reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 5 - GENERAL PROVISIONS RELATING TO BANKS AND BANKING (§§ 81-5-1 — 81-5-153) › DEPOSITORY FINANCIAL INSTITUTIONS SELF-EVALUATION REPORTS (§§ 81-5-151 — 81-5-153) › Section 81-5-151 - Definitions

For purposes of Sections
81-5-151
and
81-5-153
, the following words and phrases shall have the meanings ascribed herein, unless the context requires otherwise:
(a)
"Bank" shall have the same definition as set forth in Section
81-3-1
and shall include the bank holding company, affiliates, and subsidiaries of a bank.
(b)
"Self-assessment" means a voluntary, self-initiated internal assessment, audit or review of a bank, its practices, policies and procedures or the bank's review of a facility or activity at a facility acting under contract as the bank's service provider, including, but not limited to, mortgage servicers and sub-servicers, credit and debit card processors, and providers of loan document systems.
(c)
"Self-assessment report" means any document, including any audit, report, finding, communication or opinion or any draft of an audit, report, finding, communication or opinion, prepared by internal personnel or by outside attorneys, accountants or consultants as a part of or in connection with a self-assessment that is made in good faith, and which report is not published outside the bank unless publication is made to bank regulators or to third parties acting pursuant to an agreement to preserve its confidentiality. Such agreement to preserve confidentiality need not be in writing and may be evidenced by an indication of confidentiality on the face of any such self-assessment report, or by a verbal agreement regarding its confidentiality.
(d)
"Bank regulators" means any state, federal or municipal governmental agency, bureau, commission, office or other governmental entity charged with the regulation and/or supervision of a bank or regulation or supervision of any activity in which a bank may be engaged. The term shall include, but is not limited to, the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, the Fair Trade Commission, and the Mississippi Department of Consumer Finance and Banking.
(e)
"Banking law" means any federal, state or local statute, rule or regulation affecting or governing a bank or any activity in which a bank is or may be engaged, or any order, award, agreement, release, permit, license, standard or notice or issued by a federal, state or local court, agency, or governmental authority in pursuance thereof.
Laws, 2012, ch. 444, § 1, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-3 - How branch banks to be named

The name of all branch banks in this state shall include the name of the parent bank, followed by the name of the municipality in which the branch is domiciled, followed in turn by the word "branch", and such name shall be prominently displayed upon the branch bank premises. Where an established bank is annexed or merged as a branch bank, then the name of the bank so annexed or merged may be retained if followed by appropriate words indicating it as a branch of the parent bank.
Codes, 1942, § 5227; Laws, 1934, ch. 146; Laws, 1954, ch. 166.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-5 - [Repealed]

Repealed by Laws, 1986, ch. 469, § 14, eff. 7/1/1986.
Codes, 1942, § 5228; Laws, 1934, ch. 146; 1936, ch. 165; 1942, ch. 261; 1966, ch. 253, § 1; 1980, ch. 312, § 35.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-7 - Establishment of branch banks de novo or by merger or consolidation

(1)
For purposes of this section and Section
81-7-8
, "branch bank de novo" or "branching de novo" refers to a branch established by the opening of a new branch bank and includes a branch bank or branch office acquired from another bank without acquiring substantially all of the assets of the other bank.
(2)
Subject to the restrictions contained in Section
81-7-8
, a bank may establish:
(a)
Branch banks de novo within the applicable radius from the parent bank, as specified in subsection (5) of this section, subject to compliance with the procedures set forth in Section
81-7-1
;
(b)
Branch banks by the merger or consolidation with, or the purchase of all or substantially all of the assets of, any other bank located in Mississippi; and
(c)
Branch banks de novo in accordance with subsection (3) of this section, subject to compliance with the procedures set forth in Section
81-7-1
.
Compliance with the procedures set forth in Section
81-7-1
is not required to establish branch banks under paragraph (b) of this subsection.
(3)
Subject to the restrictions contained in Section
81-7-8
, after the establishment of a branch bank or branch banks outside of the applicable radius from the parent bank (of the surviving bank for branching purposes), as specified in subsection (5) of this section, as a result of a transaction pursuant to subsection (2)(b) of this section, a bank may establish branch banks de novo:
(a)
In any county where any such branch bank established under subsection (2)(b) is located; and
(b)
If any such branch bank established under subsection (2)(b) is located in a town or city situated in two (2) or more counties, in any of such counties; and
(c)
If any such branch bank established under subsection (2)(b) is located in an area designated as a Metropolitan Statistical Area by the United States Office of Management and Budget or any successor designation based upon substantially the same criteria, throughout such area so designated, or if such area is not entirely located in Mississippi then throughout the portion of such area located in Mississippi.
(4)
The bank resulting from a merger, consolidation or purchase may retain and operate as branch banks any of the parent offices, branch banks or branch offices of the banks participating in the transaction.
(5)
For the purposes of this section, the applicable radius from the parent bank shall be:
(a)
One hundred (100) miles, from July 1, 1986, through June 30, 1987;
(b)
One hundred fifty (150) miles, from July 1, 1987, through June 30, 1988;
(c)
Two hundred (200) miles, from July 1, 1988, through June 30, 1989;
(d)
The geographical boundaries of the State of Mississippi, from and after July 1, 1989.
Codes, 1942, § 5229; Laws, 1934, ch. 146; Laws, 1936, ch. 167; Laws, 1985, ch. 324; Laws, 1986, ch. 469, § 1, eff. 7/1/1986.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-9 - Capital requirements for branch banking system

All parent banks permitted to establish branch banks shall have capital sufficient to meet the requirements of the commissioner and/or other supervising federal regulatory agencies.
Codes, 1942, § 5230; Laws, 1934, ch. 146; Laws, 1994, ch. 320, § 9, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-11 - Issues of stock for annexation of branches

Subject to the provisions of subsections (2), (3) and (4) of Section
81-7-8
, a bank may annex actively operating unit banks as branch banks by exchanging its own increase of common or preferred capital shares, issued for such annexation purpose, for the capital shares of the bank proposed to be annexed as a branch. Also a bank may annex branch banks by issuing additional common or preferred shares to be exchanged for the assets of closed banks, including assets other than cash. All transactions authorized by this section shall first be submitted in writing in full detail to the commissioner, and shall not be effective until he shall have made a careful analysis and investigation of the soundness of the proposed transaction, and shall have approved the same in writing. In no instance, however, shall the bank building and fixtures of the operating or closed bank, proposed to be annexed as a branch bank, represent in value more than one-third (1/3) of the amount of stock issued by the parent bank for the purpose of such annexation. For purposes of applying the restrictions of subsections (2) and (3) of Section
81-7-8
, the annexation of an actively operating unit bank described herein shall be considered the establishment of a branch by merger.
Codes, 1942, § 5231; Laws, 1934, ch. 146; Laws, 1986, ch. 469, § 4, eff. 7/1/1986.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-13 - Discontinuance and removal of branch banks

No branch bank in this state may be discontinued or abandoned without the consent in writing of the commissioner first obtained. By and with such consent first obtained, branch banks may be moved from one municipality to another within the restrictions provided in this chapter as to branching de novo. Any established unit bank (branch banks not included) may move from one municipality to a larger municipality, according to the latest federal census, within the county of its domicile, with the written consent and approval of the commissioner. However, any proposed movement of an established unit bank shall be subject to each and every restriction applicable to the location of branch banks as provided in this chapter, and, before giving any such consent and approval, the commissioner shall give to each bank in the county ten (10) days' notice in writing of the application of any bank to move its domicile.
Codes, 1942, § 5232; Laws, 1934, ch. 146; Laws, 1936, ch. 165; Laws, 1986, ch. 469, § 5, eff. 7/1/1986.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-15 - Examination of branch banks

The state comptroller shall formulate rules and regulations for the examination of branch bank systems, including provisions for the simultaneous examination of a parent bank and all of its branches, and such rules and regulations when reduced to writing shall be enforced by him as other provisions of the Mississippi Banking Law.
Codes, 1942, § 5233; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-17 - National banks may establish branches

National banks are hereby granted the right and authority to establish branches in this state, with the same rights and under the same restrictions as state banks establishing branches. But where federal statutes and regulations impose different restrictions, including minimum capital stock requirements, from those imposed by this state, then such federal restrictions may apply to such national banks instead of those of this state.
Codes, 1942, § 5234; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-21 - Certain branches not affected

None of the provisions of Sections
81-7-1
,
81-7-3
,
81-7-7
and
81-7-9
of this chapter shall be mandatory on branch banks heretofore established and in operation on April 2, 1934, nor on the parent bank of such branch banks so far as such branch banks are concerned, but such parent and branch banks shall continue to operate under the laws in effect immediately preceding the enactment of this chapter, so far as such branch banks already established are concerned. However, when any parent bank now in existence shall hereafter establish a branch bank, it shall so far as such branch banks hereafter established are concerned, comply with this chapter in all respects.
Codes, 1942, § 5236; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 7 - BRANCH BANKS (§§ 81-7-1 — 81-7-23) › Section 81-7-23 - Application of chapter

The provisions of this chapter apply to branching within the State of Mississippi by:
(a)
Banks chartered by the State of Mississippi or national banks having their headquarters in the State of Mississippi, and
(b)
Out-of-state banks which maintain a branch in the State of Mississippi subsequent to an interstate branching transaction pursuant to Chapter 23, Title 81, Mississippi Code of 1972, known as the "Interstate Bank Branching Act."
Laws, 1996, ch. 441, § 15, eff. 5/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 8 - REGIONAL BANKING INSTITUTIONS (§§ 81-8-1 — 81-8-11) › Section 81-8-3 - Acquisition of Mississippi bank or bank holding company by out-of-state bank holding company; approval by commissioner

(1)
An out-of-state bank holding company may establish a bank in Mississippi only by acquiring a Mississippi bank or Mississippi bank holding company upon approval by the commissioner, which approval:
(a)
Determines that the Mississippi bank sought to be acquired has been in existence and continuously operating for more than five (5) years or that the Mississippi bank subsidiary of the Mississippi bank holding company sought to be acquired has been in existence and continuously operating for more than five (5) years;
(b)
Determines that the acquisition will not result in a violation of Sections
81-5-28
,
81-7-7
,
81-7-8
and
81-7-19
.
(c)
Determines that a copy of the completed application or applications which are filed with the appropriate federal bank regulatory authority seeking approval of the acquisition, and a consent to service of process (all on such form or forms as the commissioner by regulation may require) shall have been filed with the commissioner for at least sixty (60) days, and notice of such acquisition, specifying the name of the out-of-state bank holding company, the name of the Mississippi bank or Mississippi bank holding company sought to be acquired and a brief description of the transaction shall have been published once in a newspaper of general circulation in each county in which the Mississippi bank or the subsidiary of the Mississippi bank holding company has banking offices.
(2)
Nothing in this section shall prohibit the acquisition by an out-of-state bank holding company of all or substantially all of the shares of (a) a bank organized solely for the purpose of facilitating the acquisition of a bank which has been in existence and continuously operated as a bank for more than five (5) years, or (b) a banker's bank that has been in existence less than five (5) years, if the acquisition has otherwise been approved pursuant to this section. However, any state or federally chartered banker's bank that is acquired by an out-of-state bank holding company as provided in this subsection shall remain a banker's bank for a period of not less than five (5) years after the date of acquisition.
(3)
Notwithstanding the foregoing or any other provision of this chapter to the contrary, a Mississippi bank may enter into an interstate branching transaction as defined by and pursuant to Chapter 23, Title 81, Mississippi Code of 1972, known as the Interstate Bank Branching Act.
Laws, 1986, ch. 469, § 9; Laws, 1995, ch. 304, § 4; Laws, 1996, ch. 441, § 16; Laws, 2000, ch. 325, § 2, eff. 7/1/2000.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 8 - REGIONAL BANKING INSTITUTIONS (§§ 81-8-1 — 81-8-11) › Section 81-8-5 - [Repealed]

Repealed by Laws, 1995, ch. 304, § 8.
Laws, 1986, ch. 469, § 10
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 8 - REGIONAL BANKING INSTITUTIONS (§§ 81-8-1 — 81-8-11) › Section 81-8-7 - Applicability of state laws and rules and regulations of state agencies

Any bank holding company which controls a Mississippi bank or a Mississippi bank holding company shall be subject to such laws of this state and such rules of its agencies relating to the acquisition, ownership and operation of banks and bank holding companies as are applicable to Mississippi bank holding companies. Any Mississippi bank which is controlled by a bank holding company that is not a Mississippi bank holding company shall be subject to all laws of this state and rules and regulations of its agencies relating to the acquisition, ownership, operation and regulation of banks and their branches as are applicable to Mississippi banks which are not controlled by such non-Mississippi bank holding companies and may establish branches pursuant to Chapter 7 of this title.
Laws, 1986, ch. 469, § 11; brought forward, Laws, 1995, ch. 304, § 5, eff. on the effective date of Section 101 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328 (effective at the end of the 1 year period beginning on the date of enactment, 9/29/1994).
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 8 - REGIONAL BANKING INSTITUTIONS (§§ 81-8-1 — 81-8-11) › Section 81-8-9 - Cooperative agreements between department and other bank regulatory agencies

The department is authorized to enter into cooperative agreements with other bank regulatory agencies to facilitate the regulation of banks and bank holding companies doing business in this state. The department may accept reports of examinations and other records from such other agencies in lieu of conducting its own examinations of banks controlled by bank holding companies with their principal places of business in other states. The department may take any action jointly with other regulatory agencies having concurrent jurisdiction over banks and bank holding companies doing business in this state or may take such actions independently in order to carry out its responsibilities.
Laws, 1986, ch. 469, § 12; brought forward, Laws, 1995, ch. 304, § 6, eff. on the effective date of Section 101 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328 (effective at the end of the 1 year period beginning on the date of enactment, 9/29/1994).
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 8 - REGIONAL BANKING INSTITUTIONS (§§ 81-8-1 — 81-8-11) › Section 81-8-11 - Construction of chapter

It is the purpose of this chapter to permit orderly development of banking institutions on a national basis in accordance with the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328. It is not the purpose of this chapter to authorize interstate banking on any basis other than as expressly provided in this chapter and by federal law. To that end, if any provision of this chapter pertaining to the terms, conditions and limitations of interstate acquisitions of Mississippi banks and bank holding companies is determined to be inconsistent with or contrary to any provision of federal law, such provision of this chapter shall be null and void with respect to such federal law; however, any transaction which has been lawfully consummated pursuant to this chapter prior to a determination of invalidity shall be unaffected by such determination.
Laws, 1986, ch. 469, § 13; Laws, 1995, ch. 304, § 7, eff. on the effective date of Section 101 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328 (effective at the end of the 1 year period beginning on the date of enactment, 9/29/1994).
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-1 - Capital stock impaired; how restored

When it shall be brought to the attention of the state comptroller that the capital stock of any bank is impaired to such an extent as to render a further continuance of its business hazardous to its creditors, depositors, or the public, he shall immediately request the stockholders to pay into the bank a sufficient sum to restore the capital or to execute to him, for the use and benefit of all creditors whether then existing or thereafter created, a bond for such sum as may be required to fully restore the capital stock with good and sufficient sureties to be approved by him, conditioned that all just debts and liabilities, whensoever created, shall be paid in full. Such requests on the part of the state comptroller shall not be compulsory, and any stockholder may refuse to accede to such request. If the stockholders shall fail, within a time to be fixed by the state comptroller, to restore the capital stock or to give such bond, the state comptroller shall close such bank and submit the same to the proper chancery court for liquidation as provided in this chapter. However, when the state comptroller finds the capital stock of any bank to some extent impaired, but considers that a further continuance of its business will not be hazardous to its creditors, depositors, or the public, he may grant any such bank a reasonable time, to be determined by the state comptroller, to overcome or restore such impairment. If the impairment is not overcome or restored within the time allowed for this purpose, the state comptroller shall then proceed to deal with any such bank as provided for above.
If stockholders owning one-third (1/3) or more of the total outstanding capital stock of said bank shall refuse to accede to the comptroller's request, as above provided, for additional capital and if the cause of the comptroller's request shall have been in part the result of bad management as evidenced by unsatisfactory loans or investments, then any three (3) or more minority stockholders, representing one-third (1/3) or more of the total outstanding capital and surplus, if any, may petition the state comptroller for liquidation of the bank and, if satisfactory action be not taken by the state comptroller within ten days, as set out in said petition of the minority stockholders, then the said minority stockholders, representing one-third or more of the outstanding capital stock, shall have the right to petition the appropriate chancery court for liquidation of the bank and such other relief as the court may render. In such cases, the examination reports of the department of bank supervision and proper federal supervisory agencies shall be prima facie evidence of the cause to be heard.
Codes, 1942, § 5237; Laws, 1934, ch. 146; Laws, 1936, ch. 165; Laws, 1966, ch. 254, § 1, eff. 5/11/1966.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-3 - Transfers by banks and other acts in contemplation of insolvency

All transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any bank, or of deposits to its credit; all assignments of mortgage, securities on real estate, or of judgments or decrees in its favor; all deposits of money, bullion, or other valuable thing for its use, or for the use of any of its shareholders or creditors; and all payments of money to either, made after the commission of an act of insolvency, or in contemplation thereof, with a view to prevent the application of a bank's assets in the manner prescribed by this chapter, or with a view to the preference of one creditor to another, except state deposits, shall be utterly null and void.
Codes, 1942, § 5238; Laws, 1934, ch. 146; Laws, 1969, Ex Sess, ch. 53, § 9, eff. 12/31/1969.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-5 - Closing insolvent banks

If at any time the state comptroller shall be of the opinion that a bank is insolvent, or that its condition is such that a further continuance of its business is hazardous to its creditors, depositors, or the public, or is unable to meet its obligations in the ordinary course of business, he shall close said bank and proceed as provided in this chapter.
Codes, 1942, § 5240; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-7 - Examiner to be placed in charge

If the Commissioner of Banking and Consumer Finance shall close a bank as provided in this chapter and the assets thereof shall not be promptly sold as provided in Section
81-9-11
, he shall immediately place in charge an examiner, whose salary and expenses, including auditing and clerical help, shall be paid out of the assets of the bank and not out of the Department of Banking and Consumer Finance Maintenance Fund.
Codes, 1942, § 5241; Laws, 1934, ch. 146; Laws, 1994, ch. 622, § 160, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-9 - Conservation of assets; title

During the period in which such examiner shall be in charge he shall prepare and make a transcript of the books and affairs of the bank, and shall generally conserve the assets of the bank. During such period the legal title to the assets of the bank shall be in the state comptroller, which title shall be generally that of a temporary receiver. The examiner in charge shall be the custodian of the affairs and assets of the bank, for and in behalf of the state comptroller, and shall work under the direction of the state comptroller. The state comptroller shall forthwith file a petition in the chancery court of the county in which the bank is situated, in a cause to be entitled, "In the matter of the custody of (naming bank) by (name of state comptroller), state comptroller." The bank shall be a party respondent to the petition, unless the board of directors, by resolution voted for by a majority thereof, shall have submitted the bank and its affairs to the custody of the state comptroller, and waived service of process on the petition, in which event the hearing on such petition may be ex parte. If no such resolution is passed the chancellor shall order a hearing on such petition at such time to be fixed by him, and shall order issuance of a summons for the bank, returnable at the time so fixed. At the hearing on the petition the chancellor shall confirm the acts of the state comptroller in taking charge of the bank unless good cause be shown for returning the bank to the management of the directors.
Codes, 1942, § 5242; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-11 - Sale of assets of insolvent bank

After the state comptroller has taken charge of an insolvent bank as herein provided, he shall have power and authority, by and with the consent of the chancery court, or of the chancellor in vacation, to whose jurisdiction the affairs of the insolvent bank have been submitted, (and also of the Federal Deposit Insurance Corporation if the deposits of such bank be to any extent insured by said corporation) to sell the assets of such insolvent bank to any going bank at such price as may be deemed fair and reasonable value for such assets, allowing the purchasing bank to assume all or a certain percentage of the liabilities of the insolvent bank in payment for the assets so sold or taken over by the purchasing bank. Such sale when approved by the chancery court or chancellor shall have the effect of a quit claim of all the right, title and interest of the comptroller and of the insolvent bank in and to the property and assets so sold and transferred. In such cases the title to all assets other than real estate shall pass to the purchasing bank by delivery, and a conveyance of the real estate of the insolvent bank may be made by the comptroller in the form of a deed of conveyance which shall operate as a special warranty deed against the comptroller and the insolvent bank.
Codes, 1942, § 5243; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-15 - Limitation on custodial period; approval of acts involving discretion or judgment

The period in which the state comptroller shall remain the custodian of banks closed as provided in Section
81-9-5
shall not exceed ninety days, and during such period all acts of the state comptroller involving discretion or judgment shall be approved by order of the chancellor, entered in the cause provided for in Section
81-9-9
in the same manner and to the same extent as if the state comptroller were a receiver.
Codes, 1942, § 5247; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-17 - Receiver to be appointed

At the end of ninety days, if the state comptroller has not sold the assets of the bank as provided in Section
81-9-11
above, the state comptroller shall file a petition in the proper chancery court in a cause to be entitled "In the matter of the receivership of (name of bank)." Such petition shall recite the taking of the bank into custody under the provisions of this chapter, the failure to sell the assets as provided in Section
81-9-11
above, and shall pray for the appointment of a receiver. The chancellor shall enter an order upon such petition, appointing a receiver of his own selection who shall not have been an officer, director or employee of the bank for a period of five years prior to the closing thereof. However, upon petition signed by the owners and holders of a majority in amount of the deposit liability of the bank, the chancellor may appoint such an officer, director or employee as receiver.
Codes, 1942, § 5248; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-19 - Surrender of assets to receiver; reports

The state comptroller shall forthwith surrender to the receiver possession of all the assets of the bank, including the books and records thereof, and shall render to the receiver a true accounting and report of all transactions concerning assets and liabilities of the bank during the period of the state comptroller's custody thereof. Whereupon, future liability of the state comptroller with reference to said bank shall cease.
Codes, 1942, § 5249; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-21 - Bond of receiver

The receiver shall furnish bond in such amount and with such sureties as may be fixed by the chancellor, payable to the State of Mississippi, and conditioned for the faithful performance of his duties as receiver of such bank. Such bond may, with consent of the chancellor, be put in action by anyone aggrieved by the receiver's conduct of the affairs of the insolvent bank, and premiums on the bond shall be an expense of the liquidation.
Codes, 1942, § 5250; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-23 - Duties of receiver

The receiver shall proceed promptly to wind up the affairs of the bank, and in all matters involving discretion or judgment shall obtain the approval of the chancellor in an order entered in the receivership cause which was opened by the state comptroller by the filing of the petition asking for the appointment of a receiver. By and with the consent of the chancellor the receiver may be made a party respondent to petitions filed in the receivership caused by persons seeking to have adjudicated rights in the assets and affairs of the bank, and which the receiver has refused to recognize. The receiver may sell all or any portion of the assets of the bank, real, personal, or mixed, for cash or upon other terms; may effect compromises, and bring about exchanges of property; all under the approval of the chancellor with a view to equity and approximate justice to all parties, and a prompt and efficient liquidation.
Codes, 1942, § 5251; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-25 - Receivers empowered to borrow money

By and with the approval of the chancellor all receivers of insolvent banks in this state shall have power to borrow money, in the capacity of receivers, from any individual or corporation, including corporations or other agencies organized under the laws of the United States. For the security of such loans the receiver may pledge, mortgage and hypothecate any portion of or all of the assets, real, personal, or mixed, of such insolvent bank. Such loan may be extended, renewed, and rearranged from time to time, and shall be the direct obligation of the receivership, but the receiver shall not be personally liable for payment thereof. The lender shall not be charged with any duty or responsibility in regard to the application by the receiver of the proceeds of any such loan.
Codes, 1942, § 5252; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-27 - Receivers may sell assets of insolvent banks

By and with the approval of the chancellor all receivers of insolvent banks in this state shall have power to sell, for cash or on terms, to any individual or corporation, including corporations or other agencies organized under the laws of the United States, any portion or all of the assets of such insolvent bank. Such conveyances shall have the effect of a quit claim of all the right, title and interest of the receiver, and the purchaser shall not be charged with any duty or responsibility in regard to the application by the receiver of the purchase money. By and with the approval of the chancellor and of the state comptroller, receivers of insolvent banks may sell any portion or all of the assets of such receivership to an active and operating bank the purchase price to be in cash or on terms, or otherwise; or, the purchasing bank may be allowed to assume a percentage of the liabilities of the insolvent bank, with optional privilege to the creditors to receive cash or other property in settlement of their claims. Under this section chancellors shall have broad powers and discretion to approve plans which are for the best interests of creditors of closed banks, taken as a whole.
Codes, 1942, § 5253; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-29 - Liquidation; separate assets for creditors; corporate stock

Where a bank chartered under the laws of the State of Mississippi has failed, or may hereafter fail, and in the process of liquidation or after reorganization or reopening of such failed bank certain assets are placed in a separate fund for the benefit of creditors of such bank, it is found that said bank, or the owner of such trust assets, owns stock in, has a lien on, or is in any way interested in the stock of a corporation, organized and doing business under the laws of the State of Mississippi, and such bank, or owners of such trust assets, is unable to sell such stock at its reasonable fair value, and such stock is less than ten percent of the outstanding stock of said corporation, and the remainder of the stock of such corporation is owned by a small number of persons, then the chancery court of the county in which said bank is located is authorized and empowered in a suit brought for that purpose, to fix the value of said stock. In the event the holders of the majority of the stock will not pay the value as fixed by the court then the court shall order the assets of said corporation, or a sufficient amount thereof, to be sold to pay the value of said stock as fixed by the court, if the surplus undivided profits and other accumulations of said corporation are sufficient to take care of the value of said stock as fixed by the court without seriously interfering with the continued operation of said corporation.
Codes, 1942, § 5287; Laws, 1938, ch. 247.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-31 - Proof of claims

The receiver appointed under Section
81-9-17
shall cause notice to be given in such newspaper as the court may direct, once a week for four consecutive weeks, calling on all persons who may have claims against the bank to present the same and make proof thereof upon forms to be furnished by the receiver, at a place and within a time specified in the notice, which shall be approximately ninety days from the date of the first publication. A copy of the notice shall be mailed to all depositors and creditors as shown by the books of the bank, at their last known post-office address. If the receiver doubts the justice or validity of any claim he shall reject the same by serving notice upon the claimant in writing, and such rejection shall be final unless the claimant shall, within ninety days from the date of such rejection, petition the chancellor in the receivership cause for a review of the action of the receiver. Claims presented more than ninety days after the first publication of the above recited notice shall be entitled to share only in dividends thereafter paid.
Codes, 1942, § 5254; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-33 - Inventory and books by the receiver

The receiver shall make an inventory of all assets and liabilities of the bank which may have been turned over to him by the state comptroller, or of which he may otherwise come into possession, and shall file a transcript of such inventories, certified by him as correct, in the court file of the receivership cause. He shall cause to be kept complete books of account of all transactions involving the assets and liabilities of the bank.
Codes, 1942, § 5255; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-35 - Dividends by receiver

From time to time, upon order of the chancellor, the receiver shall pay dividends to such persons as may by right be thereunto entitled, and it shall be the duty of the receiver paying dividends to make every reasonable effort to locate the party or parties entitled thereto.
Codes, 1942, § 5256; Laws, 1934, ch. 146; Laws, 1936, ch. 165; Laws, 1938, ch. 246.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-39 - Compensation and expenses of receiver and attorney

Compensation of the receiver and attorney shall be fixed by the court from time to time, upon a salary basis. In banks with total assets of one million dollars ($1,000,000.00) or more the salary of the receiver shall not exceed three hundred dollars ($300.00) per month and the salary of the attorney shall not exceed two hundred fifty dollars ($250.00) per month. In banks with total assets of less than one million dollars ($1,000,000.00) the salary of the receiver shall not exceed two hundred dollars ($200.00) per month and the salary of the attorney shall not exceed one hundred fifty dollars ($150.000) per month. The receiver and attorney shall also be allowed reasonable amounts for necessary expenses, all of which shall be a charge upon the assets of the bank. Any receiver, attorney, or employee may be removed for cause by the chancellor at any time.
In the event a bank receivership shall be closed and the receiver and attorney finally discharged and it should appear after a lapse of ten (10) years from the date of the closing of said receivership that certain probable assets might be recovered for the benefit of depositors and creditors of said bank and the court shall reopen said receivership for the purpose of recovering said assets, the receiver or attorney, or both, so appointed by the court to recover said assets may be allowed for his services in lieu of the salaries above stated, a fee to be fixed by the court, and said fee may be either a cash fee or an interest in the property or thing recovered in the sole discretion of the court, and the court may allow such fee for services heretofore rendered for a period of not more than six (6) years prior to March 6, 1958.
Codes, 1942, § 5261; Laws, 1934, ch. 146; Laws, 1958, ch. 165.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-43 - Procedure to obtain depositors' liquidation

Proceedings to accomplish depositor liquidation of banks shall be begun by the filing of a petition in the chancery court of the county in which such bank shall be domiciled within the ninety day period in which the state comptroller remains in charge of the closed bank. Each petition shall be signed by depositors owning sixty percent in amount of deposits not preferred and totally unsecured, and the allegations thereof shall be sworn to by at least one of the signers of the petition, either as true and correct upon personal knowledge, or upon information and belief. If any signer be a corporation the signature thereof by the president or vice-president shall be sufficient, and the signature of any partnership or similar firm by any member thereof shall be sufficient. The state comptroller shall be the only necessary party respondent to such petition. The petition may be heard by the chancellor in vacation or in term time, at such place in his district as he may direct, upon certificate of the chancery clerk that he has sent, at least five days before such hearing, by registered mail, to the respondent at the city of Jackson, Mississippi, a true copy of the petition, with time and place of hearing designated thereon. The cause in which such petition shall be filed shall be entitled "In the matter of the depositor liquidation of (name of bank proposed to be liquidated) by (naming here the liquidating corporation proposed to be formed)."
Codes, 1942, § 5262; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-45 - Petition and decree thereon

If the petition shall be signed and sworn to as aforesaid, and shall pray that the liquidation of the bank shall be conducted by the depositors and that a liquidating corporation be formed for such purpose, the chancellor shall, by decree on such petition, create a liquidating corporation, not for pecuniary gain, and without capital or capital stock. The decree shall name five directors for the corporation who shall be natural persons chosen by the chancellor from among the signers of the petition, but such signers as may be named as directors in the petition shall be so named in the decree. The decree shall give the corporation a name, which shall include the words, "liquidating corporation," preceded by the name of the bank to be liquidated. The municipality in which the bank to be liquidated is domiciled shall be the domicile of the corporation. The decree shall be recorded on the book of corporation charters in the office of the chancery clerk of the proper county, and need not be published.
Codes, 1942, § 5263; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-47 - Effect of decree

The signing of the decree shall divest the state comptroller and the department of bank supervision of all title to the assets of the bank and of all control of the liquidation thereof, and the state comptroller and the department shall be relieved of future liability thereto, except for proper delivery of the assets of the corporation. The recording of a certified copy of the decree in the deed records of any county shall have the same effect as the recording of a deed to the assets.
Codes, 1942, § 5264; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-49 - General powers of liquidating corporation

Liquidating corporations created under the authority of this chapter shall be bodies corporate and politic, with power to sue and be sued by their respective corporate names. No action shall be begun against any such corporation except in the county in which it is domiciled. The corporation shall have as its seal the seal of the bank which it is liquidating. Such corporation shall have generally the powers and responsibilities of receivers with respect to the assets and liabilities of all banks which they shall liquidate. Acts involving discretion shall be subject to approval of the chancery court, except as herein specifically provided.
Codes, 1942, § 5265; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-51 - Double liability of certain stockholders released

Such corporation shall have power to bring suits to enforce any liability of directors or officers of the bank, but the double liability of stockholders, as provided in Section
81-5-27
, by the turning over of the liquidation by the depositors as herein provided, shall be released as to all stockholders of any such bank. However, no stockholder shall be refunded any sum of money which he may have actually paid in discharge of his double liability, nor shall the release of double liability provided by this section be construed to extend to any instance where a stockholder shall have executed a promissory note or other instrument of writing in settlement of such double liability. All double liabilities of stockholders, as referred to in this section, are canceled and released with respect to future liquidations.
Codes, 1942, § 5266; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-53 - Bond of directors; compensation

Each director shall make bond, conditioned to perform faithfully his duties as director, payable to the corporation, with such surety or sureties as the chancellor may approve, and in such sum as the chancellor may, from time to time, direct, but in no case less than $2,000.00 for any one director. Such bonds shall serve generally the same purposes and be of the same general effect as a receiver's bond, and action upon such bonds may be brought by any party aggrieved. No action shall lie, however, against any director or upon any director's bond because of the exercise of any power recited in Section
81-9-61
, excepting only instances of actual abuse of discretion.
No director shall be entitled to compensation as such, but the chancellor, may, in his discretion, allow conservative compensation on a salary basis for designated period of time, in instances where an unreasonable amount of any director's time shall be required for the faithful performance of his duties.
Codes, 1942, § 5267; Laws, 1934, ch. 146.