MS Code § 81-14-7 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 14 - Savings Bank Law|Article 1 - General Provisions|§ 81-14-7. Definitions and application of terms

 As used in this chapter, unless the context otherwise requires, the following terms shall have the meanings ascribed herein:   "Affiliate" means any person or corporation which controls, is controlled by, or is under common control with a savings institution.   "Associate" when used to indicate a relationship with any person means (i) any corporation or organization, other than the applicant, of which such person is an officer or partner or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities; (ii) any trust or other estate in which such person has a substantial beneficial interest, or to which such person serves as a trustee or in a similar fiduciary capacity; and (iii) any relative or spouse who lives in the same house as that person, or any relative of that person's spouse who lives in the same house as that person, or who is a director or officer of the applicant or any of its parents or subsidiaries.   "Association" means a thrift institution that is chartered by this state but which is not subject to this chapter.   "Board" means the State Board of Banking Review.   "Branch office" means an office of a savings bank other than its principal office which renders savings institution services.   "Capital stock" means securities which represent ownership of a stock savings bank.   "Certificate of incorporation of charter" means the document which represents the corporate existence of a state savings bank.   "Commissioner" means the Commissioner of Banking and Consumer Finance.   "Conflict of interest" means a matter before the board of directors in which one or more of the directors, officers or employees has a direct or indirect financial interest in its outcome.   "Control" means the power, directly or indirectly, to direct the management or policies of a savings bank, or to vote twenty-five percent (25%) or more of any class of voting securities for a savings bank.   "Depository institution" means a person, firm or corporation engaged in the business of receiving, soliciting or accepting money or its equivalent on deposit and/or lending money or its equivalent.   "Disinterested directors" means those directors who have absolutely no direct or indirect financial interest in the matter before them.   "Dividends on stock" means the earnings of a savings bank paid out to holders of capital stock in a stock savings bank.   "Department" means the Department of Banking and Consumer Finance.   "Examination and investigation" means a supervisory inspection of a savings bank or proposed savings bank which may include inspection of every relevant piece of information including subsidiary or affiliated businesses.   "Immediate family" means one's spouse, father, mother, children, brothers, sisters and grandchildren; and the father, mother, brother and sisters of one's spouse; and the spouse of one's child, brother or sister.   "Insurance of deposit accounts" means insurance on a savings bank's deposit accounts when the beneficiary is the holder of such insured account.   "Loan production office" means an office of a savings bank other than the principal or branch offices whose activities are limited to the generation of loans.   "Members" means deposit account holders and borrowers in a state mutual savings bank.   "Mutual savings bank" means a savings bank owned by members of the savings bank and organized under the provisions of this chapter.   "Net worth" means a savings bank's total assets less total liabilities as defined by generally accepted accounting principles plus unallocated, general loan loss reserves.   "Original incorporators" means the organizers of a state savings bank responsible for the business of a proposed savings bank from filing of application to the board's final decision on such application.   "Plan of conversion" means a detailed outline of the procedure of the conversion of a savings institution from one to another regulatory authority, from one to another form of ownership, or from one to another charter.   "Principal office" means the office which houses the headquarters of a savings bank.   "Proposed savings bank" means an entity in organizational procedures prior to the board's final decision on its charter application.   "Registered agent" means the person named in the certificate of incorporation upon whom service of legal process shall be deemed binding upon the savings bank.   "Savings bank" includes a state savings bank or a federal savings bank unless limited by use of the words "state" or "federal."   "Savings institution" means either an association or a savings bank.   "Service corporation" means a corporation operating under the provision of Article 7 of this chapter which engages in activities determined by the rules and regulations of the commissioner to be incidental to the conduct of a depository institution business as provided in this chapter or activities which further the corporate purposes of a savings bank, or which furnishes services to a savings bank or subsidiaries of a savings bank, the voting stock of which is owned directly or indirectly by one or more savings institutions.   "This state" means the State of Mississippi.   "Thrift institution" means a savings bank, bank for savings, savings and loan association, savings association, building and loan association, homestead association and any other supervised savings and residential financing institution of a substantially similar nature, but shall not include a commercial banking institution organized under the laws of the United States or a commercial bank organized under the laws of this or any other state.   "State savings bank" means a depository institution organized under this chapter and operated under the provisions of this chapter; or a corporation organized under the provisions of the laws of this state or federal law and so converted as to be operated under the provisions of this chapter.   "Stock savings bank" means all savings banks owned by holders of capital stock and organized and/or operated under the provisions of this chapter.   "Voluntary dissolution" means the dissolution and liquidation of a savings bank initiated by its ownership.