reglab/housing_qa huggingface dataset:
MS Code § 81-27-4.107 (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|§ 81-27-4.107. Application of laws relating to general business corporations

 The Mississippi Business Corporation Act applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that:    A reference to the Secretary of State means the commissioner unless the context requires otherwise; and   The right of shareholders or participants to cumulative voting in the election of directors or managers exists only if granted by the state trust company's articles of association.    Unless expressly authorized by this chapter or a rule or regulation of the commissioner, a trust company may not take an action authorized by the Mississippi Business Corporation Act regarding its corporate status, capital structure, or a matter of corporate governance, of the type for which the Mississippi Business Corporation Act would require a filing with the Secretary of State if the trust company were a business corporation, without first submitting the filing to the commissioner for the same purposes for which it otherwise would be required to be submitted to the Secretary of State.   The commissioner may adopt rules or regulations to limit or refine the applicability of subsection (a) of this section to a trust company or to alter or supplement the procedures and requirements of the Mississippi Business Corporation Act applicable to an action taken under this article.
MS Code § 81-27-4.108 (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|§ 81-27-4.108. Commissioner hearings; appeals

 This section does not grant a right to hearing to a person that is not otherwise granted by governing law.   The commissioner may convene a hearing to receive evidence and argument regarding any matter before the commissioner for decision or review under this chapter. The hearing shall be conducted in the same manner as other hearings conducted by the commissioner.   A hearing before the commissioner that is required or authorized by law may be conducted by a hearing officer on behalf of the commissioner. A matter made confidential by law must be considered by the commissioner in a closed hearing.   Except as expressly provided otherwise by this chapter, a person affected by a final decision or order of the commissioner made under this chapter after a hearing may appeal the final decision or order to the Chancery Court of the First Judicial District of Hinds County, Mississippi. A petition for appeal filed in the district court does not stay or vacate the appealed decision or order unless the court, after notice and hearing, expressly stays or vacates the decision or order.
MS Code § 81-27-4.201 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Amendment of Articles; Changes in Capital and Surplus|§ 81-27-4.201. Amendment of state trust company articles of association

 A state trust company that has been granted a charter under Section 81-27-4.105 or a predecessor statute may amend or restate its articles of association for any lawful purpose, including the creation of authorized but unissued shares or participation shares in one or more classes or series.   An amendment authorizing the issuance of shares or participation shares in series must contain:    The designation of each series and of any variations in the preferences, limitations, and relative rights among series to the extent that the preferences, limitations, and relative rights are to be established in the articles of association; and   A statement of any authority to be vested in the board to establish series and determine the preferences, limitations, and relative rights of each series.   Deliver a certified copy of the amendment or restatement to the state trust company.    A limited liability trust company may not amend its articles of association to extend its period of existence for a perpetual period or for any period of years, unless the period of existence is expressly contingent on those events resulting in dissolution of the limited liability trust company under subarticle B of Article 8 of this chapter.   Amendment or restatement of the articles of association of a state trust company and approval of the board and shareholders or participants must be made or obtained in accordance with provisions of the Mississippi Business Corporation Act for the amendment or restatement of articles of incorporation except as otherwise provided by this chapter or rules or regulations adopted under this chapter. The original and one (1) copy of the articles of amendment or restated articles of association must be filed with the commissioner for approval. Unless the submission presents novel or unusual questions, the commissioner shall approve or reject the amendment or restatement not later than the thirty-first day after the date the commissioner considers the submission informationally complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision to approve or reject any amendment or restatement or articles of association under this section.   If the commissioner thinks that the amendment or restatement conforms to law and any conditions imposed by the commissioner, and any required filing fee has been paid, the commissioner shall:   Endorse the face of the original and copy with the date of approval and the word "Approved";   File the original in the department's records; and   An amendment or restatement, if approved, takes effect on the date of approval, unless the amendment or restatement provides for a different effective date.
MS Code § 81-27-4.202 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Amendment of Articles; Changes in Capital and Surplus|§ 81-27-4.202. Establishing a series of shares or participation shares

 If the articles of association expressly give the board authority to establish series and determine the preferences, limitations, and relative rights of each series, the board may do so only on compliance with this section and any rules adopted under this article.   A series of shares or participation shares may be established in the manner provided by the provisions of the Mississippi Business Corporation Act as if the state trust company were a domestic corporation, but the shares or participation shares of the series may not be issued and sold except upon compliance with this section. The state trust company shall file the original and one (1) copy of the statement of action required by the Mississippi Business Corporation Act with the commissioner. Unless the submission presents novel or unusual questions, the commissioner shall approve or reject the series not later than the thirty-first day after the date the commissioner considers the submission informationally complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision.   If the commissioner finds that the interests of the clients and creditors of the state trust company will not be adversely affected by the series, that the series otherwise conforms to law and any conditions imposed by the commissioner, and that any required filing fee has been paid, the commissioner shall:    Endorse the face of the original and copy of the statement with the date of approval and the word "Approved";   File the original in the department's records; and   Deliver a certified copy of the statement to the state trust company.
MS Code § 81-27-4.203 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Amendment of Articles; Changes in Capital and Surplus|§ 81-27-4.203. Change in outstanding capital and surplus

 A state trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares or participation shares, or otherwise, without the prior approval of the commissioner, except as permitted by this section or rules adopted under this article.   Unless otherwise restricted by rules or regulations, prior approval is not required for an increase in capital accomplished through:    Issuance of shares of common stock or their equivalent in participation shares for cash;   Declaration and payment of pro rata share dividends as defined in the Mississippi Business Corporation Act; or   Adoption by the board of a resolution directing that all or part of undivided profits be transferred to capital.    Prior approval is not required for a decrease in surplus caused by incurred losses in excess of undivided profits.
MS Code § 81-27-4.204 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Amendment of Articles; Changes in Capital and Surplus|§ 81-27-4.204. Capital notes or debentures

 With the prior written approval of the commissioner, any state trust company may, at any time, through action of its board, and without requiring action of its shareholders or participants, issue and sell its capital notes or debentures, which must be subordinate to the claims or depositories and may be subordinate to other claims, including the claims of other creditors or classes of creditors or the shareholders or participants.   Capital notes or debentures may be convertible into shares or participation shares of any class or series. The issuance and sale of convertible capital notes or debentures are subject to satisfaction of preemptive rights, if any, to the extent provided by law.   Without the prior written approval of the commissioner, interest due or principal repayable on outstanding capital notes or debentures may not be paid by a state trust company when the state trust company is in hazardous condition or insolvent, as determined by the commissioner, or to the extent that payment will cause the state trust company to be in hazardous condition or insolvent.   The amount of any outstanding capital notes or debentures that meet the requirements of this section and that are subordinated to unsecured creditors of the state trust company may be included in equity capital of the state trust company for purposes of determining hazardous condition or insolvency, and for such other purposes provided by rules or regulations adopted under this article.
MS Code § 81-27-4.301 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Private Trust Company|§ 81-27-4.301. Private trust company

 A private trust company engaging in the trust business in this state shall comply with each and every provision of this chapter applicable to a trust company unless expressly exempted therefrom in writing by the commissioner pursuant to this section, by rule or regulation adopted by the commissioner or under a predecessor statute.   A private trust company or proposed private trust company may request in writing that it be exempted from specified provisions of Sections 81-27-2.105(b), 81-27-4.102(k), 81-27-4.104(a), 81-27-4.106(a), 81-27-5.002, 81-27-5.101(b), (c) and (d), 81-27-5.105 and 81-27-5.201. The commissioner may grant the exemption in whole or in part if the commissioner finds that the private trust company does not and will not transact business with the general public. For purposes of this section:    "Transact business with the general public" means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether or not for a fee, commission, or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust, or other company that is not one hundred percent (100%) owned by one or more family members;   "Family member" means any individual who is related within the fourth degree of affinity or consanguinity to an individual or individuals who control a private trust company or which is controlled by one or more trusts or charitable organizations established by such individual or individuals; and   All individuals who control a private trust company or establish trusts or charitable organizations controlling such private trust company must be related within the second degree of affinity or consanguinity.    At the expense of the private trust company, the commissioner may examine or investigate the private trust company in connection with an application for exemption. Unless the application presents novel or unusual questions, the commissioner shall approve the application for exemption or set the application for hearing not later than the sixty-first day after the date the commissioner considers the application complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision.   Any exemption granted under this section may be made subject to conditions or limitations imposed by the commissioner consistent with this chapter.   The commissioner may adopt rules and regulations defining other circumstances that do not constitute transaction of business with the public, specifying the provisions of this chapter that are subject to an exemption request, and establishing procedures and requirements for obtaining, maintaining, or revoking exempt status.
MS Code § 81-27-4.303 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 4 - State Trust Company|Private Trust Company|§ 81-27-4.303. Conversion to public trust company

 A private trust company may terminate its status as a private trust company and commence transacting business with the general public. A private trust company desiring to commence transacting business with the general public shall file a notice on a form prescribed by the commissioner, which shall set forth the name of the private trust company and an acknowledgement that any exemption granted or otherwise applicable to the private trust company pursuant to Section 81-27-4.301 shall cease to apply on the effective date of such notice, furnish a copy of the resolution adopted by the board authorizing the private trust company to commence transacting business with the general public, and pay the filing fee, if any, prescribed by the commissioner.   The notificant may commence transacting business with the general public 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 determination that the written notice raises issues that require additional information or additional time for analysis. If the period for review is extended, the notificant may commence transacting business with the public only on prior written approval by the commissioner.   The commissioner may deny approval of the notice of the private trust company to commence transacting business with the general public 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 transacting of business of the general public would be contrary to the public interest or if the commissioner determines that the notificant will not within a reasonable period be in compliance with any provision of this chapter from which the notificant had been previously exempted pursuant to Section 81-27-4.301.
MS Code § 81-27-5.001 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|Acquisition and Ownership of State Trust Company Facilities and Other Real Estate|§ 81-27-5.001. Investment in state trust company facilities

 In this subarticle, "state trust company facility" means real estate, including an improvement, owned, or leased to the extent the lease or the leasehold improvements are capitalized, by a state trust company for the purpose of:    Providing space for state trust company employees to perform their duties and space for parking by state trust company employees and customers;   Conducting trust business, including meeting the reasonable needs and convenience of the state trust company's customers, computer operations, document and other item processing, maintenance and record retention and storage;   Holding, improving, and occupying as an incident to future expansion of the state trust company's facilities; or   Conducting another activity authorized by rules or regulations adopted under this chapter.    Without the prior written approval of the commissioner, a state trust company may not directly or indirectly invest an amount in excess of its restricted capital in state trust company facilities, furniture, fixtures, and equipment. Except as otherwise provided by rules or regulations adopted under this chapter, in computing this limitation a state trust company:   Shall include:   Its direct investment in state trust company facilities;   Any investment in equity or investment securities of a company holding title to a facility used by the state trust company for the purposes specified by subsection (a) of this section;   Any loan made by the state trust company to or on the security of equity or investment securities issued by a company holding title to a facility used by the state trust company; and   Any indebtedness incurred on state trust company facilities by a company:   That holds title to the facility;   That is an affiliate of the state trust company; and   In which the state trust company is invested in the manner described by subparagraph (B) or (C) of this paragraph (1); and   May exclude an amount included under paragraphs (1)(B) through (D) of this subsection to the extent any lease of a facility from the company holding title to the facility is capitalized on the books of the state trust company.   Real estate acquired under subsection (a)(3) of this section and not improved and occupied by the state trust company ceases to be a state trust company facility on the third anniversary of the date of its acquisition, unless the commissioner on application grants written approval to further delay in the improvement and occupation of the property by the state trust company.   A state trust company shall comply with generally accepted accounting principles, consistently applied, in accounting for its investment in and depreciation of state trust company facilities, furniture, fixtures, and equipment.
MS Code § 81-27-5.002 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|Acquisition and Ownership of State Trust Company Facilities and Other Real Estate|§ 81-27-5.002. Other real estate

 A state trust company may not acquire real estate except:    As permitted by Section 81-27-5.001 or as otherwise provided by this chapter, including rules or regulations adopted under this chapter;   If necessary to avoid or minimize a loss on a loan or investment previously made in good faith; or   With the prior written approval of the commissioner.    To the extent reasonably necessary to avoid or minimize loss on real estate acquired as permitted by subsection (a) of this section, a state trust company may exchange real estate for other real estate or personal property, invest additional funds in or improve real estate acquired under this subsection or subsection (a) of this section, or acquire additional real estate.   A state trust company shall dispose of any real estate subject to subsection (a)(1) and (2) of this section not later than:   The fifth anniversary of the date:   It was acquired, except as otherwise provided by rules or regulations adopted under this chapter; or   It ceases to be used as a state trust company facility; or   The third anniversary of the date it ceases to be a state trust company facility as provided by Section 81-27-5.001(c).   The commissioner on application may grant one or more extensions of time for disposing of real estate if the commissioner determines that:   The state trust company has made a good faith effort to dispose of the real estate; or   Disposal of the real estate would be detrimental to the state trust company.
MS Code § 81-27-5.102 (2020)
2020 Mississippi Code|Title 81 - Banks and Financial Institutions|Chapter 27 - Multistate, State and Limited Liability Trust Institutions|Article 5 - Investments, Loans and Deposits|State Trust Company Investments|§ 81-27-5.102. Transactions in state trust company shares or participation shares

 A state trust company may acquire its own shares or participation shares if:    The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares or participation shares under regulatory accounting principles; or   The state trust company obtains the prior written approval of the commissioner.    A state trust company may acquire a lien upon its own shares or participation shares if:   The aggregate amount of indebtedness so secured is less than the amount of the state trust company's undivided profits; or   The state trust company obtains the prior written approval of the commissioner.   Except with the prior written approval of the commissioner:   The state trust company may not hold its own shares or participation shares as treasury stock for more than two (2) years; and   A lien acquired under this section may not by its original terms extend for more than two (2) years.