reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-73 - Annual meeting of stockholders of capital stock associations; notice; voting; quorum

(1)
An annual meeting of stockholders of capital stock associations shall be held as fixed in the bylaws of the association. Whenever the provisions of this chapter, the articles of incorporation, or the bylaws require or authorize the stockholders to take any action at an annual or special meeting, a notice of such meeting, signed by the secretary or other officer permitted by the bylaws, shall be mailed to each stockholder entitled to vote at such meeting, at his address as it appears on the records of the corporation, not less than ten (10) nor more than sixty (60) days before the date set for such meeting. The articles of incorporation or bylaws may require that such notice also be published in one or more newspapers. The notice shall state the purpose of the meeting, a general statement of the business to be transacted, and the time and place it is to be held. Such notice shall be sufficient for said meeting and any adjournment thereof unless otherwise provided in the articles of incorporation or bylaws. If any stockholder shall transfer any of his stock after notice, it shall not be necessary to notify the transferee. Such meetings shall be held within the state and within the county in which the home office of the association is located. Any stockholder may waive notice of any meeting either before, at or after the meeting.
(2)
Unless otherwise provided in the articles of incorporation, every such stockholder shall be entitled at such meeting, and upon each proposal presented at such meeting, to one (1) vote for each share of voting stock recorded in his name on the books of the corporation on the record date fixed as above provided or, if no such record date was fixed, on the day of meeting. The books of record of stockholders shall be produced at any stockholders' meeting upon the request of any stockholder.
(3)
The stockholders record date and voting by proxy at any meeting shall be established and permitted, respectively, as set forth in the bylaws of the association. Constitution of a quorum shall be set forth in the bylaws of the association.
Laws, 1977, ch. 445, § 18; reenacted, Laws, 1982, ch. 301, § 37; Laws, 1990 Ex Sess, ch. 52, § 38; Laws, 1993, ch. 441, § 38; Laws, 1994, ch. 622, § 70; reenacted without change, Laws, 1997, ch. 496, § 35; reenacted without change, Laws, 2001, ch. 488, § 37, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-75 - Membership fees prohibited

An association shall not directly or indirectly charge any membership, admission, withdrawal or any other fee or sum of money for the privilege of becoming, remaining or ceasing to be a member or savings account holder of the association.
Laws, 1977, ch. 445, § 19; reenacted, Laws, 1982, ch. 301, § 38; Laws, 1990 Ex Sess, ch. 52, § 39; Laws, 1993, ch. 441, § 39; Laws, 1994, ch. 622, § 71; reenacted without change, Laws, 1997, ch. 496, § 36; reenacted without change, Laws, 2001, ch. 488, § 38, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-79 - Call reports

The commissioner shall call upon each association for the reports required in this section. Such calls shall be made by the commissioner in writing by letter or other similar means of written communications for the same dates and as often as calls are issued by the appropriate federal regulating authority for reports from federal associations. The commissioner shall prescribe the forms for such reports. The reports shall be sworn to by either the president, vice president or cashier of the association making them, attested by not less than two (2) of the board of directors, and shall exhibit in detail, under appropriate heads, the total resources and total liabilities of the association on the day specified by the commissioner. Associations shall transmit to the department such call reports within a time limitation established by regulation by the commissioner; however, such time limitation cannot exceed that set by the Federal Deposit Insurance Corporation for state insured associations. For any failure or delay in furnishing this report, the president, vice president or cashier of any such association, so in default, and the members of the board of directors of the association refusing to attest the report, shall be subject to an administrative fine, which may be imposed by the commissioner, of Fifty Dollars ($50.00) a day for each day while in such default.
Laws, 1977, ch. 445, § 21; reenacted, Laws, 1982, ch. 301, § 40; Laws, 1990 Ex Sess, ch. 52, § 41; Laws, 1993, ch. 441, § 41; reenacted and amended, Laws, 1994, ch. 622, § 73; Laws, 1996, ch. 400, § 19; reenacted without change, Laws, 1997, ch. 496, § 38; reenacted without change, Laws, 2001, ch. 488, § 40, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-85 - Bonding of association's officers, attorneys, employees, agents and directors

Each association shall provide and maintain a fidelity bond covering its officers, attorneys, employees, agents and directors when performing the duties of officers or employees, in the form and amount required by the commissioner, but in no event less than One Hundred Thousand Dollars ($100,000.00). No bond coverage will be required of any agent which is a financial institution insured by the Federal Deposit Insurance Corporation. Such bonds shall provide that a cancellation thereof either by the surety or by the insured shall not become effective unless and until thirty (30) days' notice in writing first shall have been given to the commissioner, unless he shall have approved such cancellation earlier.
Laws, 1977, ch. 445, § 24; reenacted, Laws, 1982, ch. 301, § 43; Laws, 1990 Ex Sess, ch. 52, § 44; Laws, 1993, ch. 441, § 44; reenacted and amended, Laws, 1994, ch. 622, § 76; Laws, 1996, ch. 400, § 21; reenacted without change, Laws, 1997, ch. 496, § 41; reenacted without change, Laws, 2001, ch. 488, § 43, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-89 - Deposit of association funds; approval by directors

No association shall deposit any of its funds, except with a depository approved by a vote of a majority of the directors authorized by the association, any director who is an officer, partner, director, or trustee of the depository so designated taking no part in such vote.
Laws, 1977, ch. 445, § 26; reenacted, Laws, 1982, ch. 301, § 45; Laws, 1990 Ex Sess, ch. 52, § 46; Laws, 1993, ch. 441, § 46; Laws, 1994, ch. 622, § 78; reenacted without change, Laws, 1997, ch. 496, § 43; reenacted without change, Laws, 2001, ch. 488, § 45, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-91 - Indemnification of director, officer or employee for expenses of action to which he is made a party by reason of his position

Any person may be indemnified or reimbursed by the association for reasonable expenses, including, but not limited to, attorney's fees actually incurred by him in connection with any action, suit or proceeding, instituted or threatened, judicial or administrative, civil or criminal, to which he is made a party by reason of his being or having been a director, officer or employee of an association; however, no person shall be so indemnified or reimbursed, nor shall he retain any advancement or allowance for indemnification which may have been made by the association in advance of final disposition, in relation to such action, suit or proceeding in which and to the extent that he finally shall be adjudicated to have been guilty of a breach of good faith, to have been negligent in the performance of his duties or to have committed an action or failed to perform a duty for which there is a common law or a statutory liability. In addition, a person may, with the approval of the commissioner, be so indemnified or reimbursed for:
(a)
Amounts paid in compromise or settlement of any action, suit or proceeding, including reasonable expenses incurred in connection therewith; or
(b)
Reasonable expenses, including fines and penalties, incurred in connection with a criminal or civil action, suit or proceeding in which such person has been adjudicated guilty, negligent or liable, if it shall be determined by the board of directors and the commissioner that such person was acting in good faith and in what he believed to be the best interests of the association and without knowledge that the action was illegal and if such indemnification or reimbursement is approved at an annual or special meeting of the members or stockholders by a majority of the votes eligible to be cast. Amounts paid to the association, whether pursuant to judgment or settlement by any person within the meaning of this section, shall not be indemnified or reimbursed in any case.
Laws, 1977, ch. 445, § 27; reenacted, Laws, 1982, ch. 301, § 46; Laws, 1990 Ex Sess, ch. 52, § 47; Laws, 1993, ch. 441, § 47; reenacted and amended, Laws, 1994, ch. 622, § 79; reenacted without change, Laws, 1997, ch. 496, § 44; reenacted without change, Laws, 2001, ch. 488, § 46, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-93 - Management contracts

No association shall make any management contract with any person or persons extending for more than three (3) years. Contracts in excess of one (1) year shall first be approved by the commissioner. No such contract shall permit an association to be managed on a commission basis.
Laws, 1977, ch. 445, § 28; reenacted, Laws, 1982, ch. 301, § 47; Laws, 1990 Ex Sess, ch. 52, § 48; Laws, 1993, ch. 441, § 48; Laws, 1994, ch. 622, § 80; reenacted without change, Laws, 1997, ch. 496, § 45; reenacted without change, Laws, 2001, ch. 488, § 47, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-95 - Records; minutes of meetings; business transactions

Every association shall keep at the home office correct and complete minutes of the proceedings and meetings of members, stockholders, directors and the executive committee. Complete records of all business transacted at the home office shall be maintained at the home office, and control records of all business transacted at each branch office or agency shall be maintained at the home office, except as permitted below. However, any state savings association 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.
Laws, 1977, ch. 445, § 29(1); reenacted, Laws, 1982, ch. 301, § 48; Laws, 1990 Ex Sess, ch. 52, § 49; Laws, 1993, ch. 441, § 49; Laws, 1994, ch. 622, § 81; reenacted without change, Laws, 1997, ch. 496, § 46; Laws, 2000, ch. 335, § 2; reenacted without change, Laws, 2001, ch. 488, § 48, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-97 - Records; branch offices; agents

(1)
Each branch office shall keep detailed records of all transactions at such branch office and shall furnish full control records to the home office, except as permitted below.
(2)
Each agent of an association shall keep an original record of each transaction of business of the association and shall report promptly to the home office. Complete detailed permanent records of such transactions are not required to be maintained at such agency.
Laws, 1977, ch. 445, § 29(2, 3); reenacted, Laws, 1982, ch. 301, § 49; Laws, 1990 Ex Sess, ch. 52, § 50; Laws, 1993, ch. 441, § 50; Laws, 1994, ch. 622, § 82; reenacted without change, Laws, 1997, ch. 496, § 47; reenacted without change, Laws, 2001, ch. 488, § 49, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-99 - Records; maintenance by means of data processing services

An association which determines to maintain any of its records by means of data processing services shall so notify the commissioner, in writing, at least ninety (90) days prior to the date on which such maintenance of records will begin. Such notification shall include identification of the records to be maintained by data processing services and a statement as to the location at which such records will be maintained. Any contract, agreement or arrangement made by an association pursuant to which data processing services are to be performed for such association shall be in writing and shall expressly provide that the records to be maintained by such services shall at all times be available for examination and audit.
Laws, 1977, ch. 445, § 29(4); reenacted, Laws, 1982, ch. 301, § 50; Laws, 1990 Ex Sess, ch. 52, § 51; Laws, 1993, ch. 441, § 51; Laws, 1994, ch. 622, § 83; reenacted without change, Laws, 1997, ch. 496, § 48; reenacted without change, Laws, 2001, ch. 488, § 50, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-101 - Records; forms and accounting principles; closing of books; description of assets

(1)
Every association shall use such forms and observe such accounting principles and practices as the commissioner may require from time to time.
(2)
Every association shall close its books annually.
(3)
No association by any system of accounting or any device of bookkeeping shall, either directly or indirectly, enter any of its assets upon its books in the name of any other person, partnership, association or corporation or under any title or designation that is not truly descriptive of such assets.
Laws, 1977, ch. 445, § 29(5-7); reenacted, Laws, 1982, ch. 301, § 51; Laws, 1990 Ex Sess, ch. 52, § 52; Laws, 1993, ch. 441, § 52; Laws, 1994, ch. 622, § 84; reenacted without change, Laws, 1997, ch. 496, § 49; reenacted without change, Laws, 2001, ch. 488, § 51, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-103 - Records; overvaluation of assets

The commissioner, after a determination of value made in accordance with Section
81-12-177(8)
, may order that assets, individually or in the aggregate, to the extent that such assets are overvalued on an association's books, be charged off, or that a special reserve or reserves equal to such overvaluation be set up by transfers from undivided profits or reserves.
Laws, 1977, ch. 445, § 29(8, 9); reenacted, Laws, 1982, ch. 301, § 52; Laws, 1990 Ex Sess, ch. 52, § 53; Laws, 1993, ch. 441, § 53; reenacted and amended, Laws, 1994, ch. 622, § 85; Laws, 1996, ch. 400, § 23; reenacted without change, Laws, 1997, ch. 496, § 50; reenacted without change, Laws, 2001, ch. 488, § 52, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-105 - Records; real estate investments; appraisal

(1)
An association shall not carry any real estate on its books at a sum in excess of the total amount invested by such association on account of such real estate, including advances, costs, and improvements but excluding accrued but uncollected interest.
(2)
Every association shall have appraised each parcel of real estate immediately following acquisition thereof. The report of each such appraisal shall be submitted in writing to the board of directors and shall be kept in the records of the association. In addition to his powers under Section
81-12-177(8)
of this chapter, the commissioner may require the appraisal of real estate securing loans which are delinquent more than four (4) months.
Laws, 1977, ch. 445, § 29(10, 11); reenacted, Laws, 1982, ch. 301, § 53; Laws, 1990 Ex Sess, ch. 52, § 54; Laws, 1993, ch. 441, § 54; Laws, 1994, ch. 622, § 86; reenacted without change, Laws, 1997, ch. 496, § 51; reenacted without change, Laws, 2001, ch. 488, § 53, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-107 - Records; loan and investment

Every association shall maintain complete loan and investment records in a manner prescribed by the commissioner. Detailed records necessary to make determinations of compliance by an association with the investment, liquidity, loan and other provisions of this chapter shall be maintained consistently and at all times, the record of each real estate loan or other secured loan or investment containing documentation to the satisfaction of the commissioner of the type, adequacy and completion of the security.
Laws, 1977, ch. 445, § 29(12); reenacted, Laws, 1982, ch. 301, § 54; Laws, 1990 Ex Sess, ch. 52, § 55; Laws, 1993, ch. 441, § 55; Laws, 1994, ch. 622, § 87; reenacted without change, Laws, 1997, ch. 496, § 52; reenacted without change, Laws, 2001, ch. 488, § 54, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-109 - Records; membership and stockholder

Every association shall maintain membership and stockholder records, which shall show the name and address of the member or stockholder, the status of the member as a savings account holder, or an obligor, or a savings account holder and obligor, and the date of membership or ownership of stock. In the case of members holding a savings account the association shall obtain a savings account contract containing the signature of each holder of such account or his duly authorized representative, and shall preserve such contract in the records of the association.
Laws, 1977, ch. 445, § 29(13); reenacted, Laws, 1982, ch. 301, § 55; Laws, 1990 Ex Sess, ch. 52, § 56; Laws, 1993, ch. 441, § 56; Laws, 1994, ch. 622, § 88; reenacted without change, Laws, 1997, ch. 496, § 53; reenacted without change, Laws, 2001, ch. 488, § 55, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-111 - Records; reproduction by photostatic, photographic or microfilming process

Any association may cause any or all records kept by such association to be copied or reproduced by any photostatic, photographic or microfilming process which correctly and permanently copies, reproduces or forms a medium for copying or reproducing the original record on a film or other durable material, and such association may thereafter dispose of the original record. Any such copy or reproduction shall be deemed to be an original record for all purposes and shall be treated as an original record in all courts or administrative agencies for the purpose of its admissibility in evidence. A facsimile, exemplification or certified copy of any such copy or reproduction reproduced from a film record shall, for all purposes, be deemed a facsimile, exemplification or certified copy of the original record.
Laws, 1977, ch. 445, § 29(14); reenacted, Laws, 1982, ch. 301, § 56; Laws, 1990 Ex Sess, ch. 52, § 57; Laws, 1993, ch. 441, § 57; Laws, 1994, ch. 622, § 89; reenacted without change, Laws, 1997, ch. 496, § 54; reenacted without change, Laws, 2001, ch. 488, § 56, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-113 - Reserves

Every association shall set up and maintain the reserves required by the board and may set up and maintain such additional reserves as are permitted by this chapter. The commissioner shall fix the amount of each association's separate reserve account to be set up and maintained for the sole purpose of absorbing losses (termed in this chapter "general reserve"), but in no event shall such amount of such general reserve be less than the amount required by the Federal Deposit Insurance Corporation. Transfers to general reserve shall be made at such time or times as set by the commissioner.
Laws, 1977, ch. 445, § 30; reenacted, Laws, 1982, ch. 301, § 57; Laws, 1990 Ex Sess, ch. 52, § 58; Laws, 1993, ch. 441, § 58; reenacted and amended, Laws, 1994, ch. 622, § 90; reenacted without change, Laws, 1997, ch. 496, § 55; reenacted without change, Laws, 2001, ch. 488, § 57, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-115 - Savings liability of association to equal aggregate amount of savings accounts plus earnings; additions to accounts; responsibility of members for losses; assessment of accounts; declaration of earnings; preferences

The savings liability of an association is not limited, but shall consist only of the aggregate amount of savings accounts of its members or savings account holders, plus earnings credited to such accounts, less redemption and withdrawal payments. Except as limited by the board of directors from time to time, a member or savings account holder may make additions to his savings accounts in such amounts and at such times as he may elect. The members or savings account holders of an association shall not be responsible for any losses which its savings liability shall not be sufficient to satisfy, and savings accounts shall not be subject to assessment. Earnings shall be declared in accordance with the provisions of this chapter. Except as provided in Section
81-12-153
, no association shall prefer one (1) of its savings accounts over any other savings account as to the right to participate in earnings. No preference between savings account members or savings account holders shall be created with respect to the distribution of assets upon voluntary or involuntary liquidation, dissolution or winding up of an association. No association shall issue, sell, negotiate or advertise any type of savings account or debt security, except as authorized by this chapter, nor shall it contract with respect to any savings account or other account in a manner inconsistent with the provisions of this chapter.
Laws, 1977, ch. 445, § 31; reenacted, Laws, 1982, ch. 301, § 58; Laws, 1990 Ex Sess, ch. 52, § 59; Laws, 1993, ch. 441, § 59; Laws, 1994, ch. 622, § 91; reenacted without change, Laws, 1997, ch. 496, § 56; reenacted without change, Laws, 2001, ch. 488, § 58, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-117 - Savings accounts

Savings accounts may be opened and held solely and absolutely in his own right by, or in trust or other fiduciary capacity for, any person, including an adult or minor individual, male or female, single or married, partnership, association, fiduciary, corporation or by a political subdivision or public or governmental unit, but only to the extent expressly authorized by the statutes of this state. Savings accounts shall be represented only by the account of each savings account holder on the books of the association, and such accounts or any interest therein shall be transferable only on the books of the association and upon proper written application by the transferee and upon acceptance by the association of the transferee as a savings account holder upon terms approved by the board of directors. The association may treat the holder of record of a savings account as the owner thereof for all purposes.
Laws, 1977, ch. 445, § 32(1); reenacted, Laws, 1982, ch. 301, § 59; Laws, 1990 Ex Sess, ch. 52, § 60; Laws, 1993, ch. 441, § 60; Laws, 1994, ch. 622, § 92; reenacted without change, Laws, 1997, ch. 496, § 57; reenacted without change, Laws, 2001, ch. 488, § 59, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-119 - Savings accounts; execution of contract by holder

Each holder of a savings account shall execute a savings account contract setting forth any special terms and provisions applicable to such savings account and the ownership thereof and the conditions upon which withdrawals may be made, not inconsistent with the provisions of this chapter.
Laws, 1977, ch. 445, § 32(2); reenacted, Laws, 1982, ch. 301, § 60; Laws, 1990 Ex Sess, ch. 52, § 61; Laws, 1993, ch. 441, § 61; Laws, 1994, ch. 622, § 93; reenacted without change, Laws, 1997, ch. 496, § 58; reenacted without change, Laws, 2001, ch. 488, § 60, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-121 - Savings accounts; evidence of ownership

Evidence of ownership of a savings account shall be issued in such form as approved by the commissioner by regulation.
Laws, 1977, ch. 445, § 32(3); reenacted, Laws, 1982, ch. 301, § 61; Laws, 1990 Ex Sess, ch. 52, § 62; Laws, 1993, ch. 441, § 62; Laws, 1994, ch. 622, § 94; reenacted without change, Laws, 1997, ch. 496, § 59; reenacted without change, Laws, 2001, ch. 488, § 61, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-123 - Savings accounts; lost or destroyed account books or certificates

Upon the filing with an association by the holder of record as shown by the books of the association, or by his legal representative, of an affidavit to the effect that the account book or certificate evidencing his savings account with the association has been lost or destroyed, and that such account book or certificate has not been pledged or assigned in whole or in part, such association shall issue a new account book or certificate in the name of the holder of record, such evidence stating that it is issued in lieu of the one lost or destroyed, and the association shall in no way be liable thereafter on account of the original account book or certificate, provided that the board of directors shall, if in its judgment it is necessary, require a bond in an amount it deems sufficient to indemnify the association against any loss which might result from the issuance of such new account book or certificate.
Laws, 1977, ch. 445, § 32(4); reenacted, Laws, 1982, ch. 301, § 62; Laws, 1990 Ex Sess, ch. 52, § 63; Laws, 1993, ch. 441, § 63; Laws, 1994, ch. 622, § 95; reenacted without change, Laws, 1997, ch. 496, § 60; reenacted without change, Laws, 2001, ch. 488, § 62, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-125 - Savings accounts; inducements to open

The commissioner shall by regulation determine the conditions under which merchandise, things of value or services performed outside the premises of an association may be furnished as an inducement for the opening or increase of any savings account.
Laws, 1977, ch. 445, § 32(5); reenacted, Laws, 1982, ch. 301, § 63; Laws, 1990 Ex Sess, ch. 52, § 64; Laws, 1993, ch. 441, § 64; reenacted and amended, Laws, 1994, ch. 622, § 96; reenacted without change, Laws, 1997, ch. 496, § 61; reenacted without change, Laws, 2001, ch. 488, § 63, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-127 - Savings accounts; adverse claims to accounts

Notice to any association doing business in this state of an adverse claim to an account on its books in the name of any savings account holder shall not be effectual to cause the association to recognize such adverse claimant unless such adverse claimant either procures a restraining order, injunction or other appropriate process against the association from a court of competent jurisdiction in a cause therein instituted by him wherein the savings account holder in whose name the account appears is made a party and served with summons, or shall execute to the association, in form and with sureties acceptable to it, a bond indemnifying it from any and all liability, loss, damage, costs and expenses for and on the account of the payment of such adverse claim.
Laws, 1977, ch. 445, § 32(6); reenacted, Laws, 1982, ch. 301, § 64; Laws, 1990 Ex Sess, ch. 52, § 65; Laws, 1993, ch. 441, § 65; Laws, 1994, ch. 622, § 97; reenacted without change, Laws, 1997, ch. 496, § 62; reenacted without change, Laws, 2001, ch. 488, § 64, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-129 - Savings plans at educational institutions

An association may contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and implementation by the association in any school or institutional thrift or savings plan, and it may accept savings accounts at such a school or institution, either by its own collector or by any representative of the school or institution which becomes the agent of the association for such purpose.
Laws, 1977, ch. 445, § 33(1); reenacted, Laws, 1982, ch. 301, § 65; Laws, 1990 Ex Sess, ch. 52, § 66; Laws, 1993, ch. 441, § 66; Laws, 1994, ch. 622, § 98; reenacted without change, Laws, 1997, ch. 496, § 63; reenacted without change, Laws, 2001, ch. 488, § 65, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-131 - Payroll savings plans

An association may contract with any employer with respect to the solicitation, collection and receipt of savings by payroll deduction to be credited to a designated account or accounts of his or its employee or employees who voluntarily may participate.
Laws, 1977, ch. 445, § 33(2); reenacted, Laws, 1982, ch. 301, § 66; Laws, 1990 Ex Sess, ch. 52, § 67; Laws, 1993, ch. 441, § 67; Laws, 1994, ch. 622, § 99; reenacted without change, Laws, 1997, ch. 496, § 64; reenacted without change, Laws, 2001, ch. 488, § 66, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-133 - Attorneys authorized to make withdrawals; revocation of authority

Any association may continue to recognize the authority of an attorney in fact authorized in writing to manage or to make withdrawals either in whole or in part from the savings account of a member or savings account holder until it receives written notice or is on actual notice of the revocation of his authority. For the purposes of this section, written notice of the death or adjudication of incompetency of such savings account holder shall constitute written notice of revocation of the authority of his attorney. No such institution shall be liable for damages, penalty or tax by reason of any payment made in accord with this section.
Laws, 1977, ch. 445, § 34; reenacted, Laws, 1982, ch. 301, § 67; Laws, 1990 Ex Sess, ch. 52, § 68; Laws, 1993, ch. 441, § 68; Laws, 1994, ch. 622, § 100; reenacted without change, Laws, 1997, ch. 496, § 65; reenacted without change, Laws, 2001, ch. 488, § 67, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-135 - Savings accounts issued to minors or persons under disability; payment of withdrawals; powers of parent or guardian; withdrawals on death of holder

An association and any federal association may issue savings accounts to any minor or other person under disability as the sole and absolute owner of such savings account, and receive payments thereon by or for such owner, and pay withdrawals, accept pledges to the association, and act in any other manner with respect to such accounts on the written instruction of such savings account holder in accord with this chapter. Any payment or delivery of rights to any minor or other person under a disability, or a receipt or acquittance signed by a minor or other person under a disability, who holds a savings account, shall be a valid and sufficient release of such association for any payment so made or delivery of rights to such minor or person. The receipt, acquittance, pledge or other action required by the association to be taken by such minor or person shall be binding upon such minor or person with like effect as if he were of full age and legal capacity. The parent or guardian of such minor or person shall not in his capacity as parent or guardian have the power to attach or in any manner to transfer any savings account issued to or in the name of such minor or person; provided, however, that in the event of the death of such minor or person the receipt or acquittance of either parent, a person standing in loco parentis, guardian or conservator of such minor or person shall be a valid and sufficient discharge of such association for any sum or sums not exceeding in the aggregate One Thousand Dollars ($1,000.00) unless the minor or person shall have given written notice to the association not to accept the signature of such person.
Laws, 1977, ch. 445, § 35; Laws, 1982, chs. 301, § 68; 467, § 2; reenacted, Laws, 1990 Ex Sess, ch. 52, § 69; Laws, 1993, ch. 441, § 69; Laws, 1994, ch. 622, § 101; reenacted without change, Laws, 1997, ch. 496, § 66; reenacted without change, Laws, 2001, ch. 488, § 68, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-141 - Accounts of deceased nonresidents

When an account is held in any association by a person residing in another state or country, the account, or any part thereof not in excess of Two Thousand Five Hundred Dollars ($2,500.00), may be paid to the administrator or executor appointed in the state or country where the account holder resides at the time of death, provided such administrator or executor has furnished the association with (a) authenticated copies of his letters and of the order of the court which issued the letters to him authorizing him to collect, receive and remove the personal estate, and (b) an affidavit by the administrator or executor that to his knowledge no letters are then outstanding in this state and no petition for letters by an heir, legatee, devisee or creditor of the decedent is pending on the estate in this state, and that there are no creditors of the estate in this state. Upon payment or delivery to such representative after receipt of the affidavit and authenticated copies, the association is released and discharged to the same extent as if the payment or delivery had been made to a legally qualified resident executor or administrator, and is not required to see to the application or disposition of the property. No action at law or in equity shall be maintained against the association for payment made in accordance with the above provisions.
Laws, 1977, ch. 445, § 38; Laws, 1980, ch. 426, § 2; reenacted, Laws, 1982, ch. 301, § 71; Laws, 1990 Ex Sess, ch. 52, § 72; Laws, 1993, ch. 441, § 72; Laws, 1994, ch. 622, § 104; enacted without change, Laws, 1997, ch. 496, § 69; reenacted without change, Laws, 2001, ch. 488, § 71, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-143 - Payments to successors without administration

Any association may pay to the successor of a deceased depositor, as defined in Section
91-7-322(2)
, without necessity of administration, any sum to the credit of the deceased not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00), upon affidavit that the deceased died leaving no last will and testament and bond signed by each of the successors guaranteeing payment of any lawful debts of the deceased to the extent of that withdrawal. The receipt of acquittance of the person or persons so paid shall be valid and sufficient release and discharge to the association as against all other persons and claimants for any payment so made; however, the bond shall be made available to any creditor for suit against the makers of the bond.
Laws, 1977, ch. 445, § 39; Laws, 1980, ch. 426, § 2; reenacted, 1982, ch. 301, § 72; Laws, 1990 Ex Sess, ch. 52, § 73; Laws, 1993, ch. 441, § 73; Laws, 1994, ch. 622, § 105; Laws, 1995, ch. 380, § 2; reenacted without change, Laws, 1997, ch. 496, § 70; reenacted without change, Laws, 2001, ch. 458, § 2; Laws, 2003, ch. 394, § 1, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-147 - Savings accounts as legal investments and as security for bonds

(1)
Administrators, executors, custodians, guardians, trustees, pension funds and other fiduciaries of every kind and nature, insurance companies, business and manufacturing companies, banks, credit unions and all other types of financial institutions, charitable, educational and eleemosynary institutions and organizations hereby are specifically authorized and empowered to invest funds held by them, without any order of any court, in savings accounts of associations which are under state supervision, and in accounts of insured associations, and such investments shall be deemed and held to be legal investments for such funds. With respect to investments by custodians, associations hereby are deemed to be qualified institutions within the meaning of that term as used in the Uniform Gifts to Minors Law of this state.
(2)
The provisions of this section are supplemental to any and all other laws relating to and declaring what shall be legal investments for the persons, fiduciaries, corporations, organizations and officials referred to in this section, and the laws relating to the deposit of securities and the making and filing of bonds for any purpose.
Laws, 1977, ch. 445, § 41; reenacted, Laws, 1982, ch, 301, § 74; Laws, 1990 Ex Sess, ch. 52, § 75; Laws, 1993, ch. 441, § 75; Laws, 1994, ch. 622, § 107; reenacted without change, Laws, 1997, ch. 496, § 72; reenacted without change, Laws, 2001, ch. 488, § 74, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-149 - Payment of earnings on savings accounts

An association may pay earnings on its savings accounts from sources available for payment of earnings at such rate and at such times and for such time or notice periods as shall be determined by resolution of its board of directors subject to such rules and regulations promulgated by the commissioner. Except for accounts which shall be classified according to a specified contractual time or notice period, earnings shall be declared on the withdrawal value of each savings account at the beginning of the accounting period, plus additions thereto made during the period (less amounts previously withdrawn and noticed for withdrawal, which for earnings purposes shall be deducted from the latest previous additions thereto) computed at the declared rate for the time the funds have been invested, which time shall be fixed by the bylaws of the association. No earnings shall be declared or paid for an accounting period unless the allocation to the general reserve for the pre ceding accounting period required herein has been made. The board of directors, by resolution, may determine that earnings shall not be paid on any savings account which has a withdrawal value of a specified amount less than Fifty Dollars ($50.00) or which by written agreement is intended to be closed within a specified period less than fifteen (15) months after the date on which such savings account is opened, provided that an exception may be made and earnings paid on savings accounts opened pursuant to Sections
81-12-129
and
81-12-131
. The directors shall determine by resolution the method of calculating the amount of any earnings on savings accounts as herein provided, and the time or times when earnings are to be declared, paid or credited.
Laws, 1977, ch. 445, § 42; reenacted, Laws, 1982, ch 301, § 75; Laws, 1990 Ex Sess, ch. 52, § 76; Laws, 1993, ch. 441, § 76; reenacted and amended, Laws, 1994, ch. 622, § 108; reenacted without change, Laws, 1997, ch. 496, § 73; reenacted without change, Laws, 2001, ch. 488, § 75, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-151 - Withdrawals by savings account holders

Any savings account holder or other account holder or his authorized representative may at any time present a written application for withdrawal of all or any part of his savings account or other account. Every association shall pay, except as provided below, every withdrawal application in the amount stated thereon in the form of cash or one or more checks or similar instruments payable to the order of the account holder. However, if a federal savings and loan association located in this state acquires the right and power to pay withdrawal applications in the form of checks or similar instruments payable to the order of others than the account holder as directed, or by the transfer of credits to the account or accounts of others in an institution as directed, then an association incorporated pursuant to or operating under the provisions of this chapter may have and possess the same rights and powers if prescribed by the board pursuant to subsection (r) of Section 8 1-12-49. No withdrawal shall be made in excess of the withdrawal value of such savings account or accounts, together with any earnings which may have been declared and may have accrued thereon for the current period. The payment of withdrawals from savings accounts shall be subject to the right of the association to require notice not to exceed thirty (30) days and shall be subject to such rules and procedures as may be prescribed by regulations of the commissioner, but any association which, except as authorized in writing by the commissioner, fails to make full payment of any withdrawal when due shall be deemed to be in an impaired condition to transact business within the meaning of Section
81-12-183
of this chapter.
Laws, 1977, ch. 445, § 43;1980, ch. 449, § 61; reenacted, Laws, 1982, ch. 301, § 76; Laws, 1990 Ex Sess, ch. 52, § 77; Laws, 1993, ch. 441, § 77; reenacted and amended, Laws, 1994, ch. 622, § 109; reenacted without change, Laws, 1997, ch. 496, § 74; reenacted without change, Laws, 2001, ch. 488, § 76, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-153 - Redemptions

At any time funds are on hand for the purpose, the association shall have the right to redeem by lot as the board of directors may determine, all or any part of any of its savings accounts on an earnings date by giving thirty (30) days' notice by registered mail addressed to each affected account holder at his last address as recorded on the books of the association. No association shall redeem any of its savings accounts when the association is in an impaired condition or when it is unable to pay its applications for withdrawal. The redemption price of savings accounts redeemed shall be the full value of the account redeemed, as determined by the board of directors, but in no event shall the redemption price be less than the withdrawal value. If the aforesaid notice of redemption shall have been duly given, and if on or before the redemption date the funds necessary for such redemption shall have been set aside so as to be and continue to be available therefor, earnings upon the accounts called for redemption shall cease to accrue from and after the earnings date specified as the redemption date; and all rights with respect to such accounts shall forthwith, after such redemption date, terminate, except only for the right of the account holder of record to receive the redemption price with interest to the redemption date. All savings account books or certificates evidencing former savings accounts which have been validly called for redemption must be tendered for payment within ten (10) years from the date of redemption designated in the redemption notice, otherwise they shall be cancelled. After the expiration of the period of ten (10) years, the association in which the funds are located shall, within six (6) months, pay the funds to the commissioner, who shall deposit such funds to the department's account with the State Treasurer.
Laws, 1977, ch. 44; reenacted, Laws, 1982, ch. 301, § 77; Laws, 1990 Ex Sess, ch. 52, § 78; Laws, 1993, ch. 441, § 78; reenacted and amended, Laws, 1994, ch. 622, § 110; reenacted without change, Laws, 1997, ch. 496, § 75; reenacted without change, Laws, 2001, ch. 488, § 77, eff. 7/1/2001.