reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle A - STATE TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.005) › Section 81-27-2.003 - State trust company principal office

(a)
Each state trust company must have and continuously maintain a principal office in this state.
(b)
Each executive officer at the principal office is an agent of the state trust company for service of process.
(c)
A state trust company may change its principal office to any location within this state by filing a written notice with the commissioner setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change.
(d)
The change of principal office shall take effect on the thirty-first day after the date the commissioner receives the notice pursuant to paragraph (c) of this section, unless the commissioner establishes an earlier or later date or unless prior to such day the commissioner notifies the state trust company that it must establish to the satisfaction of the commissioner that the relocation is consistent with the original determination made under Section
81-27-4.103(b)
for the establishment of a state trust company at that location, in which event the change of principal office shall take effect when approved by the commissioner.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle A - STATE TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.005) › Section 81-27-2.004 - Trust office; representative trust office

(a)
A state trust institution may establish or acquire and maintain trust offices or representative trust offices anywhere in this state. A state trust institution desiring to establish or acquire and maintain such an office shall file a written notice with the commissioner setting forth the name of the state trust institution, the location of the proposed additional office and whether the additional office will be a trust office or a representative trust office, furnish a copy of the resolution adopted by the board authorizing the additional office and pay the filing fee, if any, prescribed by the commissioner.
(b)
The notificant may commence business at the additional office on the thirty-first day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.
(c)
The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the commissioner.
(d)
The commissioner may deny approval of the additional office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle A - STATE TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.005) › Section 81-27-2.005 - Out-of-state offices

(a)
A state bank, a state trust company or a savings association chartered under the laws of this state may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. Such a trust institution desiring to establish or acquire and maintain an office in another state under this section shall file a notice on a form prescribed by the commissioner, which shall set forth the name of the trust institution, the location of the proposed office, whether the office will be a trust office or a representative trust office, and whether the laws of the jurisdiction where the office will be located permit the office to be maintained by the trust institution, furnish a copy of the resolution adopted by the board authorizing the out-of-state office, and pay the filing fee, if any, prescribed by the commissioner.
(b)
The notificant may commence business at the additional office on the thirty-first day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.
(c)
The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the trust institution may establish the additional office only on prior written approval by the commissioner.
(d)
The commissioner may deny approval of the additional office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle B - OUT-OF-STATE TRUST INSTITUTION TRUST OFFICE (§§ 81-27-2.101 — 81-27-2.106) › Section 81-27-2.101 - Trust business at a branch or trust office

An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business at an office in this state only if it maintains (i) a trust office in this state as permitted by this subarticle or (ii) a branch in this state.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle B - OUT-OF-STATE TRUST INSTITUTION TRUST OFFICE (§§ 81-27-2.101 — 81-27-2.106) › Section 81-27-2.102 - Establishing an interstate trust office

(a)
An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this subarticle may establish and maintain a new trust office in this state.
(b)
Until January 1, 1999, an out-of-state trust institution may not establish a new trust office in this state unless a similar institution chartered under the laws of this state to act as a fiduciary, is permitted to establish a new trust office that may engage in activities substantially similar to those permitted to trust offices of out-of-state trust institutions under Section
81-27-2.101
, in the state where such out-of-state trust institution has its principal office.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle B - OUT-OF-STATE TRUST INSTITUTION TRUST OFFICE (§§ 81-27-2.101 — 81-27-2.106) › Section 81-27-2.103 - Acquiring an interstate trust office

(a)
An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this subarticle may acquire and maintain a trust office in this state.
(b)
Until January 1, 1999, no out-of-state trust institution may maintain a trust office in this state unless a similar institution chartered under the laws of this state to act as a fiduciary is permitted to acquire and maintain a trust office through an acquisition of a trust office in the state where such out-of-state trust institution has its principal office and may engage in activities substantially similar to those permitted to trust offices of out-of-state trust institutions under Section
81-27-2.101
, in the state where such out-of-state trust institution has its principal office.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle B - OUT-OF-STATE TRUST INSTITUTION TRUST OFFICE (§§ 81-27-2.101 — 81-27-2.106) › Section 81-27-2.104 - Requirement of notice

An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this subarticle shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the commissioner on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish and maintain or acquire the trust office. The filing of such notice shall be preceded or accompanied by a copy of the resolution adopted by the board authorizing the additional office and the filing fee, if any, prescribed by the commissioner.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle B - OUT-OF-STATE TRUST INSTITUTION TRUST OFFICE (§§ 81-27-2.101 — 81-27-2.106) › Section 81-27-2.105 - Conditions for approval

(a)
No trust office of an out-of-state trust institution may be acquired or established in this state under this subarticle unless:
(1)
The out-of-state trust institution shall have confirmed in writing to the commissioner that for as long as it maintains a trust office in this state, it will comply with all applicable laws of this state.
(2)
The notificant shall have provided satisfactory evidence to the commissioner of compliance with (i) any applicable requirements of Sections
79-4-15.01
through
79-4-15.10
and (ii) the applicable requirements of its home state regulator for acquiring or establishing and maintaining such office.
(3)
The commissioner, acting within sixty (60) days after receiving notice under Section
81-27-2.104
, shall have certified to the home state regulator that the requirements of this subarticle have been met and the notice has been approved or, if applicable, that any conditions imposed by the commissioner pursuant to paragraph (b) of this subsection have been satisfied.
(b)
The out-of-state trust institution may commence business at the trust office on the sixty-first day after the date the commissioner receives the notice unless the commissioner specifies an earlier or later date, provided, with respect to an out-of-state trust institution that is not a depository institution and for which the commissioner shall have conditioned such approval on the satisfaction by the notificant of any requirement applicable to a state trust company pursuant to Section
81-27-4.104(a)
or
81-27-4.106
, such institution shall have satisfied such conditions and provided to the commissioner satisfactory evidence thereof.
(c)
The sixty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the commissioner.
(d)
The commissioner may deny approval of the office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle B - OUT-OF-STATE TRUST INSTITUTION TRUST OFFICE (§§ 81-27-2.101 — 81-27-2.106) › Section 81-27-2.106 - Additional trust offices

An out-of-state trust institution that maintains a trust office in this state under this subarticle may establish or acquire additional trust offices or representative trust offices in this state to the same extent that a state trust institution may establish or acquire additional offices in this state pursuant to the procedures for establishing or acquiring such offices set forth in Section
81-27-2.004
.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle C - OUT-OF-STATE TRUST INSTITUTION REPRESENTATIVE TRUST OFFICE (§§ 81-27-2.201 — 81-27-2.202) › Section 81-27-2.201 - Representative trust office business

(a)
An out-of-state trust institution may not act as a fiduciary, but may otherwise engage in a trust business, at a representative trust office as permitted by this subarticle.
(b)
Subject to the requirements contained in this subarticle, an out-of-state trust institution may establish and maintain representative trust offices anywhere in this state.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle C - OUT-OF-STATE TRUST INSTITUTION REPRESENTATIVE TRUST OFFICE (§§ 81-27-2.201 — 81-27-2.202) › Section 81-27-2.202 - Registration of representative trust office

(a)
An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution not maintaining a trust office in this state and desiring to establish or acquire and maintain a representative trust office shall file a notice on a form prescribed by the commissioner which shall set forth the name of the out-of-state trust institution and the location of the proposed office and satisfactory evidence that the notificant is a trust institution, furnish a copy of the resolution adopted by the board authorizing the representative trust office, and pay the filing fee, if any, prescribed by the commissioner.
(b)
The notificant may commence business at the representative trust office on the thirty-first day after the date the commissioner receives the notice, unless the commissioner specifies an earlier or later date.
(c)
The thirty-day period of review may be extended by the commissioner on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the representative trust office only on prior written approval by the commissioner.
(d)
The commissioner may deny approval of the representative trust office if the commissioner finds that the notificant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle D - SUPERVISION OF OUT-OF-STATE TRUST INSTITUTION (§§ 81-27-2.301 — 81-27-2.303) › Section 81-27-2.302 - Enforcement

After notice and opportunity for hearing,
(a)
The commissioner may determine:
(1)
That an office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state or in an unsafe and unsound manner; or
(2)
That a company is engaged in an unauthorized trust activity. In either event, the commissioner shall have the authority to take all such enforcement actions as he or she would be empowered to take if the office or the company were a state trust company, including but not limited to issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state;
(b)
The commissioner may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state pursuant to Section
81-27-2.202
, which order shall be effective on the date of issuance or such other date as the commissioner shall determine;
(c)
In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any action permitted by Section
81-27-2.302(a) or (b)
without notice or opportunity for hearing, but shall promptly afford a subsequent hearing upon an application to rescind the action taken. The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving said enforcement action.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 2 - TRUST INSTITUTION OFFICES (§§ 81-27-2.001 — 81-27-2.303) › Subarticle D - SUPERVISION OF OUT-OF-STATE TRUST INSTITUTION (§§ 81-27-2.301 — 81-27-2.303) › Section 81-27-2.303 - Notice of subsequent merger, closing, etc

Each out-of-state trust institution that maintains an office in this state pursuant to this article, or the home state regulator of such trust institution, shall give at least thirty (30) days' prior written notice (or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law) to the commissioner of (i) any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, 12 USCS Section 1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 USCS Section 1841 et seq., or any successor statutes thereto, (ii) any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person or (iii) the closing or disposition of any office in this state.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle A - GENERAL (§§ 81-27-3.001 — 81-27-3.002) › Section 81-27-3.001 - Title and purposes

(a)
Articles 3, 4 and 5 of this chapter may be cited as the State Trust Institution Charter Modernization Act.
(b)
The express purposes of Articles 3, 4 and 5 of this chapter are to:
(1)
Provide for the chartering of trust companies and to permit trust companies to act as fiduciaries and otherwise engage in the trust business in this state, provided that they are adequately capitalized, competently managed by persons of integrity, and supervised by the commissioner, all in order to ensure that such trust companies are operated in compliance with law, in a safe and sound manner and in a manner which protects their clients and customers and other consumers in this state;
(2)
Improve service and reduce costs for trust institution clients and customers and other consumers in this state by modernizing state laws to permit the delegation by trust institutions of fiduciary functions but not fiduciary responsibility, authorize clients to designate any trust institution to act for them and to choose an appropriate state's law to govern fiduciary instruments and investments, and protect consumers from excessive fees or undisclosed conflicts of interest of trust institutions and their affiliates; and
(3)
Permit adequately capitalized and professionally managed trust companies serving only family members and their affiliated entities to operate as private trust companies which may not provide services to the general public.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle A - GENERAL (§§ 81-27-3.001 — 81-27-3.002) › Section 81-27-3.002 - Definitions

Definitions contained in Sections
81-27-1.002
and
81-27-6.001
shall apply to Articles 3, 4 and 5 of this chapter unless the context otherwise requires.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle B - DESIGNATION OF TRUSTEE AND GOVERNING LAW (§§ 81-27-3.101 — 81-27-3.103) › Section 81-27-3.101 - Designation of trustee

Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of such person.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle B - DESIGNATION OF TRUSTEE AND GOVERNING LAW (§§ 81-27-3.101 — 81-27-3.103) › Section 81-27-3.102 - Choice of law governing trusts

Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either (i) this state, (ii) a state where affected clients reside or (iii) the state where such trust institution has its principal office as the state whose laws shall govern any written agreement between such trust institution and its client or any instrument under which the trust institution acts for a client.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle B - DESIGNATION OF TRUSTEE AND GOVERNING LAW (§§ 81-27-3.101 — 81-27-3.103) › Section 81-27-3.103 - Choice of law governing fiduciary investments

Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either (i) this state, (ii) a state where affected clients reside or (iii) the state where such trust institution has its principal office as the state whose laws shall govern with respect to the fiduciary investment standards applicable to any written agreement between such trust institution or its client and any other instrument under which the trust institution acts for a client.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle C - DELEGATION; AFFILIATES (§§ 81-27-3.201 — 81-27-3.202) › Section 81-27-3.201 - Delegation and fiduciary responsibility

(a)
Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management or administrative function if such person exercises reasonable care, judgment and caution in:
(1)
Selecting the delegate, taking into account the delegate's financial standing and reputation;
(2)
Establishing the scope and other terms of any delegation; and
(3)
Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.
(b)
Notwithstanding any delegation permitted by subsection (a) of this section, any person acting as a trustee or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle C - DELEGATION; AFFILIATES (§§ 81-27-3.201 — 81-27-3.202) › Section 81-27-3.202 - Affiliates

(a)
Any person acting as a trustee or in any other fiduciary capacity under Section
81-27-3.201
may hire and compensate, as a delegate, an affiliate of such person if:
(1)
Authorized by a trust or fiduciary instrument;
(2)
Authorized by court order;
(3)
Authorized in writing by each affected client; or
(4)
The standards of Section
81-27-3.201
are satisfied.
(b)
Fees paid to an affiliate shall be competitive with fees charged by nonaffiliates that provide substantially similar services; however, if an affiliate is used pursuant to subsection (a)(4) of this section, the amount of fees paid to the affiliate shall also be consistent with best execution.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle D - FEES (§§ 81-27-3.301 — 81-27-3.302) › Section 81-27-3.301 - Fee determination

The compensation arrangement between a client and any person acting as a trustee or as any other fiduciary pursuant to this chapter shall be at arm's length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle D - FEES (§§ 81-27-3.301 — 81-27-3.302) › Section 81-27-3.302 - Disclosure of potential conflicts of interest

(a)
Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after July 1, 1998, which company has any potential or actual conflict of interest which may reasonably be expected to have an impact on the independence or judgment of such trustee or fiduciary, shall deliver a disclosure statement to the prospective client (i) not less than forty-eight (48) hours prior to entering into any written or oral trust or fiduciary agreement with such client or prospective client, or (ii) at the time of entering into any such agreement if the client has a right to terminate the agreement without penalty within three (3) or more business days after entering into the agreement.
(b)
The disclosure statement shall contain appropriate information concerning the actual or potential conflict of interest. If such trustee or other fiduciary proposes to delegate any fiduciary function to an affiliate, the nature of the affiliation and whether the trustee or other fiduciary may directly benefit from the delegation shall be disclosed in the disclosure statement.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 3 - TRUSTS AND FIDUCIARIES (§§ 81-27-3.001 — 81-27-3.401) › Subarticle E - ACQUISITION OF TRUST ASSETS (§ 81-27-3.401) › Section 81-27-3.401 - Purchase of assets of another trust institution

(a)
Subject to the provisions of this section, a trust institution may purchase assets of a state trust company or trust-related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly provided by this section or another statute, the purchase of all or part of the assets of the trust institution does not make the purchasing trust institution responsible for any liability or obligation of the selling trust institution that the purchasing trust institution does not expressly assume. Except as otherwise provided by this chapter, this subarticle does not govern or prohibit the purchase by a state trust institution of all or part of the assets of a corporation or other entity that is not a trust institution.
(b)
If the acquiring institution is a state bank, a state trust company, an out-of-state trust institution which maintains neither a branch nor a trust office in this state, or a savings association chartered under the laws of this state, an application in the form required by the commissioner must be filed with the commissioner for any acquisition of all or substantially all of (i) the assets of a state trust company or (ii) the trust assets of another trust institution. The commissioner shall investigate the condition of the purchaser and seller and may require the submission of additional information as considered necessary to make an informed decision. The commissioner shall approve the purchase if:
(1)
The acquiring trust institution will be solvent and have sufficient capitalization for its business and location;
(2)
The acquiring trust institution has complied with all applicable statutes and rules including without limitation any applicable requirements of Article 3 of this chapter;
(3)
All fiduciary obligations and liabilities of the parties have been properly discharged or otherwise assumed by the acquiring trust institution;
(4)
All conditions imposed by the commissioner have been satisfied or otherwise resolved; and
(5)
All fees and costs have been paid.
(c)
A purchase requiring an application pursuant to Section
81-27-3.401(b)
is effective on the date of approval, unless the purchase agreement provides for, and the commissioner consents to, a different effective date.
(d)
The acquiring trust institution shall succeed by operation of law to all of the rights, privileges and obligations of the selling trust institution under each account included in the assets acquired.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 4 - STATE TRUST COMPANY (§§ 81-27-4.101 — 81-27-4.303) › Subarticle A - ORGANIZATION; GENERAL (§§ 81-27-4.101 — 81-27-4.108) › Section 81-27-4.101 - Organization and powers of state trust company

(a)
Subject to the other provisions of this article, one or more persons may organize and charter a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state.
(b)
Subject to Section
81-27-4.107
, a state trust company may exercise the powers of a business corporation reasonably necessary or helpful to enable exercise of its specific powers under this chapter.
(c)
A state trust company may contribute to community funds, or to charitable, philanthropic, or benevolent instrumentalities conducive to public welfare, amounts that its board considers appropriate and in the interests of the state trust company.
(d)
Subject to Section
81-27-5.301
, a state trust company may deposit trust funds with itself or an affiliate.
(e)
Subject to obtaining any required insurance from the Federal Deposit Insurance Corporation, a state trust company may receive and pay deposits with or without interest, made by agencies of the United States Government or of a state, county, or municipality.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 4 - STATE TRUST COMPANY (§§ 81-27-4.101 — 81-27-4.303) › Subarticle A - ORGANIZATION; GENERAL (§§ 81-27-4.101 — 81-27-4.108) › Section 81-27-4.104 - Investigation for state trust company charter

(a)
The commissioner shall investigate the proof that one or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company. In making such a determination, the commissioner shall (i) examine the business plan which shall be submitted as part of the application for a state trust company charter and (ii) consider:
(1)
The market or markets to be served;
(2)
Whether the proposed organizational and capital structure and amount of initial capitalization is adequate for the proposed business and location;
(3)
Whether the anticipated volume and nature of business indicates a reasonable probability of success and profitability based on the market sought to be served;
(4)
Whether the proposed officers, directors, and managers, or managing participants, as a group, have sufficient fiduciary experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will operate in compliance with law and that success of the proposed state trust company is probable;
(5)
Whether each principal shareholder or participant has sufficient experience, ability, standing, competence, trustworthiness, and integrity to justify a belief that the proposed state trust company will be free from improper or unlawful influence or interference with respect to the state trust company's operation in compliance with law; and
(6)
Whether the organizers are acting in good faith.
(b)
The failure of an applicant to furnish required information, data, opinions of counsel, other material or the required fee is considered an abandonment of the application.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 4 - STATE TRUST COMPANY (§§ 81-27-4.101 — 81-27-4.303) › Subarticle A - ORGANIZATION; GENERAL (§§ 81-27-4.101 — 81-27-4.108) › Section 81-27-4.105 - Issuance of charter

A state trust company may not engage in the trust business until it receives its charter from the commissioner. The commissioner may not deliver the charter until the state trust company has:
(1)
Received cash or marketable securities in at least the full amount of required capital from subscriptions for the issuance of shares or participation shares;
(2)
Elected or qualified the initial officers and directors or managers, as appropriate, named in the application for charter or other officers and directors or managers approved by the commissioner; and
(3)
Complied with all other requirements of this chapter relative to the organization of a state trust company.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 4 - STATE TRUST COMPANY (§§ 81-27-4.101 — 81-27-4.303) › Subarticle A - ORGANIZATION; GENERAL (§§ 81-27-4.101 — 81-27-4.108) › Section 81-27-4.106 - Required capital

(a)
The commissioner may not issue a charter to a state trust company having required capital of less than Two Million Dollars ($2,000,000.00) except as provided in subsection (b) of this section.
(b)
The commissioner may require additional capital for a proposed or existing state trust company or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed or existing state trust company, if the commissioner finds the condition and operations of an existing state trust company or the proposed scope or type of operations of a proposed state trust company requires additional, or permits reduced, capital consistent with the safety and soundness of the state trust company. The safety and soundness factors to be considered by the commissioner in the exercise of such discretion include but are not limited to,
(1)
The nature and type of business conducted;
(2)
The nature and degree of liquidity in assets held in a corporate capacity;
(3)
The amount of fiduciary assets under management;
(4)
The type of fiduciary assets held and the depository of such assets;
(5)
The complexity of fiduciary duties and degree of discretion undertaken;
(6)
The competence and experience of management;
(7)
The extent and adequacy of internal controls;
(8)
The presence or absence of annual unqualified audits by an independent certified public accountant;
(9)
The reasonableness of business plans for retaining or acquiring additional capital; and
(10)
The existence and adequacy of insurance obtained or held by the trust company for the purpose of protecting its clients, beneficiaries and grantors.
(c)
The proposed effective date of an order requiring an existing state trust company to increase its capital must be stated in the order as on or after the twenty-first day after the date the proposed order is mailed or delivered. Unless the state trust company requests a hearing before the commissioner in writing before the effective date of the proposed order, the order becomes effective and is final and nonappealable. This subsection does not prohibit an application to reduce capital requirements of a proposed or an existing state trust company under subsection (b) of this section.
(d)
Subject to subsection (b) of this section and Section
81-27-4.301
, a state trust company to which the commissioner issues a charter shall at all times maintain capital in at least the amount required under subsection (a) of this section, plus any additional amount or less any reduction the commissioner directs under subsection (b) of this section.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 4 - STATE TRUST COMPANY (§§ 81-27-4.101 — 81-27-4.303) › Subarticle A - ORGANIZATION; GENERAL (§§ 81-27-4.101 — 81-27-4.108) › Section 81-27-4.107 - Application of laws relating to general business corporations

(a)
The Mississippi Business Corporation Act applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that:
(1)
A reference to the Secretary of State means the commissioner unless the context requires otherwise; and
(2)
The right of shareholders or participants to cumulative voting in the election of directors or managers exists only if granted by the state trust company's articles of association.
(b)
Unless expressly authorized by this chapter or a rule or regulation of the commissioner, a trust company may not take an action authorized by the Mississippi Business Corporation Act regarding its corporate status, capital structure, or a matter of corporate governance, of the type for which the Mississippi Business Corporation Act would require a filing with the Secretary of State if the trust company were a business corporation, without first submitting the filing to the commissioner for the same purposes for which it otherwise would be required to be submitted to the Secretary of State.
(c)
The commissioner may adopt rules or regulations to limit or refine the applicability of subsection (a) of this section to a trust company or to alter or supplement the procedures and requirements of the Mississippi Business Corporation Act applicable to an action taken under this article.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 4 - STATE TRUST COMPANY (§§ 81-27-4.101 — 81-27-4.303) › Subarticle A - ORGANIZATION; GENERAL (§§ 81-27-4.101 — 81-27-4.108) › Section 81-27-4.108 - Commissioner hearings; appeals

(a)
This section does not grant a right to hearing to a person that is not otherwise granted by governing law.
(b)
The commissioner may convene a hearing to receive evidence and argument regarding any matter before the commissioner for decision or review under this chapter. The hearing shall be conducted in the same manner as other hearings conducted by the commissioner.
(c)
A hearing before the commissioner that is required or authorized by law may be conducted by a hearing officer on behalf of the commissioner. A matter made confidential by law must be considered by the commissioner in a closed hearing.
(d)
Except as expressly provided otherwise by this chapter, a person affected by a final decision or order of the commissioner made under this chapter after a hearing may appeal the final decision or order to the Chancery Court of the First Judicial District of Hinds County, Mississippi. A petition for appeal filed in the district court does not stay or vacate the appealed decision or order unless the court, after notice and hearing, expressly stays or vacates the decision or order.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 4 - STATE TRUST COMPANY (§§ 81-27-4.101 — 81-27-4.303) › Subarticle B - AMENDMENT OF ARTICLES; CHANGES IN CAPITAL AND SURPLUS (§§ 81-27-4.201 — 81-27-4.204) › Section 81-27-4.202 - Establishing a series of shares or participation shares

(a)
If the articles of association expressly give the board authority to establish series and determine the preferences, limitations, and relative rights of each series, the board may do so only on compliance with this section and any rules adopted under this article.
(b)
A series of shares or participation shares may be established in the manner provided by the provisions of the Mississippi Business Corporation Act as if the state trust company were a domestic corporation, but the shares or participation shares of the series may not be issued and sold except upon compliance with this section. The state trust company shall file the original and one (1) copy of the statement of action required by the Mississippi Business Corporation Act with the commissioner. Unless the submission presents novel or unusual questions, the commissioner shall approve or reject the series not later than the thirty-first day after the date the commissioner considers the submission informationally complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision.
(c)
If the commissioner finds that the interests of the clients and creditors of the state trust company will not be adversely affected by the series, that the series otherwise conforms to law and any conditions imposed by the commissioner, and that any required filing fee has been paid, the commissioner shall:
(1)
Endorse the face of the original and copy of the statement with the date of approval and the word "Approved";
(2)
File the original in the department's records; and
(3)
Deliver a certified copy of the statement to the state trust company.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 27 - MULTISTATE, STATE AND LIMITED LIABILITY TRUST INSTITUTIONS (§§ 81-27-1.001 — 81-27-8.131) › Article 4 - STATE TRUST COMPANY (§§ 81-27-4.101 — 81-27-4.303) › Subarticle B - AMENDMENT OF ARTICLES; CHANGES IN CAPITAL AND SURPLUS (§§ 81-27-4.201 — 81-27-4.204) › Section 81-27-4.203 - Change in outstanding capital and surplus

(a)
A state trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares or participation shares, or otherwise, without the prior approval of the commissioner, except as permitted by this section or rules adopted under this article.
(b)
Unless otherwise restricted by rules or regulations, prior approval is not required for an increase in capital accomplished through:
(1)
Issuance of shares of common stock or their equivalent in participation shares for cash;
(2)
Declaration and payment of pro rata share dividends as defined in the Mississippi Business Corporation Act; or
(3)
Adoption by the board of a resolution directing that all or part of undivided profits be transferred to capital.
(c)
Prior approval is not required for a decrease in surplus caused by incurred losses in excess of undivided profits.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.