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 8 - DISSOLUTION AND RECEIVERSHIP; CONSERVATORSHIP (§§ 81-27-8.001 — 81-27-8.131) › Subarticle B - INVOLUNTARY DISSOLUTION AND LIQUIDATION (§§ 81-27-8.101 — 81-27-8.131) › Section 81-27-8.117 - Action by the commissioner following full settlement

Whenever the commissioner shall have paid all the expenses of liquidation and shall have paid to each and every creditor of such state trust company, whose claims shall have been duly proven and allowed, the full amount of such claims, and shall have made proper provision for unclaimed and unpaid and disputed claims, and shall have in hand other assets of the state trust company, the commissioner shall call a meeting of the shareholders or participants of the state trust company by giving notice thereof by publication once a week for four (4) consecutive weeks in a newspaper published in the county, or if no newspaper is published in the county, then in a newspaper having general circulation in the county, and by mailing a copy of such notice to each shareholder's or participant's address as the same shall appear upon the books of the state trust company. Affidavit of the mailing of the notice herein required and of the printer as to the publication shall be conclusive evidence of notice hereunder. At such meeting any shareholders or participants may be represented by proxy and the shareholders or participants shall elect, by a majority vote of the stock present, an agent or agents who shall be authorized to receive from the commissioner all the assets of the state trust company then remaining in the commissioner's hands; and the commissioner shall cause to be transferred and delivered to the agent, or agents, all such assets of the state trust company. The commissioner shall thereupon cause to be filed in the office of the chancery clerk in the pending actions a full and complete report of all his transactions, showing the assets of the state trust company so transferred, together with the name of the agent or agents receipting for the same; and the filing of such report shall act as a full and complete discharge of the commissioner from all further liabilities by reason of the liquidation of the state trust company. Such agent, or agents, shall convert the assets coming into his or her hands, or their hands, into cash, and shall make distribution to the shareholders or participants of the state trust company as herein provided. The agent, or agents, shall file semiannually a report of all transactions with the chancery court of the county in which the state trust company is located, and with the commissioner, and shall be allowed for such services such fees not in excess of five percent (5%), as may be fixed by the court. In case of death, removal or refusal to act, of any agent or agents elected by the shareholders or participants, the commissioner shall, upon report of such action on the part of such agent or agents to the chancery court of the county in which the state trust company is located, turn over to the chancery court for the stockholders of the state trust company, all the remaining assets of the state trust company, file the required report and be discharged from any and all further liability to the shareholders or participants as herein provided. The assets, when turned over to the chancery court hereunder, shall remain in the hands of the court until such time as, by court order or by action of the shareholders or participants, distribution shall be provided for.
Laws, 1998, ch. 437, § 1, eff. 7/1/1998.