as any other fiduciary pursuant to this chapter shall be at arm's length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.
MS Code § 81-27-3.302 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|Fees|§ 81-27-3.302. Disclosure of potential conflicts of interest

 Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after July 1, 1998, which company has any potential or actual conflict of interest which may reasonably be expected to have an impact on the independence or judgment of such trustee or fiduciary, shall deliver a disclosure statement to the prospective client (i) not less than forty-eight (48) hours prior to entering into any written or oral trust or fiduciary agreement with such client or prospective client, or (ii) at the time of entering into any such agreement if the client has a right to terminate the agreement without penalty within three (3) or more business days after entering into the agreement.   The disclosure statement shall contain appropriate information concerning the actual or potential conflict of interest. If such trustee or other fiduciary proposes to delegate any fiduciary function to an affiliate, the nature of the affiliation and whether the trustee or other fiduciary may directly benefit from the delegation shall be disclosed in the disclosure statement.
MS Code § 81-27-3.401 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 3 - Trusts and Fiduciaries|Acquisition of Trust Assets|§ 81-27-3.401. Purchase of assets of another trust institution

 Subject to the provisions of this section, a trust institution may purchase assets of a state trust company or trust-related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly provided by this section or another statute, the purchase of all or part of the assets of the trust institution does not make the purchasing trust institution responsible for any liability or obligation of the selling trust institution that the purchasing trust institution does not expressly assume. Except as otherwise provided by this chapter, this subarticle does not govern or prohibit the purchase by a state trust institution of all or part of the assets of a corporation or other entity that is not a trust institution.   If the acquiring institution is a state bank, a state trust company, an out-of-state trust institution which maintains neither a branch nor a trust office in this state, or a savings association chartered under the laws of this state, an application in the form required by the commissioner must be filed with the commissioner for any acquisition of all or substantially all of (i) the assets of a state trust company or (ii) the trust assets of another trust institution. The commissioner shall investigate the condition of the purchaser and seller and may require the submission of additional information as considered necessary to make an informed decision. The commissioner shall approve the purchase if:    The acquiring trust institution will be solvent and have sufficient capitalization for its business and location;   The acquiring trust institution has complied with all applicable statutes and rules including without limitation any applicable requirements of Article 3 of this chapter;   All fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed by the acquiring trust institution;   All conditions imposed by the commissioner have been satisfied or otherwise resolved; and   All fees and costs have been paid.    A purchase requiring an application pursuant to Section 81-27-3.401(b) is effective on the date of approval, unless the purchase agreement provides for, and the commissioner consents to, a different effective date.   The acquiring trust institution shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution under each account included in the assets acquired.
MS Code § 81-27-4.101 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Organization; General|§ 81-27-4.101. Organization and powers of state trust company

 Subject to the other provisions of this article, one or more persons may organize and charter a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state.   Subject to Section 81-27-4.107, a state trust company may exercise the powers of a business corporation reasonably necessary or helpful to enable exercise of its specific powers under this chapter.   A state trust company may contribute to community funds, or to charitable, philanthropic, or benevolent instrumentalities conducive to public welfare, amounts that its board considers appropriate and in the interests of the state trust company.   Subject to Section 81-27-5.301, a state trust company may deposit trust funds with itself or an affiliate.   Subject to obtaining any required insurance from the Federal Deposit Insurance Corporation, a state trust company may receive and pay deposits with or without interest, made by agencies of the United States Government or of a state, county, or municipality.
MS Code § 81-27-4.104 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Organization; General|§ 81-27-4.104. Investigation for state trust company charter

 The commissioner shall investigate the proof that one or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company. In making such a determination, the commissioner shall (i) examine the business plan which shall be submitted as part of the application for a state trust company charter and (ii) consider:    The market or markets to be served;   Whether the proposed organizational and capital structure and amount of initial capitalization is adequate for the proposed business and location;   Whether the anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;   Whether the proposed officers, directors, and managers, or managing participants, as a group, have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will operate in compliance with law and that success of the proposed state trust company is probable;   Whether each principal shareholder or participant has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed 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; and   Whether the organizers are acting in good faith.    The failure of an applicant to furnish required information, data, opinions of counsel, other material or the required fee is considered an abandonment of the application.
MS Code § 81-27-4.105 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Organization; General|§ 81-27-4.105. Issuance of charter

 A state trust company may not engage in the trust business until it receives its charter from the commissioner. The commissioner may not deliver the charter until the state trust company has:    Received cash or marketable securities in at least the full amount of required capital from subscriptions for the issuance of shares or participation shares;   Elected or qualified the initial officers and directors or managers, as appropriate, named in the application for charter or other officers and directors or managers approved by the commissioner; and   Complied with all other requirements of this chapter relative to the organization of a state trust company.
MS Code § 81-27-4.106 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Organization; General|§ 81-27-4.106. Required capital

 The commissioner may not issue a charter to a state trust company having required capital of less than Two Million Dollars ($2,000,000.00) except as provided in subsection (b) of this section.   The commissioner may require additional capital for a proposed or existing state trust company or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed or existing state trust company, if the commissioner finds the condition and operations of an existing state trust company or the proposed scope or type of operations of a proposed state trust company requires additional, or permits reduced, capital consistent with the safety and soundness of the state trust company. The safety and soundness factors to be considered by the commissioner in the exercise of such discretion include but are not limited to,    The nature and type of business conducted;   The nature and degree of liquidity in assets held in a corporate capacity;   The amount of fiduciary assets under management;   The type of fiduciary assets held and the depository of such assets;   The complexity of fiduciary duties and degree of discretion undertaken;   The competence and experience of management;   The extent and adequacy of internal controls;   The presence or absence of annual unqualified audits by an independent certified public accountant;   The reasonableness of business plans for retaining or acquiring additional capital; and   The existence and adequacy of insurance obtained or held by the trust company for the purpose of protecting its clients, beneficiaries and grantors.    The proposed effective date of an order requiring an existing state trust company to increase its capital must be stated in the order as on or after the twenty-first day after the date the proposed order is mailed or delivered. Unless the state trust company requests a hearing before the commissioner in writing before the effective date of the proposed order, the order becomes effective and is final and nonappealable. This subsection does not prohibit an application to reduce capital requirements of a proposed or an existing state trust company under subsection (b) of this section.   Subject to subsection (b) of this section and Section 81-27-4.301, a state trust company to which the commissioner issues a charter shall at all times maintain capital in at least the amount required under subsection (a) of this section, plus any additional amount or less any reduction the commissioner directs under subsection (b) of this section.