reglab/housing_qa huggingface dataset:
MS Code § 81-12-25 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-25. Incorporation; petition; fee; articles; bylaws; exhibits

 Any five (5) or more individuals (hereinafter referred to as the "incorporators"), citizens of this state, may form a mutual association or capital stock association to promote thrift and home financing, subject to approval as hereinafter provided in this chapter, by filing with the commissioner, two (2) sworn duplicate originals of a petition for a certificate of incorporation in the form to be prescribed by the commissioner, accompanied by the proposed articles of incorporation and proposed bylaws, each in a form approved by the commissioner and accompanied by the incorporation fee. The proposed bylaws shall make provisions for (a) annual meeting of members or stockholders, (b) special meeting of members or stockholders, (c) notice of meeting of members or stockholders, (d) procedure for nomination of directors, (e) meetings of board of directors, (f) resignation and removal of directors, (g) officers, (h) execution of instruments, (i) evidence of savings accounts, (j) corporate seal, (k) fiscal year, (l) amendments and (m) such other matters as may be prescribed by the commissioner by rule or regulation. The petitioners shall submit with their petition statements, exhibits, maps and other data which the commissioner may require, which data shall be sufficiently detailed and comprehensive to enable the commissioner to pass upon the petition as to the criteria set out in Section 81-12-27.
MS Code § 81-12-27 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-27. Incorporation; examination and investigation of petition

 Upon receipt of a petition for a certificate of incorporation, including supporting data, the commissioner shall promptly give consideration to the petition and make an examination of the proposed articles of incorporation to determine if they meet all requirements of law. The commissioner shall then make an investigation to determine that the prerequisites of this chapter have been complied with and that:   The character, responsibility and general fitness of the persons named in the petition are such as to command confidence and warrant belief that the business of the proposed association will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter, and that the proposed association will have qualified full-time management;   There is public need for the proposed association and the interest of the public will be best served by granting the petition;   The anticipated volume and type of business of the proposed association is such as to indicate profitable operation within a reasonable time; and   The operation of the proposed association will not unduly harm any properly conducted financial institution serving the needs and existing in the community in which the principal office or any branch of the proposed association is to be located.
MS Code § 81-12-29 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-29. Incorporation; notice of petition; filing notice of opposition; hearing

  Upon receipt of a petition for a certificate of incorporation to form an association, the complete filing and filing date to be determined by the commissioner, the commissioner shall, within fifteen (15) days of the determined filing date, give written notice to all financial institutions in the county in which the proposed association is to be located and to all financial institutions in the counties bordering the county in which the proposed association is to be located. Notice shall also be sent to all interested persons and shall be published one (1) time in a newspaper of general circulation in the county in which the proposed association is to be located. Such notice shall include the subject matter of the petition and shall invite persons to be heard by the board by sworn written statement or in person. Any financial institution opposing approval of the petition of incorporation shall file a sworn written statement of such opposition with the commission er not later than the date fixed therefor by the commissioner in his notice. The statement of opposition shall set forth in summary form specific objections to the incorporation of the proposed association. The protestant shall, at the same time its statement of opposition is filed with the commissioner, furnish the petitioner a copy of such statement by first class United States mail. The protestant shall certify to the commissioner that he has furnished such statement to the petitioner.   Within forty-five (45) days of the determined filing date of a petition for a certificate of incorporation to form an association, the commissioner, in writing, shall set a date for the hearing of such petition by the board to consider the petition and his findings, such date to be not earlier than sixty (60) days and not more than ninety (90) days from the determined filing date of the petition. Written notice of such hearing date shall be furnished by first class United States mail to the board members, the petitioner, the petitioner's attorney, and any protestants of record and their attorneys.   When the commissioner has completed the examination and made his investigation, he shall record his findings and recommendations in writing and present them to the board at least fifteen (15) days prior to the hearing date set pursuant to subsection (2) of this section.   Times established pursuant to this section may be extended by the commissioner upon good cause shown.
MS Code § 81-12-31 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-31. Incorporation; meeting of board to consider petition; cross-examination of and compelling attendance of witnesses; disposition of petition

 The board, at its meeting, shall consider the findings and recommendation of the commissioner and shall hear such oral testimony as he may wish to give or be called upon to give, and shall also receive information and hear testimony from the prospective incorporators of the proposed association and from any and all other interested persons bearing upon the approval of the petition and the operation of the new association. All witnesses shall be subject to cross-examination by any of the parties who are incorporators or objectors or by the board. After considering the findings, and recommendation submitted to it by the commissioner and his oral testimony, if any, and considering such other information and evidence, either written or oral, which has come before it, the board shall decide if it has before it sufficient information and evidence upon which it can dispose of the petition for a certificate of incorporation to form an association. If it is determined that evidence and information is not sufficient, then the board shall order the commissioner to secure such additional information and evidence as it may prescribe or shall request such from the prospective incorporators and from other interested persons. The board shall thereupon set a date for a future meeting to be held in not less than forty-five (45) nor more than sixty (60) days and shall give to the prospective incorporators, financial institutions and other interested persons the same notice of such meeting prescribed above and shall recess the meeting then being held until such future date. The board shall have and is hereby vested with the power to compel attendance of witnesses, just as is the commissioner, and all testimony given before said board shall be taken down and may be transcribed by a reporter at the request of any interested party. If the board, or a majority thereof, shall determine that it has before it sufficient evidence and information upon which to base a decision, then it shall render a written opinion and decision in the matter within sixty (60) days of the last meeting. If its decision is favorable, then the board shall issue a certificate of approval of incorporation of the association.
MS Code § 81-12-33 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-33. Incorporation; proceedings upon approval of incorporation; commencement of corporate existence

  The commissioner shall file one (1) signed copy of such certificate of approval and of the certificate of incorporation with the Secretary of State. The commissioner shall endorse upon the two (2) copies of the petition for certificate of incorporation filed with him such certificate of approval and return the duplicate original and a copy of the certificate of incorporation to the association, addressed to the chairman of the incorporators, and shall retain the original petition for certificate of incorporation and a copy of the certificate of incorporation in the permanent files of his office. He shall return one (1) copy of the approved bylaws to the association, addressed to the chairman of the incorporators, and retain in the permanent files of his office the original signed copy of the approved bylaws. The petition for certificate of incorporation, the certificate of approval of incorporation, the certificate of incorporation, and the bylaws shall not be filed or recorded in any other state or county office. The failure of the commissioner to file, return or retain any such document as above provided shall not affect the validity of the incorporation of any association.   The corporate existence of an association shall begin on the date the commissioner issues the certificate of incorporation of the association.
MS Code § 81-12-37 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-37. Capital stock association; minimum required capital; paid-in surplus; determining and maintaining adequate net worth

 A capital stock association shall be organized in accordance with this section. The incorporators shall appoint one (1) of their number as chairman of the incorporators. The capital of a capital stock association shall be the sum of the par value of all shares of voting capital stock. The minimum required capital shall be: (a) in municipalities having not more than twenty-five thousand (25,000) inhabitants, the minimum sum of Five Hundred Thousand Dollars ($500,000.00); (b) in municipalities having more than twenty-five thousand (25,000), but not more than one hundred thousand (100,000) inhabitants, the minimum sum of One Million Dollars ($1,000,000.00); (c) in municipalities having more than one hundred thousand (100,000) inhabitants, the minimum sum of One Million Five Hundred Thousand Dollars ($1,500,000.00). The population of the municipality shall be determined by the commissioner based upon the latest federal census. No commissions, fees or other remuneration shall be paid for the sale of shares of capital stock necessary to meet the minimum capital and paid-in surplus requirements of this section. No incentive stock shall be issued. All stock shall be sold at not less than par value.   In addition to the minimum capital required above, the subscribers shall pay an additional amount equal to not less than twenty-five percent (25%) of the par value of the stock subscribed, which shall be credited to paid-in surplus and may be used to offset losses from operations. Such minimum capital and surplus may be used for the reserves required by law as may be permitted by the board.   After organization or conversion, each capital stock association shall maintain an adequate net worth appropriate for the conduct of its business and the protection of its savings account holders. The net worth adequacy of a capital stock association shall be determined by the commissioner on a regular basis but not less than one (1) time per year after evaluating the character of management, the liquidity or quality of assets, history of earnings and the retention thereof, the potential volatility of the deposit structure, and the association's capacity to furnish the broadest service to the public. A written report of such finding and determination shall be made and filed. Such report shall include actions recommended to be taken. A copy of such report shall be sent to each member of the board and considered by the board at its next meeting.
MS Code § 81-12-39 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-39. Capital stock association; statement of compliance; issuance of certificate of authorization; organization meeting

  After approval by the board of the petition for a certificate of incorporation, the proposed capital stock association shall file with the commissioner a statement in such form and with such supporting data and proof as it may require, showing that the entire capital including paid-in surplus has been fully and unconditionally paid in lawful cash money and that the funds representing such capital and paid-in surplus, less sums of the paid-in surplus spent with the approval of the commissioner for land, building, supplies, fixtures, equipment and organization, are on hand and that it has acquired insurance of accounts as provided in this chapter. If the board finds that the capital stock association has in good faith complied with all the requirements of law, it shall, within thirty (30) days after the filing of the said statement issue, in duplicate, under its official seal, a certificate of authorization to transact a general savings and loan business, transmitting one (1) copy to the association and placing one (1) copy in the department file. Said certificate shall state that the association named therein is authorized to transact a general savings and loan business. Should the board find that said statement does not comply with the law, it shall so notify the association and require such compliance as it finds necessary.   Within forty-five (45) days after the corporate existence of an association begins, the directors of the association shall hold an organization meeting for the purpose set forth in Section 81-12-35(5) above, provided the time of such meeting may be similarly extended.
MS Code § 81-12-45 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-45. Forfeiture of corporate existence; new corporations; extension of time within which to commence business

 Any association which obtains its charter of incorporation subsequent to July 1, 1977, and which shall not commence business within six (6) months after the date upon which its corporate existence shall have begun, shall forfeit its corporate existence, unless the commissioner, before the expiration of such period of six (6) months shall have approved the extension of time within which it may commence business not to exceed ninety (90) days, upon a written application stating the reasons for such delay. Upon such forfeiture the certificate of incorporation shall expire, and all action taken in connection with the incorporation thereof, except the payment of the incorporation fee, shall become void. Amounts credited on savings accounts, less expenditures authorized by law, shall be returned pro rata to the respective holders thereof.
MS Code § 81-12-55 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-55. Conversion of federal association into association organized under state law

 At an annual meeting or at any special meeting of the members or stockholders called to consider such action, any federal mutual or capital stock savings association or federal mutual or capital stock savings and loan association, hereinafter in this subsection called "federal association," may apply for conversion into a state-chartered association under this chapter upon an affirmative vote of fifty-one percent (51%) or more of the total number of votes of the members eligible to be cast or an affirmative vote of sixty-six and two-thirds percent (66-2/3%) or more of all the issued and outstanding stock of such federal association. Upon such affirmative vote, the federal association may apply for a certificate of authority by filing with the commissioner a certificate signed by its president or secretary which sets forth the corporate action herein prescribed and asserts that the institution has complied with the provisions of the laws of the United States. The federal association shall also file with the commissioner the plan of conversion and the proposed amendments to its articles of association as approved by the members or stockholders for the operation of the association as a state-chartered association. Upon receipt of such application, the commissioner shall examine all facts associated with the conversion. The expenses and costs incurred for such special examination shall be paid by the institution applying for permission to convert. The commissioner shall present his findings and recommendations to the State Board of Banking Review for consideration. Upon approval by the State Board of Banking Review, the commissioner shall issue a certificate of authority to the applicant allowing the conversion to proceed.
MS Code § 81-12-59 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-59. Conversion of association organized under state law or of federal association into capital stock association; hearing on plan of conversion; notice; costs

 With respect to a conversion arising under Section 81-12-57 above, the commissioner may hold a hearing upon the plan of conversion. A hearing may be held by the commissioner on his own motion or upon application of the converting association or any member thereof and shall be held upon application by the holders of five percent (5%) or more in amount of the association's savings accounts. All persons to whom it is proposed to issue capital stock in connection with the conversion may appear at any hearing, and notice of the time and place of the hearing shall be given to all such persons in person or by mail at least thirty (30) days before the hearing by the association. Evidence satisfactory to the commissioner that the notice has been given shall be submitted to the commissioner at least ten (10) days prior to the hearing. Following the hearing, the commissioner may approve the terms of the plan of conversion, may reject the same or approve the same upon condition that portions thereof may be modified. All costs to the state resulting from conversions under this section shall be paid by the association making application for conversion.
MS Code § 81-12-63 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-63. Conversion prohibited; exceptions

 No conversion of an association or a federal association, direct or indirect, shall be permitted, except as specifically authorized by this chapter, Section 81-14-101 or Section 81-5-85.
MS Code § 81-12-65 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-65. Reorganization, merger and consolidation of associations

 Pursuant to a plan adopted by the board of directors and approved by the commissioner as equitable to the members of the association and as not impairing the usefulness and success of other properly conducted associations in the community and serving the needs of the community, an association shall have power to reorganize or to merge or consolidate with another association or federal association within its primary lending area, provided that the plan of such reorganization, merger or consolidation shall be approved at an annual meeting or at any special meeting of the members or stockholders called to consider such action by an affirmative vote of fifty-one percent (51%) or more of the total number of votes of the members or an affirmative vote of sixty-six and two-thirds percent (66-2/3%) of those shares of stock of such association voted, in person or by proxy. Any such plan must set forth (a) the names of the associations proposing to merge or consolidate and the name of the association into which they propose to merge or consolidate, which is herein designated as "the surviving association"; (b) the terms and conditions of the proposed merger or consolidation and the mode of carrying it into effect; (c) the manner and basis of converting the savings accounts of each merging or consolidating association into savings accounts of the surviving association; (d) the manner and basis of the cancellation and issuance of the capital stock of the merging and surviving associations; (e) a statement of any changes in the articles of incorporation of the surviving association to be effected by the merger or consolidation; (f) a statement of the contracts pertaining to the employment, or the retention as consultant, of officers and directors of the merged or consolidated association; and (g) such other provisions with respect to the proposed merger or consolidation as are deemed necessary or desirable by the boards of directors or the commissioner. In al l cases the corporate continuity of the resulting corporation shall possess the same incidents as that of an association which has converted in accordance with this chapter. No association, directly or indirectly, shall reorganize, merge, consolidate, or acquire substantially all of the assets of or assume substantially all of the liabilities of any financial institution or any other organization, person or entity, except as specifically authorized by this chapter. The charter of any association which does not survive a reorganization, merger or consolidation shall be surrendered to the commissioner and the Secretary of State on the effective date of such reorganization, merger, or consolidation and promptly cancelled by him.
MS Code § 81-12-66 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 12 - Savings Associations Law|§ 81-12-66. Ownership by holding company

  Notwithstanding any other provision of law, any stock savings association may simultaneously with its incorporation or conversion to a stock savings association provide for its ownership by a holding company. In the case of a conversion, members of the converting savings association shall have the right to purchase capital stock of the holding company in lieu of capital stock of the converted savings association in accordance with Section 81-12-61, Mississippi Code of 1972.   Notwithstanding any other provision of law, any stock savings association may reorganize its ownership to provide for ownership by a holding company, upon adoption of a plan of reorganization by a favorable vote of not less than two-thirds (2/3) of the members of the board of directors of the savings association and approval of such plan of reorganization by the holders of not less than a majority of the issued and outstanding shares of stock of the savings association. The plan of reorganization shall provide that (a) the resulting ownership shall be vested in a Mississippi corporation; (b) all stockholders of the stock savings association shall have the right to exchange shares; (c) the exchange of stock shall not be subject to state or federal income taxation; (d) stockholders not wishing to exchange shares shall be entitled to dissenters' rights as provided under Section 79-4-13.01 et seq., Mississippi Code of 1972; and (e) the plan of reorganization is fair and equitable to all stockholders.