reglab/housing_qa huggingface dataset:
MS Code § 81-5-7 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-7. Preservation of old records

    Each bank shall retain permanently the minute books of meetings of its stockholders and directors, its capital stock ledger and capital stock certificate ledger or stubs, its general ledger, its daily statements of condition, its general journal, its investment ledger, its copies of bank examination reports, and all ledger sheets showing unpaid balances in favor of depositors.   The Commissioner of Banking and Consumer Finance shall from time to time prescribe by order and so notify each bank, a classified list of such other records which shall be preserved and the length of time therefor.   Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable.   State and federal statutes of limitation applicable to such actions or proceedings.   The availability of information contained in bank records from other sources.   Such other matters as the commissioner shall deem pertinent in order that his regulations will require banks to retain their records for as short a period as is commensurate with the interests of bank customers and shareholders and of the people of this state in having bank records available.    Prior to issuing any such regulation, the commissioner shall consider:    Any state bank may dispose of any record which has been retained for the period prescribed by or in accordance with the terms of this section for retention of records of its class, and shall thereafter be under no duty to produce such record in any action or proceeding.   Any state bank may cause any or all records at any time in its custody to be reproduced in a format of storage commonly used, whether electronic, imaged, magnetic, microphotographic, or otherwise, and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.   To the extent that they are not in contravention of any law of the United States, the provisions of this section shall apply to all banks doing business in this state.     No liability shall accrue against any bank destroying any records held for the period of time as provided in subsection (1) of this section, and in any cause or proceeding in which any such records or files may be called in question or be demanded of the bank or any officer or employee thereof, a showing that such records or files have been destroyed in accordance with the terms of this section shall be sufficient reason for the failure to produce them.
MS Code § 81-5-9 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-9. Banks shall become members of the Federal Deposit Insurance Corporation

 All banking corporations organized under the laws of the State of Mississippi shall become members of Federal Deposit Insurance Corporation or any other similar agency created by the laws of the United States to insure or guarantee deposits in banks. Such banks are empowered to enter into such contracts, incur such obligations and generally to do and perform all such acts and things as may be necessary or appropriate in order to take advantage of all memberships, grants, rights, or privileges which may at any time be available to banking institutions or their depositors, creditors, or stockholders by virtue of the act of Congress, and amendments thereto, providing for the establishment of Federal Deposit Insurance Corporation and the insurance of deposits in banks, or any other act, resolution or amendment passed by Congress to aid, regulate or safeguard banking institutions and their depositors, including any substitutions therefor; and banks are authorized to subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation.
MS Code § 81-5-11 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-11. State banks may become members of Federal Reserve Bank

 Any bank or trust company incorporated under the laws of Mississippi shall have power to subscribe to the capital stock and become a member of a Federal Reserve bank created and organized under the act of congress of the United States approved December 23, 1913, and known as the Federal Reserve Act and its amendments.
MS Code § 81-5-13 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-13. Federal Reserve Act requirements must be observed

 Any bank or trust company, incorporated under the laws of Mississippi, which shall become a member of a Federal Reserve bank, shall comply with the reserve requirements of the Federal Reserve Act and its amendments, and the compliance of such bank or trust company therewith shall be in lieu of, and shall relieve such bank or trust company from, compliance with the provisions of the laws of this state relating to the maintenance of reserves.
MS Code § 81-5-15 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-15. Officers and employees of banks to furnish fidelity bond; insurance

 Every active officer and employee of any bank or trust company in this state shall furnish a fidelity bond to the bank by which he is employed for the faithful performance of his duties, executed by some surety company authorized to do business in the State of Mississippi, as surety. The conditions of such bond, whether the instrument so describes the conditions or not, shall be that the principal shall protect the obligee against any loss or liability that the obligee may suffer or incur by reason of the acts of dishonesty of the principal or by reason of the violation of any of the provisions of the banking laws of Mississippi. The amount of such bond shall be fixed by the board of directors, subject, however, to approval of the state comptroller and the same shall be inspected upon the examination of the bank or trust company.   Every banking corporation shall provide adequate insurance protection and indemnity against robbery and burglary and other similar insurable losses. Whenever any bank refuses or fails to comply with this requirement the state comptroller may contract for such protection and indemnity and add the cost thereof to the assessment otherwise payable by such bank for the support of the department of bank supervision.
MS Code § 81-5-17 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-17. Bank stock; transfer and use as collateral

 The shares of stock of banks shall be deemed personal property, and shall be transferred on the books of the bank in such manner as the by-laws thereof shall direct, and as required by law. But no bank shall accept as collateral, or be the purchaser of, its own stock, except in cases where the taking of such collateral, or such purchase, shall be necessary to prevent loss upon a debt previously contracted in good faith, and in such cases, unless full payment of such debt is made, such stock shall be sold by the bank within twelve months from the date it was acquired.
MS Code § 81-5-19 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-19. Stock; record of transfer of to be kept

 A book shall be provided and kept by every bank, in which shall be entered the names and residences of the stockholders thereof, the number of shares held by each, the time when such person became a stockholder, and also all transfers of stock, stating the time when made, the number of shares and by whom transferred. In all actions, suits and proceedings, such book shall be prima facie evidence of the facts therein stated.
MS Code § 81-5-21 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-21. Stock of other banks not to be owned

 No part of the stock of any bank except regional reserve banks shall be owned by a state bank. In cases where such stock is taken as collateral and the purchase thereof shall be necessary to prevent loss upon a debt previously contracted in good faith, then in such cases such stock shall be sold by the bank within twelve months from the time it was acquired, unless the consent of the state comptroller is obtained in writing extending such period. A violation of this section by any bank shall subject it to liquidation and forfeiture of charter.
MS Code § 81-5-23 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-23. Preferred stock; issuance authorized

 Banks may, with the approval of the state comptroller, and by a vote of stockholders owning a majority of the stock of such bank, upon not less than five (5) days' notice, given by registered mail, pursuant to action taken by their boards of directors, issue preferred stock of one or more classes in such amount and with such par value as shall be approved by the said comptroller, and may make such amendments to their charters as may be necessary for this purpose; but, in the case of a newly organized bank which has not yet issued common stock, the requirement of notice to and vote of stockholders shall not apply.   The holders of such preferred stock shall be entitled to receive such cumulative dividends at a stipulated rate and shall have such voting and conversion rights and such control of management, and such stock shall be subject to retirement in such manner and upon such conditions as may be provided in the charter, with the approval of the state comptroller. The holders of such preferred stock shall not be held individually responsible as such holders for any debts, contracts or engagements of such bank, and shall not be liable for assessments to restore impairments in the capital of such bank as provided by law with reference to the holders of common stock.   Preferred stock issued by any bank in this state shall be exempt from all state, county, municipal, levee district, and other ad valorem taxes so long as the same shall be held by an agency of the federal government.   The acts of any board of directors of any banking corporation organized and operating under the laws of the State of Mississippi, insofar as such acts pertain to the issuance of preferred stock which may have heretofore been issued, are hereby in all particulars validated.   No dividend shall be declared or paid on common stock until the cumulated dividends on the preferred stock shall have been paid in full; and, if the corporation is placed in either voluntary or involuntary liquidation, no payment shall be made to the holders of the common stock until the owners of the preferred stock shall have been paid in full the par value of such preferred stock plus all accumulated dividends.
MS Code § 81-5-25 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-25. Investments in stock of small business investment companies

 Shares of stock issued by small business investment companies, incorporated in this state and licensed under the provisions of the Small Business Investment Act of 1958, Public Law 699, 85th Congress, and any amendments thereto, shall be legal investments for state chartered banks and trust companies, to the same extent that shares of small business investment companies are eligible for purchase by national banks under the provisions of said Small Business Investment Act of 1958, and any amendments thereto.
MS Code § 81-5-27 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-27. Liability of stockholders

 The stockholders of every bank shall be individually liable, actually and ratably, and not for one another, for the benefit of the depositors in said bank at the amount of their stock at the par value thereof, and in addition to said stock. However, persons holding stock as executors, administrators, guardians or trustees shall not be personally liable as stockholders, but the assets and funds in their hands constituting the trust shall be liable to the same extent as the testator, intestate, ward, or person interested in such trust fund would be, if living or competent to act. Persons holding stock as collateral security shall not be personally liable as stockholders, but the person pledging such stock shall be deemed the stockholder and liable under this section. Such double liability may be enforced in a suit at law or in equity by the receiver of any bank in process of liquidation. Such suit, however, shall be brought within six years from the date the bank went into liquidation and not thereafter. Such double liability shall not apply, however, to stock in any bank organized, after April 2, 1934, nor to stock in any bank open for business on April 2, 1934, provided such bank is a member of the Federal Deposit Insurance Corporation, or any other similar agency created by the laws of the United States.
MS Code § 81-5-28 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-28. Bank holding companies; definitions; control of banks

  As used in this section, unless the context clearly requires otherwise:   "Bank" means any company that accepts deposits in Mississippi that are insured under the provisions of the Federal Deposit Insurance Act, 12 U.S.C. 1811 et seq., as amended; provided, however, that the term "bank" shall not include a company engaged solely in the trust business, all or substantially all of the deposits of which are in trust funds and are received in a bona fide fiduciary capacity.   "Bank holding company" means any company which is a bank holding company under the provisions of the Federal Bank Holding Company Act of 1956, 12 U.S.C. 1841 et seq., as amended.   "Company" has the meaning assigned in Section 2(b) of the Federal Bank Holding Company Act of 1956, 12 U.S.C. 1841(b), as amended.   "Control" has the meaning assigned in Sections 2(a)(2) and (3) of the Federal Bank Holding Company Act of 1956, 12 U.S.C. 1841(a)(2) and (3), as amended, except that the reference therein to "the board" shall be deemed to refer to the Mississippi Commissioner of Banking and Consumer Finance.     No bank holding company shall control a bank unless the bank is a bank as defined in Section 2(c) of the Federal Bank Holding Company Act of 1956, 12 U.S.C. 1841(c), as amended.   No company that is not a bank holding company shall control a bank.   The Mississippi Commissioner of Banking and Consumer Finance shall have the power to enforce the prohibitions of this section by seeking to enjoin any violation, by issuing cease and desist orders, by imposing administrative fines or penalties, and by any other remedies that are provided by law.
MS Code § 81-5-29 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-29. Corporations may be formed to purchase, hold and own bank assets

 Corporations may be formed to purchase, hold and own bank assets. By and with the consent and approval of the Commissioner of Banking and Consumer Finance, corporations may be formed in this state for the purpose of purchasing, holding, owning, dealing in, lending on and borrowing on assets of banks, either open or in liquidation. From and after July 1, 2014, any proposed transfer of bank assets to be purchased, held or owned by a corporation authorized by this section shall be subject to the prior consent and approval of the commissioner. By and with the consent and approval of the commissioner, banks and receivers of banks may purchase any stock issued by such corporations, which shall have all the general corporate powers of corporations created under the general corporation laws of this state. By and with the consent and approval of the commissioner, banks may purchase and deal in any obligations of indebtedness issued by such corporations. In addition to general power to issue stock and borrow money, such corporation shall have specific power to issue stocks, common or preferred, to all agencies of the federal government, and to borrow money from and pledge assets to all such agencies. The commissioner shall have general supervision of the organization, operation and business of such corporation, and may issue and enforce regulations with reference thereto. The name of all such corporations shall include the words "bank securities corporation."
MS Code § 81-5-31 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-31. Voting trusts prohibited

 The transfer of any part of the stock of a state bank to trustees solely or primarily that they may vote the same at annual elections and stockholders' meetings - "voting trusts" as they are generally known - is expressly prohibited. A violation of this section by any bank or banks shall constitute a breach of law, and subject any such bank or banks to liquidation and forfeiture of their respective charters; provided, however, that this section shall not apply to any stock owned by an agency of the federal government.
MS Code § 81-5-35 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-35. State and national banks acting in fiduciary capacity not required to file bond; exception

 No state or national bank domiciled in this state and duly authorized by law to act in a fiduciary capacity shall be required to make or file any bond or other security for the faithful performance of its duty when acting as executor, administrator, guardian, conservator, trustee, or in any other fiduciary capacity, unless the instrument creating any such trust or the court having jurisdiction thereof shall specifically direct that such bond or other security shall be given for the performance of such trust and shall fix the amount thereof. The chancery court or chancellor in vacation, having jurisdiction over any such estate or trust existing at the time of the enactment of this statute may, in its discretion, cancel any such bond or release any such security and discharge the surety or sureties thereon. However, the retroactive effect of this section shall not apply to the release of any such bond or security or surety on any estate, guardianship, or trust on which a bond or security or surety was required as a result of the failure of a probated will to waive bond, security, or surety.
MS Code § 81-5-37 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-37. Uniform Common Trust Fund Law

  Any bank or trust company qualified to act as a fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as co-fiduciaries; and may, as such fiduciary or co-fiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciary or co-fiduciaries to such investment.   Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the chancery court, secure approval of such an accounting on such conditions as the court may establish.   This section shall be so interpreted and construed as to effectuate the general purpose of making uniform the law of those states which enact the Uniform Common Trust Fund Act.   This section may be cited as the Uniform Common Trust Fund Law.
MS Code § 81-5-39 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 5 - General Provisions Relating to Banks and Banking|General Provisions|§ 81-5-39. Banks may register securities held in fiduciary capacity in name of bank's nominee

 Whenever any bank or trust company organized under the laws of this state or any national bank doing business in this state is acting as trustee, guardian, executor, administrator, or other fiduciary and has a nominee, whether an individual, a corporation or a partnership, in whose name stocks, bonds, debentures, or any other corporate securities in registered form, may be registered, it shall be lawful and any such fiduciary is hereby authorized to register any such securities in the name of such nominee without disclosure of the trust or other fiduciary relationship on the face of the instrument evidencing such securities or in the bond registry or on the books of the corporation issuing the same, provided that:   the books and records kept by the fiduciary and the accounts rendered by it shall clearly reflect the ownership of such securities by the fiduciary,   the securities registered in the name of the nominee shall at all times be retained in the possession of the fiduciary and the nominee shall have no access thereto except under the immediate supervision of the fiduciary, and   the fiduciary shall be personally liable for any loss to the trust or estate resulting from any act or neglect of such nominee with respect to any securities registered in the name of the nominee.   Whenever any such bank or trust company is acting jointly with others as trustee or executor of a trust or estate it shall be lawful by agreement with such other fiduciary to register the securities of such trust or estate in the name of such bank or trust company's nominee; and in the event two such banks or trust companies shall be acting as co-fiduciaries it shall be lawful to register the securities of the trust or estate in the name of the nominee of either fiduciary or by agreement to register a proportionate part thereof in the name of the nominee of each fiduciary.