reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-107 - Assessment against banks for maintenance fund

Every bank organized under the laws of this state engaging in the business of a commercial bank, trust company or any combination thereof, is assessed for each year the sum of Seventy-five Dollars ($75.00) and every such corporation whose total assets exceed One Hundred Thousand Dollars ($100,000.00) shall further pay in addition to the minimum assessment of Seventy-five Dollars ($75.00), Fifty Cents (50¢) for each One Thousand Dollars ($1,000.00) or fraction thereof of assets in excess of One Hundred Thousand Dollars ($100,000.00). All money accruing from such assessment shall be used for the maintenance of the department.
The commissioner shall, during the month of January in each year, or as soon thereafter as practicable, prepare a statement of the assessments due under this section based upon the total assets of each such corporation, as shown by its last report, which shall be paid as called for by the commissioner. He shall send to each such corporation a statement of the amount due by it, which shall specify how the same shall be payable. The assessment shall be due and payable in accordance with the statement so furnished and the installments thereof shall be paid within ten (10) days after the date fixed for their payment. Such assessment shall constitute a lien on the assets of each bank until paid. Any such corporation failing to make payment within ten (10) days as herein provided shall be liable to a penalty of ten percent (10%) of the amount in default for each day thereafter. All assessments and penalties provided in this section shall be payable to the commissioner and when collected by him shall be delivered to the State Treasurer to be placed to the credit of the maintenance fund of the department. The commissioner shall give a receipt for all money received by him and shall take a receipt from the State Treasurer for all money delivered to him. In making any call for the assessment levied by this section the commissioner shall estimate the cost of maintaining the department for the current year, and if the assessments hereby levied shall appear to produce more than such estimate, he shall reduce accordingly the Fifty Cents (50¢) per One Thousand Dollars ($1,000.00) of assets assessment provided in this section. The cash balance remaining in the maintenance fund of the department at the end of any one (1) fiscal year shall be credited to and reduce the assessments of the following fiscal year on a pro rata basis.
Laws, 1980, ch. 312, § 27; reenacted, Laws, 1982, ch. 303, § 27; Laws, 1990 Ex Sess, ch. 46, § 26; Laws, 1993, ch. 442, § 28; reenacted and amended, Laws, 1994, ch. 622, § 29; reenacted without change, Laws, 1997, ch. 497, § 28; reenacted without change, Laws, 2001, ch. 410, § 28, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-109 - Disbursements from department maintenance fund

All moneys paid out of the department maintenance fund shall be paid by the Treasurer upon warrants issued by the State Fiscal Officer, which warrants shall be issued by the State Fiscal Officer upon a voucher approved by the commissioner except in the payment of salaries and expenses, and warrants shall be issued by the State Fiscal Officer therefor upon a voucher approved by the Governor.
Laws, 1980, ch. 312, § 28; reenacted, Laws, 1982, ch. 303, § 28; Laws, 1990 Ex Sess, ch. 46, § 27; Laws, 1993, ch. 442, § 29; reenacted and amended, Laws, 1994, ch. 622, § 30; reenacted without change, Laws, 1997, ch. 497, § 29; reenacted without change, Laws, 2001, ch. 410, § 29, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-111 - Forms and record books to be supplied

For the purpose of carrying into effect the provisions of Title 81 of the Mississippi Code of 1972, the commissioner shall provide the necessary forms. All reports received by the commissioner shall be preserved by him in the department. The State Treasurer is authorized to provide forms and record books for the office of the commissioner, and such forms and record books shall be paid for upon order of the commissioner out of the department maintenance fund.
Laws, 1980, ch. 312, § 29; reenacted, Laws, 1982, ch. 303, § 29; Laws, 1990 Ex Sess, ch. 46, § 28; Laws, 1993, ch. 442, § 30; Laws, 1994, ch. 622, § 31; reenacted without change, Laws, 1997, ch. 497, § 30; reenacted without change, Laws, 2001, ch. 410, § 30, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-113 - Annual report to legislature

The commissioner shall make a full report as required by law of other state officers, to the Legislature at each regular session thereof, of the proceedings in and work of the department and of all charters issued and all banks closed for insolvency or voluntarily liquidated. He shall submit with each report such recommendations with reference to the department as he may consider appropriate. The report shall show fully, separately, and in detail the work done and the expenses incurred by the commissioner and each examiner.
Laws, 1980, ch. 312, § 30; reenacted, Laws, 1982, ch. 303, § 30; Laws, 1990 Ex Sess, ch. 46, § 29; Laws, 1993, ch. 442, § 31; Laws, 1994, ch. 622, § 32; reenacted without change, Laws, 1997, ch. 497, § 31; reenacted without change, Laws, 2001, ch. 410, § 31, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-115 - Fees for filing documents and issuing certificates

(1)
The department shall charge and collect for:
(a)
Filing articles of incorporation of banking corporations and credit unions, and issuing a certificate of incorporation, a minimum fee of Five Hundred Dollars ($500.00) up to a maximum fee of Two Thousand Five Hundred Dollars ($2,500.00), as fixed by the commissioner.
(b)
Filing articles of merger when the resulting bank or credit union is a state bank or credit union, a minimum fee of Five Hundred Dollars ($500.00) up to a maximum fee of Two Thousand Five Hundred Dollars ($2,500.00), as fixed by the commissioner.
(c)
Filing an application for conversion from a national bank, state or federal thrift, or credit union to a state bank or credit union, a minimum fee of Five Hundred Dollars ($500.00) up to a maximum fee of Two Thousand Five Hundred Dollars ($2,500.00), as fixed by the commissioner.
(d)
Filing an application for a branch bank or credit union, a minimum fee of Two Hundred Fifty Dollars ($250.00) up to a maximum fee of One Thousand Five Hundred Dollars ($1,500.00), as fixed by the commissioner.
(e)
Filing an application for a Loan Production Office (LPO), a minimum fee of Fifty Dollars ($50.00) up to a maximum fee of Five Hundred Dollars ($500.00), as fixed by the commissioner.
(f)
Filing an application for an electronic terminal, a minimum fee of Two Hundred Fifty Dollars ($250.00) up to a maximum fee of One Thousand Five Hundred Dollars ($1,500.00), as fixed by the commissioner.
(g)
Filing an application to establish out-of-state branch offices by in-state banks and credit unions, a minimum fee of Five Hundred Dollars ($500.00) up to a maximum fee of One Thousand Five Hundred Dollars ($1,500.00), as fixed by the commissioner.
(h)
Filing an application to establish in-state branch offices by an out-of-state bank or credit union, a minimum fee of Five Hundred Dollars ($500.00) up to a maximum fee of One Thousand Five Hundred Dollars ($1,500.00), as fixed by the commissioner.
(i)
Filing an application to establish a branch of a foreign bank, a minimum fee of Five Hundred Dollars ($500.00) up to a maximum fee of Two Thousand Five Hundred Dollars ($2,500.00), as fixed by the commissioner.
(2)
The commissioner shall publish a schedule of fees applicable to all banks within his jurisdiction.
Laws, 1980, ch. 312, § 31; reenacted, Laws, 1982, ch. 303, § 31; Laws, 1990 Ex Sess, ch. 46, § 30; Laws, 1993, ch. 442, § 32; Laws, 1994, ch. 622, § 33; Laws, 1997, ch. 542, § 1; reenacted and amended, Laws, 1997, ch. 497, § 32; reenacted without change, Laws, 2001, ch. 410, § 32, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-117 - Transfer of functions

Upon March 21, 1980, the Department of Bank Supervision and the office of State Comptroller, as created by Section
81-1-1
, and the State Banking Board, as created by Section
81-3-13
, are hereby abolished. The functions, duties and responsibilities of the Department of Bank Supervision, the office of State Comptroller and the State Banking Board shall be assumed by the Department of Banking and Consumer Finance, the Commissioner of Banking and Consumer Finance, and the State Board of Banking Review, respectively, as provided in this chapter. All assets, funds, contractual rights and obligations, records, equipment and property rights which are now vested in the Department of Bank Supervision, the office of State Comptroller and the State Banking Board are hereby vested in the Department of Banking and Consumer Finance, the Commissioner of Banking and Consumer Finance, and the State Board of Banking Review, respectively.
Laws, 1980, ch. 312, § 1; reenacted, Laws, 1982, ch. 303, § 32; Laws, 1990 Ex Sess, ch. 46, § 31; Laws, 1993, ch. 442, § 33; reenacted and amended, Laws, 1994, ch. 622, § 34; reenacted without change, Laws, 1997, ch. 497, § 33; reenacted without change, Laws, 2001, ch. 410, § 33, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-119 - Notice of charges; temporary cease and desist order

(1)
If any person or state bank is engaging in, or has engaged in, or is about to engage in, any unsafe or unsound practice, or unfair and discriminatory practice, in conducting the bank's business, or violation of any other law, rule, regulation, order or condition imposed in writing by the commissioner, the commissioner may issue a notice of charges to such person or institution. A notice of charges shall specify the acts alleged to sustain a cease and desist order, and state the time and place at which a hearing shall be held. A hearing before the commissioner on the charges shall be held no earlier than seven (7) days, and no later than fifteen (15) days, after issuance of the notice. The charged institution is entitled to a further extension of seven (7) days upon filing a request with the commissioner. The commissioner may also issue a notice of charges if he has reasonable grounds to believe that any person or bank is about to engage in any unsafe or unsound business practice, or any violation of this chapter, or any other law, rule, regulation or order. If, by a preponderance of the evidence, it is shown that any person or bank is engaged in, or has been engaged in, or is about to engage in, any unsafe or unsound business practice, or unfair and discriminatory practice or any violation of this chapter, or any other law, rule, regulation or order, a cease and desist order shall be issued which shall be permanently binding upon the person or institution until terminated by the commissioner.
(2)
If any person or state bank is engaging in, has engaged in, or is about to engage in any unsafe or unsound practice, or unfair and discriminatory practice, in conducting the bank's business, or any violation of any law, rules, regulation, order or condition imposed in writing by the commissioner, and the commissioner has determined that immediate corrective action is required, the commissioner may issue a temporary cease and desist order without prior notice. A temporary cease and desist order shall be effective immediately upon issuance for a period of fifteen (15) days, and may be extended once for a period of fifteen (15) days. Such an order shall state its duration on its face and the words "Temporary Cease and Desist Order." A hearing before the commissioner shall be held within the time that the order remains effective, at which time a temporary order may be dissolved or made permanent.
Laws, 1996, ch. 400, § 1; brought forward, Laws, 1997, ch. 497, § 34; brought forward, Laws, 2001, ch. 410, § 34, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-121 - Bank violation; civil penalty

(1)
Except as otherwise provided, any bank which is found to have violated any provision of Chapters 1 through 9, Title 81, Mississippi Code of 1972, may be ordered to pay a civil penalty not to exceed Twenty Thousand Dollars ($20,000.00). Any bank which is found to have violated or failed to comply with any cease and desist order issued under the authority of this chapter may be ordered to pay a civil penalty not to exceed Twenty Thousand Dollars ($20,000.00) for each day that the violation or failure to comply continues.
(2)
To enforce the provisions of this section, the commissioner is authorized to assess such penalty and to appear in a court of competent jurisdiction and to move the court to order payment of the penalty. Prior to the assessment of the penalty, a hearing shall be held by the commissioner.
(3)
Nothing in this section shall prevent anyone damaged by a state bank from bringing a separate cause of action in a court of competent jurisdiction.
Laws, 1996, ch. 400, § 2; brought forward, Laws, 1997, ch. 497, § 35; brought forward, Laws, 2001, ch. 410, § 35, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-123 - Director, officer or employee violation; civil penalty

(1)
Any person, whether a director, officer or employee, who is found to have violated any provision of Chapters 1 through 9, Title 81, Mississippi Code of 1972, whether willfully, or as a result of gross negligence, gross incompetency or recklessness, may be ordered to pay a civil penalty not to exceed Five Thousand Dollars ($5,000.00) per violation. Any person who is found to have violated or failed to comply with any cease and desist order issued under the authority of this chapter may be ordered to pay a civil penalty not to exceed Five Thousand Dollars ($5,000.00) per violation for each day that the violation or failure to comply continues.
(2)
To enforce the provisions of this section, the commissioner is authorized to assess such penalty, to appear in a court of competent jurisdiction and to move the court to order payment of the penalty. Prior to the assessment of the penalty, a hearing shall be held by the commissioner.
(3)
Nothing in this section shall prevent anyone damaged by a director, officer or employee of a state bank from bringing a separate cause of action in a court of competent jurisdiction.
Laws, 1996, ch. 400, § 3; brought forward, Laws, 1997, ch. 497, § 36; brought forward, Laws, 2001, ch. 410, § 36, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-125 - Commissioner to issue orders for supervisory control with regard to banks

(1)
Whenever the commissioner determines that a solvent bank is conducting its business in an unsafe or unsound manner, or in any fashion which threatens the financial integrity or sound operation of the bank, the commissioner may serve a notice of charges on the bank, requiring it to show why it should not be placed under supervisory control. Such notice of charges shall specify the grounds for supervisory control, and set the time and place for a hearing. A hearing before the commissioner pursuant to such notice shall be held within fifteen (15) days after issuance of the notice of charges.
(2)
If, after the hearing provided above, the commissioner determines that supervisory control of the bank is necessary to protect the bank's members, customers, stockholders or creditors, or the general public, the commissioner shall issue an order taking supervisory control of the bank.
(3)
If the order taking supervisory control becomes final, the commissioner may appoint an agent to supervise and monitor the operations of the bank during the period of supervisory control. During the period of supervisory control, the bank shall act in accordance with such instructions as may be given by the commissioner, directly or through his supervisory agent, and shall not fail to act, except when to do so would violate an outstanding cease and desist order.
(4)
Within one hundred eighty (180) days of the date the order taking supervisory control becomes final, the commissioner shall issue an order approving a plan for the termination of supervisory control. The plan may provide for:
(a)
The issuance by the bank of capital stock;
(b)
The appointment of one or more officers and/or directors;
(c)
The reorganization, merger or consolidation of the bank;
(d)
The dissolution and liquidation of the bank;
(e)
Other such measures as determined by the commissioner.
The order approving the plan shall not take effect until thirty (30) days after issuance during which time period an appeal may be filed in a court of competent jurisdiction.
(5)
All costs of this proceeding shall be paid by the bank.
(6)
For the purpose of this section, an order shall be deemed final if:
(a)
No appeal is filed within the specific time allowed for the appeal; or
(b)
All judicial appeals are exhausted.
(7)
If a bank is insolvent, the provisions of Chapter 9 of Title 81, Mississippi Code of 1972, shall apply.
Laws, 1996, ch. 400, § 4; brought forward, Laws, 1997, ch. 497, § 37; brought forward, Laws, 2001, ch. 410, § 37, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-129 - Appeal of cease and desist order

Any person or state bank against whom a cease and desist order is issued or a fine is imposed may have such order or fine reviewed by a court of competent jurisdiction. Except as otherwise provided, an appeal may be made only within thirty (30) days of the issuance of the order or the imposition of the fine, whichever is later.
Laws, 1996, ch. 400, § 6; brought forward, Laws, 1997, ch. 497, § 39; brought forward, Laws, 2001, ch. 410, § 39, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-131 - Fines and penalties; reimbursement

No person who is fined or penalized for a violation of any criminal provision of this chapter shall be reimbursed or indemnified in any fashion by the bank for such fine or penalty.
Laws, 1996, ch. 400, § 7; brought forward, Laws, 1997, ch. 497, § 40; brought forward, Laws, 2001, ch. 410, § 40, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-133 - Cumulative penalties, fines and remedies

All penalties, fines and remedies provided by this chapter shall be cumulative.
Laws, 1996, ch. 400, § 8; brought forward, Laws, 1997, ch. 497, § 41; brought forward, Laws, 2001, ch. 410, § 41, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-135 - Consumer industry licensees required to participate in multistate licensing system

(1)
The Legislature finds that a uniform multistate administration of a multistate licensing system for consumer industry licensees regulated by the Department of Banking and Consumer Finance is consistent with both the public interest and the provisions of law regulating those licensees; therefore, the Commissioner of Banking and Consumer Finance may require consumer industry licensees to participate in a multistate licensing system.
(2)
Nothing in this section shall authorize the commissioner to require any person exempt from licensure under the provisions of law regulating consumer industry licensees to participate in the multistate licensing system.
(3)
The commissioner may establish, by rule, regulation or order, requirements as necessary, including, but not limited to:
(a)
Background checks for:
(i)
Criminal history through fingerprint or other databases;
(ii)
Civil or administrative records;
(iii)
Credit history; or
(iv)
Any other information as deemed necessary by the multistate licensing system.
(b)
The payment of fees to apply for or renew licenses through the multistate licensing system.
(c)
The setting or resetting as necessary of renewal or reporting dates; and
(d)
Requirements for amending or surrendering a license or any other such activities as the commissioner deems necessary for participation in the multistate licensing system.
(4)
Any person engaged in activity that requires licensure pursuant to this section shall utilize the multistate licensing system for application, renewal, amendment, surrender and any other activity as the commissioner may require, and shall pay all applicable charges to utilize the multistate licensing system.
(5)
The commissioner is authorized to establish relationships or contacts with the multistate licensing system or other entities designated by the multistate licensing system to collect and maintain records and process transaction fees or other fees related to licensees.
Laws, 2011, ch. 443, § 1, eff. 7/1/2011.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 1 - DEPARTMENT OF BANKING AND CONSUMER FINANCE (§§ 81-1-1 — 81-1-137) › Section 81-1-137 - Financial literacy programs for the public

The department may establish programs for the education of the public with respect to financial literacy, any provision of this title, or any industry regulated by the department. The department and the Office of Consumer Protection under its authority to establish programs for the education of the public under Section
75-24-21
may coordinate their efforts for the education programs authorized for the department under this section.
Added by Laws, 2014, ch. 359, HB 910, 3, eff. 7/1/2014.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 3 - INCORPORATION AND ORGANIZATION OF BANKS (§§ 81-3-1 — 81-3-17) › Section 81-3-1 - Definition of words "bank," "corporation," "eligible bank," as used in title

Whenever the word "bank" is used in any statute, unless the context clearly shows that it is intended to be limited in its application to a particular character of bank, it shall include trust companies, savings banks, branches of banks and trust companies, and all other institutions subject to the provisions of this title. The term "corporation," when used in this title, or "trust company" when used in this title, shall be construed and held to embrace every character of bank, branch bank, trust company or any branch thereof, which is subject to the jurisdiction of the Department of Banking and Consumer Finance. The term "eligible banks," when used in this title, means an institution which is well capitalized as defined by regulations of the Federal Deposit Insurance Corporation, has examination ratings of two (2) or higher, has Community Reinvestment Act (CRA) ratings of satisfactory or higher, and has no supervisory enforcement actions pending.
Codes, 1942, § 5154; Laws, 1934, ch. 146; Laws, 1997, ch. 542, § 2, eff. 4/10/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 3 - INCORPORATION AND ORGANIZATION OF BANKS (§§ 81-3-1 — 81-3-17) › Section 81-3-3 - Use of words "bank," "banking," "bankers," "trust company," etc.; supervision and assessment of banks

Every banking corporation organized under the laws of this state shall include the word "bank" or "banking" in its name. No corporation hereafter organized shall include in its name the words "bank," "banker," "bankers," "banking" or "trust company," or any of them, or any combination thereof, or any words of similar import, unless such corporation shall, by the express provisions of its charter, be limited solely to the doing of a banking or trust business, or a combination of banking and trust business as contemplated in this chapter; and all such corporations shall be incorporated and organized under and pursuant to the terms of this chapter providing for the incorporation of banking corporations and not otherwise.
Every corporation organized under the laws of this state for the purpose of conducting or carrying on a commercial banking business, or the business of a savings bank, or trust company, or the exercise of trust powers as defined in this title, or any combination thereof, shall be subject to supervision by the department of bank supervision and the state comptroller, and to assessments for the maintenance of said department as provided by law.
Codes, 1942, § 5155; Laws, 1934, ch. 146; Laws, 1958, ch. 161.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 3 - INCORPORATION AND ORGANIZATION OF BANKS (§§ 81-3-1 — 81-3-17) › Section 81-3-5 - Incorporation of banks

Five or more persons of full age and of good moral and sound business character may organize themselves into a banking corporation. Banking corporations may be created for the purpose of conducting and carrying on a bank and trust company business, such trust company business to be limited as herein provided, and to establish offices of loan and deposit to be known as savings banks, or to establish banks having departments for carrying on all of the above classes of business; and said banking corporations may, under the provisions of the banking laws of Mississippi, establish branch banks and branch offices within territorial limitations as hereinafter provided in Chapter 7 of this title. No private individual, or partnership, or association of persons other than a corporation shall be allowed to conduct any type of banking business within this state.
Codes, 1942, § 5156; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 3 - INCORPORATION AND ORGANIZATION OF BANKS (§§ 81-3-1 — 81-3-17) › Section 81-3-7 - Articles of incorporation

The articles of incorporation of every banking corporation shall be signed and acknowledged before an officer authorized by the laws of this state to take acknowledgments and shall specify:
(a)
The name assumed by such corporation which shall be in no material respect similar to the name of any other corporation organized under the laws of this state.
(b)
The county and city, town or village where such corporation will be domiciled and conduct its business.
(c)
The nature of its business, whether that of a commercial bank, savings bank, trust company or any combination thereof.
(d)
That the amount of capital stock shall be divided into shares of not less than One Dollar ($1.00) each.
(e)
The names and places of residence of the stockholders and the number of shares held by each of them.
(f)
The period for which the corporation is organized which shall not exceed ninety-nine (99) years, but which may be renewed for additional periods of ninety-nine (99) years each, as set out in Section
81-3-15
.
(g)
The articles of incorporation shall be executed in triplicate, and after the proper incorporation fee has been paid, and the articles approved by the Secretary of State, the State Comptroller, the Attorney General and the Governor, one (1) copy shall be filed in the office of the Secretary of State and recorded there as required by law; one (1) copy in the office of the Department of Bank Supervision and one (1) copy filed for record in the office of the chancery clerk of the county in which the banking corporation is domiciled, and then returned to said banking corporation and kept in its files.
Every banking corporation shall adopt appropriate bylaws to govern its operation, which shall harmonize with the provisions of its articles of incorporation and the laws of the state. Every banking corporation shall designate a person to serve as president and a person to serve as cashier.
When the period of existence of a banking corporation heretofore created for a period of fifty (50) years shall expire, if such banking corporation shall continue to do business thereafter for a period of ninety (90) days, the same shall operate as an acceptance of an extension of the life of such banking corporation to a full period of ninety-nine (99) years from the date of the original charter thereof, and such banking corporation shall continue in existence as a de jure corporation as fully and completely as if the charter thereof had been thus amended prior to the end of the original period of fifty (50) years.
Codes, 1942, § 5157; Laws, 1934, ch. 146; Laws, 1936, ch. 165; Laws, 1954, ch. 167; Laws, 1979, ch. 406; Laws, 1994, ch. 320, § 2, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 3 - INCORPORATION AND ORGANIZATION OF BANKS (§§ 81-3-1 — 81-3-17) › Section 81-3-9 - Number of directors; payment for capital stock; increases in authorized but unissued capital stock

Every banking corporation shall have at least five (5) directors, and before transacting any business its entire capital stock shall be paid in full in cash except as herein otherwise provided.
Any banking corporation, with the approval of the state comptroller, by amendment to its articles of incorporation approved by the affirmative vote of stockholders owning two-thirds (2/3) of the capital stock of the banking corporation entitled to vote, at a meeting setting forth the purpose thereof, may authorize an increase in the capital stock of the banking corporation in the category of authorized but unissued capital stock, either with or without preemptive rights, provided that the total authorized amount of such authorized but unissued capital stock shall not exceed fifteen percent (15%) of the amount issued and outstanding capital stock of such banking corporation entitled to vote on the amendment authorizing such authorized but unissued capital stock. Authorized but unissued capital stock may be issued, from time to time, as stock dividends or for such other purposes and considerations as may be approved by the stockholders, the board of directors of the banking corporation and by the state comptroller.
Codes, 1942, § 5158; Laws, 1934, ch. 146; Laws, 1979, ch. 407, eff. 7/1/1979.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 3 - INCORPORATION AND ORGANIZATION OF BANKS (§§ 81-3-1 — 81-3-17) › Section 81-3-14 - [Repealed]

Repealed by Laws, 2001, ch. 374, § 2, eff. 7/1/2001.
Laws, 1979, ch. 301, § 49; Laws, 1980, ch. 312, § 39; Laws, 1982, ch. 302, § 2; Laws, 1990 Ex Sess, ch. 46, § 34; Laws, 1993, ch. 442, § 35; reenacted, 1994, ch. 622, § 36; Laws, 1997, ch. 497, § 43, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 3 - INCORPORATION AND ORGANIZATION OF BANKS (§§ 81-3-1 — 81-3-17) › Section 81-3-15 - Renewals and amendments of charters

The charter or articles of incorporation of banking corporations heretofore created or that may hereafter be created, may be renewed or amended in the following manner:
The stockholders in a special or regular meeting, shall first, by a vote of a majority in amount of all stock outstanding, adopt a resolution setting forth the proposed renewal or amendment, subject to the approval of the state comptroller. Three copies of such resolution duly certified by the president or vice-president of such bank shall be forwarded to the state comptroller for his approval, together with the fee required by statute. If the proposed amendment is approved by the state comptroller, he shall attach his certificate of approval to each of the copies and forward all three copies to the Attorney General for his approval, and shall forward the fee required by statute to the Secretary of State. If and when approved by the Attorney General, all three copies of said amendment shall be forwarded to the Governor for his approval, and when approved by him shall be forwarded by the Governor to the Secretary of State. The Secretary of State shall retain one copy and file and record the same in his office. He shall forward one copy thereof to the state comptroller, who shall retain and file the same in his office. The remaining copy shall be returned to the bank, and the bank shall immediately record the same in the office of the chancery clerk of the county in which the bank is domiciled. Said copy after being so recorded, shall be returned to the bank and retained by it in its files. It shall not be necessary to publish such renewal or amendment.
Codes, 1942, § 5161; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 3 - INCORPORATION AND ORGANIZATION OF BANKS (§§ 81-3-1 — 81-3-17) › Section 81-3-17 - Ownership by holding company

(1)
Subject to the prohibitions provided in Section
81-5-28
, Mississippi Code of 1972, but notwithstanding any other provision of law, any bank may simultaneously with its incorporation provide for its ownership by a holding company.
(2)
Subject to the prohibitions provided in Section
81-5-28
, Mississippi Code of 1972, but notwithstanding any other provision of law, any bank 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 bank 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 bank. The plan of reorganization shall provide that (a) the resulting ownership shall be vested in a Mississippi corporation; (b) all stockholders of the stock bank 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.
Laws, 1997, ch. 542, § 10, eff. 4/10/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-2 - Private corporation laws; application to state banks

All the provisions of law relating to private corporations operating in this state which are not inconsistent with this chapter or Chapters 1 and 3 of Title 81, Mississippi Code of 1972, or with the proper business of depository institutions, shall be applicable to all state banks.
Laws, 1998, ch. 392, § 1, eff. 3/17/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-3 - Bank not to permit use of its name

It shall be unlawful for any bank or corporation liable to taxation on its capital stock to permit any person to use its name in taking promissory notes, mortgages or deeds or trust, or to permit such instruments to indicate on their face that they are payable to such bank or corporation when the money to secure which such instruments are taken is not actually advanced or is not intended to be advanced by such bank or corporation, and it shall be unlawful for any person to use the name of such bank or corporation in making loans of money. Any such bank or corporation or individual violating the provisions of this section shall be liable to a penalty of twenty-five per cent of the amount of such loan, to be recovered by the state.
Codes, 1942, § 5190; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-5 - Local and regional banks for farm loans authorized

Local and regional banks for the purpose of making and floating loans upon farms in the State of Mississippi may be established under any legislation enacted or to be enacted by Congress and in such manner as may be provided by Congress and any bonds representing loans on farms and bearing a rate of interest of six per cent or less per annum, shall be exempt from all state and other taxation.
Codes, 1942, § 5278; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-7 - Preservation of old records

(1)
(a)
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.
(b)
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.
(i)
Actions at law and administrative proceedings in which the production of bank records might be necessary or desirable.
(ii)
State and federal statutes of limitation applicable to such actions or proceedings.
(iii)
The availability of information contained in bank records from other sources.
(iv)
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:
(c)
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.
(d)
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.
(e)
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.
(2)
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.
Codes, 1942, § 5278-01; Laws, 1944, ch. 258, §§ 1, 2; Laws, 1952, ch. 184, §§ 1, 2; Laws, 2000, ch. 335, § 1, eff. 4/16/2000.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 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.
Codes, 1942, § 5191; Laws, 1934, ch. 146; Laws, 1936, ch. 165; Laws, 1994, ch. 320, § 3, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 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.
Codes, 1942, § 5283; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 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.
Codes, 1942, § 5284; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 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.
Codes, 1942, § 5192; Laws, 1934, ch. 146; Laws, 1936, ch. 165.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 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.
Codes, 1942, § 5193; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 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.
Codes, 1942, § 5194; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 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.
Codes, 1942, § 5195; Laws, 1934, ch. 146; Laws, 1936, ch. 165.