reglab/housing_qa huggingface dataset:
MS Code § 81-27-6.404 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Merger, Consolidation, Transfer of Assets|§ 81-27-6.404. Rights of dissenters to mergers

 A shareholder, participant, or participant-transferee may dissent from the merger to the extent and by following the procedure provided by the Mississippi Business Corporation Act or rules or regulations adopted under this chapter.
MS Code § 81-27-6.405 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Merger, Consolidation, Transfer of Assets|§ 81-27-6.405. Authority to act as disbursing agent

 The purchasing trust institution may hold the purchase price and any additional funds delivered to it by the selling institution in trust for the selling institution and may act as agent of the selling institution in disbursing those funds in trust by paying the creditors of the selling institution. If the purchasing trust institution acts under written contract of agency approved by the commissioner that specifically names each creditor and the amount to be paid each, and if the agency as limited to the purely ministerial act of paying creditors the amounts due them as determined by the selling institution and reflected in the contract of agency and does not involve discretionary duties or authority other than the identification of the creditors named, the purchasing trust institution:    May rely on the contract of agency and the instructions included in it; and   Is not responsible for:    Any error made by the selling institution in determining its liabilities, and creditors to whom the liabilities are due, or the amounts due the creditors; or   Any preference that results from the payments made under the contract of agency and the instructions included in it.
MS Code § 81-27-6.406 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Merger, Consolidation, Transfer of Assets|§ 81-27-6.406. Liquidation of selling state trust company

 If the selling trust institution is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory agency, the purchasing trust company shall pay to the receiver of the selling institution the balance of the funds held by it in trust for the selling institution and not yet paid to the creditors of the selling institution. Without further action the purchasing trust institution is discharged of all responsibilities to the selling institution, its receiver, or its creditors, shareholders, or participants.
MS Code § 81-27-6.407 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Merger, Consolidation, Transfer of Assets|§ 81-27-6.407. Payment to creditors

 Payment to a creditor of the selling institution of the amount to be paid the person under the terms of the contract of agency may be made by the purchasing trust company by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under the terms of the agency contract, and mailing or personally delivering a duplicate ticket evidencing the credit to the creditor at the person's address shown in the records of the selling institution. The relationship between the purchasing trust institution and the creditor is that of agent to creditor only to the extent of the credit reflected by the ticket.
MS Code § 81-27-6.408 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 6 - Additional Definitions; Ownership; Governance; Mergers|Merger, Consolidation, Transfer of Assets|§ 81-27-6.408. Sale of assets

 The board of a state trust company, with the commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder or participant approval if the commissioner finds:    The interests of the state trust company's clients, depositors, and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; and   The sale is in the best interest of the state trust company's clients and creditors; and   The Federal Deposit Insurance Corporation or its successor approves the transaction unless the deposits of the state trust company are not insured.   Fees and assessments due the department.    A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge:   All of the state trust company's liabilities to clients and depositors;   All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;   Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and   This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business.   This section does not affect the commissioner's right to take action under another law. The sale by a trust company of all or substantially all of its assets with shareholder or participant approval is considered a voluntary dissolution and liquidation and is governed by Section 81-5-101.
MS Code § 81-27-7.001 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 7 - Enforcement Actions|Supervision and Examination|§ 81-27-7.001. Commissioner shall have supervision over authorized trust institutions and shall examine

 For the purposes of this article, the term "authorized trust institution" means any state trust company, trust office or representative trust office.   Every authorized trust institution shall be under the supervision of the commissioner. The commissioner shall execute and enforce through the department and such other agents as are now or may hereafter be created or appointed, all laws which are now or may hereafter be enacted relating to authorized trust institutions. For the more complete and thorough enforcement of the provisions of this chapter, the commissioner may promulgate such rules or regulations not inconsistent with the provisions of the chapter, as may, in its opinion, be necessary to carry out the provisions of the laws relating to authorized trust institutions and as may be further necessary to insure safe and conservative management of an authorized trust institution under its supervision taking into consideration the appropriate interest of the creditors, stockholders, participants and the public in their relations with such authorized trust institutions. All authorized trust institutions doing business under the provisions of this chapter shall conduct their business in a manner consistent with all laws relating to authorized trust institutions, and all rules, regulations, and instructions that may be promulgated or issued by the commissioner.   The commissioner, or his duly authorized representative, for the purpose of discovering violations of this chapter and for the purpose of determining whether companies or offices are subject to the provisions of this article, may examine authorized trust institutions that have a charter, license or registration under this chapter and companies or offices that are reasonably suspected by the commissioner of conducting business that requires a charter, license or registration under this chapter, including all relevant books, records and papers employed by those companies or offices in the transaction of their business, and may summon witnesses and examine them under oath concerning matters relating to the business of those companies or offices, or such other matters as may be relevant to the discovery of violations of this chapter, including without limitation the conduct of business without a charter, license or registration as required under this chapter.
MS Code § 81-27-7.002 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 7 - Enforcement Actions|Supervision and Examination|§ 81-27-7.002. Fees for examination

 The fees for examination of authorized trust institutions shall be assessed and collected by the commissioner.
MS Code § 81-27-7.003 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 7 - Enforcement Actions|Supervision and Examination|§ 81-27-7.003. Department to act under authority of the commissioner

 All the powers, duties and functions granted to or imposed upon the department under this chapter shall be exercised under the direction and supervision of the commissioner.
MS Code § 81-27-7.101 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 7 - Enforcement Actions|Enforcement Orders; Trust Company Management|§ 81-27-7.101. Administrative orders; penalties for violation

 In addition to any other powers conferred by this chapter, the commissioner shall have the power to:    Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist violating any provision of this chapter or any lawful rule or regulation issued under this chapter.   Order any authorized trust institution, or subsidiary thereof, or any director, officer, or employee to cease and desist from a course of conduct that is unsafe or unsound and which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the authorized trust institution.   Order any company to cease engaging in an unauthorized trust activity.   Enter any order pursuant to Section 81-27-2.302.    The commissioner may impose a civil money penalty of not more than One Thousand Dollars ($1,000.00) for each violation by any authorized trust institution, or subsidiary thereof, or any director, officer, or employee of an order issued under paragraph (1) of subsection (a) of this section. In addition, the commissioner may impose a civil money penalty of not more than One Thousand Dollars ($1,000.00) per day for each day that an authorized trust institution, or subsidiary thereof, or any director, officer, or employee violates a cease and desist order issued under paragraph (2) or (3) of subsection (a) of this section. All civil money penalties collected under this section shall be deposited in the State General Fund.
MS Code § 81-27-7.102 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 7 - Enforcement Actions|Enforcement Orders; Trust Company Management|§ 81-27-7.102. Notice and opportunity for hearing

 Notice and opportunity for a hearing shall be provided before any of the foregoing actions may be undertaken by the commissioner. However, in cases involving extraordinary circumstances requiring immediate action, the commissioner may take such action, but shall promptly afford a subsequent hearing upon application to rescind the action taken.
MS Code § 81-27-7.103 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 7 - Enforcement Actions|Enforcement Orders; Trust Company Management|§ 81-27-7.103. Subpoena power and examination under oath

 The commissioner shall have the power to subpoena witnesses, compel their attendance, require the production of evidence, administer oaths, and examine any person under oath in connection with any subject related to a duty imposed or a power vested in the commissioner.
MS Code § 81-27-7.104 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 7 - Enforcement Actions|Enforcement Orders; Trust Company Management|§ 81-27-7.104. Removal of directors, officers and employees

 Consistent with Section 81-27-7.102, the commissioner may require the immediate removal from office of any officer, director, or employee of any authorized trust institution, who is found to be dishonest, incompetent, or reckless in the management of the affairs of the authorized trust institution, or who persistently violates the laws of this state or the lawful orders, instructions, and regulations issued by the commissioner.
MS Code § 81-27-7.105 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 7 - Enforcement Actions|Enforcement Orders; Trust Company Management|§ 81-27-7.105. Review by the court

 Administrative orders issued by the commissioner and civil money penalties imposed for violation of such orders shall be subject to review by the Chancery Court of the First Judicial District of Hinds County, Mississippi.
MS Code § 81-27-8.001 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Voluntary dissolution and liquidation|§ 81-27-8.001. Required vote of shareholders or participants

 A state trust company may go into voluntary liquidation and be closed, and may surrender its charter and franchise as a corporation of this state by the affirmative votes of its shareholders or participants owning two-thirds (2/3) of its stock or participation shares.
MS Code § 81-27-8.002 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Voluntary dissolution and liquidation|§ 81-27-8.002. Corporate procedure

 Shareholder or participant action to liquidate a state trust company shall be taken at a meeting of the shareholders or participants duly called by resolution of the board of directors or members, written notice of which, stating the purpose of the meeting, shall be mailed to each shareholder or participant, or in case of a shareholder's or participant's death, to such shareholder's or participant's legal representative or heirs at law, addressed to the shareholder's or participant's last known residence ten (10) days previous to the date of such meeting. If stockholders or participants shall, by the required vote, elect to liquidate a trust company, a certified copy of all proceedings of the meeting at which such action shall have been taken, verified by the oath of the president and secretary, shall be transmitted to the commissioner for approval.
MS Code § 81-27-8.003 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Voluntary dissolution and liquidation|§ 81-27-8.003. Authority to liquidate; publication

 If the commissioner shall approve the liquidation, the commissioner shall issue to the state trust company under the commissioner's seal, a permit for such purpose. No such permit shall be issued by the commissioner until the commissioner shall be satisfied that provision has been made by the state trust company to satisfy and pay off all creditors. If not so satisfied, the commissioner shall refuse to issue a permit, and shall be authorized to take possession of the state trust company and its assets and business, and hold the same and liquidate the state trust company in the manner provided in this chapter. When the commissioner shall approve the voluntary liquidation of a state trust company, the directors of the state trust company shall cause to be published in a newspaper in the county in which the same is located, or if no newspaper is published in such county, then in a newspaper having a general circulation in such county, a notice that the state trust company is closing down its affairs and going into liquidation, and notify its creditors to present their claims for payment. Such notice shall be published once a week for four (4) consecutive weeks.
MS Code § 81-27-8.004 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Voluntary dissolution and liquidation|§ 81-27-8.004. Examination and reports

 When any state trust company shall be in process of voluntary liquidation, it shall be subject to examination by the commissioner, and shall furnish such reports from time to time as may be called for by the commissioner.
MS Code § 81-27-8.005 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Voluntary dissolution and liquidation|§ 81-27-8.005. Unclaimed property

 All unclaimed property remaining in the hands of a liquidated state trust company shall be subject to the provisions of Uniform Disposition of Unclaimed Property Act (Section 89-12-1 et seq.).
MS Code § 81-27-8.006 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Voluntary dissolution and liquidation|§ 81-27-8.006. Sell or transfer of property

 Whenever the commissioner shall approve it, any state trust company may sell and transfer to any other trust institution, whether state or federally chartered, all of its assets of every kind upon such terms as may be agreed upon and approved by the commissioner and by two-thirds (2/3) vote of its board of directors or members. A certified copy of the minutes of any meeting at which such action is taken, under the oath of the president and secretary, together with a copy of the contract of sale and transfer, shall be filed with the commissioner. Whenever voluntary liquidation shall be approved by the commissioner or the sale and transfer of the assets of any state trust company shall be approved by the commissioner, a certified copy of such approval under seal of the commissioner, filed in the office of the Secretary of State, shall authorize the cancellation of the charter of such state trust company, subject, however, to its continued existence, as provided by this chapter and the general law relative to corporations.
MS Code § 81-27-8.101 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.101. When commissioner may take charge

 The commissioner may forthwith take possession of the business and property of any state trust company to which this chapter is applicable whenever it shall appear that such state trust company:    Has violated its charter or any laws applicable thereto;   Is conducting its business in an unauthorized or unsafe manner;   Is in an unsafe or unsound condition to transact its business;   Has an impairment of its capital;   Has become otherwise insolvent;   Has neglected or refused to comply with the terms of a duly issued lawful order of the commissioner;   Has refused, upon proper demand, to submit its records, affairs, and concerns for inspection and examination of a duly appointed or authorized examiner of the commissioner;   Its officers have refused to be examined upon oath regarding its affairs; or   Has made a voluntary assignment of its assets to trustees.
MS Code § 81-27-8.102 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.102. Directors may act

 Any state trust company may place its assets and business under the control of the commissioner for liquidation by a resolution of a majority of its directors or members upon notice to the commissioner, and, upon taking possession of the state trust company, the commissioner, or duly appointed agent, shall retain possession thereof until such state trust company shall be authorized by the commissioner to resume business or until the affairs of the state trust company shall be fully liquidated as provided in this article. No state trust company shall make any general assignment for the benefit of its creditors except by surrendering possession of its assets to the commissioner, as herein provided. Whenever any state trust company for any reason shall suspend operations for any length of time, the state trust company shall, immediately upon such suspension of operations, be deemed in the possession of the commissioner and subject to liquidation hereunder.
MS Code § 81-27-8.103 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 8 - Dissolution and Receivership; Conservatorship|Involuntary Dissolution and Liquidation|§ 81-27-8.103. Notice of seizure; bar to attachment

 When the commissioner, or duly appointed agent, shall take possession of any state trust company under Section 81-27-8.101 or Section 81-27-8.102, the commissioner or agent shall within forty-eight (48) hours, file with the chancery clerk of the county where the state trust company is located, a notice of such action which shall state the reason therefor, and such notice shall be deemed the equivalent of a summons and complaint against the state trust company in an action in the chancery court except that it shall not be necessary to make service thereof. The taking possession of any state trust company shall be effective on the date when such authority was exercised and from and after such time all assets and property of such state trust company, of whatever nature, shall be deemed to be in possession of the commissioner, and the exercise of such authority shall operate as a bar to any attachment, or other legal proceeding against the state trust company or its assets. After the commissioner's exercise of authority, no lien shall be acquired, in any manner binding or affecting any of the assets of the state trust company and every transfer or assignment made thereafter by the state trust company, or by its authority, of the whole or any part of its assets, shall be null and void; and the commissioner, shall be substituted in place of the state trust company in all actions in the state or federal courts, pending at the time of the exercise of such authority.