reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-3 - Contents of articles of association; amendments to articles

(1)
The articles of association, in addition to such other provisions not in conflict with law as the organizers may desire, shall set forth provisions showing:
(a)
The name of the proposed credit union (which shall include the words "Credit Union") and the city, town or village in which the principal office is to be located, if in a city, town or village, or the designation of the place not in a city, town or village in which the principal office is to be located.
(b)
The name and address of the subscribers to the articles and the number of shares subscribed by each.
(c)
A statement that incorporation is desired under this particular law and the par value of the shares (which shall not exceed Ten Dollars ($10.00)).
(d)
That the association and its members will comply with all the laws, rules and regulations applicable to credit unions.
(2)
The articles of association may be amended by an affirmative vote of a majority of the board of directors at a duly held meeting, and the filing with the Secretary of State and the Commissioner of Banking and Consumer Finance of duplicate copies of such amendment acknowledged in the manner provided for the acknowledgment of the original articles, and the approval of such amendment in writing by the commissioner. Such amendment shall be recorded in the Office of the Secretary of State upon the payment of a recording fee of Ten Dollars ($10.00), and shall be recorded in the office of the clerk of the chancery court of the county in which the principal place of business is situated. The proposed amendment must be set forth in the call for the meeting.
Codes, 1930, § 4231; 1942, § 5392; Laws, 1924, ch. 177; reenacted without change, 1982, ch. 304, § 3; Laws, 1987, ch. 381, § 2; reenacted and amended, 1995, ch. 374, § 2; reenacted without change, Laws, 1997, ch. 368, § 2; reenacted without change, Laws, 2001, ch. 408, § 2, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-4 - Insurance of accounts by National Credit Union Administration

No credit union shall accept any deposits unless or until it submits sufficient evidence that its accounts are insured by the National Credit Union Administration or by any successor thereto. Any credit union shall thereafter conduct business only while its accounts are insured.
Laws, 1979, ch. 307, § 3; reenacted, Laws, 1982, ch. 304, § 4; Laws, 1987, ch. 381, § 3; Laws, 1988, ch. 352, § 2; Laws, 1995, ch. 374, § 3; reenacted without change, Laws, 1997, ch. 368, § 3; reenacted without change, Laws, 2001, ch. 408, § 3, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-5 - Filing, contents, and amendment of bylaws

(1)
Before making loans or receiving deposits, the credit union shall file with the Department of Banking and Consumer Finance a set of its bylaws with certificate of adoption which in addition to such other provisions as may be contained therein shall show:
(a)
The date of the annual meeting, which will be before March 31 of each year, the manner of notification of meetings, the number of members constituting a quorum, and regulations as to voting.
(b)
The number of directors (which shall not be less than five (5)) and officers, all of whom must be members, the names of the first board of directors, their powers and duties, together with the duties of officers elected by the board of directors.
(c)
The qualifications for membership.
(d)
The number of members of the credit committee, if any, and of the supervisory committee (which shall be not less than three (3) each), together with their respective powers and duties.
(e)
The conditions under which shares may be issued, transferred and withdrawn, deposits received and withdrawn, loans made and repaid and the funds otherwise invested.
(f)
The charges, if any, which shall be made for failure to meet obligations punctually, whether or not the corporation shall have the power to borrow, the method of receipting for money, the manner of accumulating a reserve fund and determining a dividend, and such other matters, consistent with the provisions of this chapter, as may be required to protect the organization and make possible the operation of the credit union in question.
(2)
Amendments to the bylaws may be made by members at a regular or special meeting, if the proposed amendment is set forth in the call for the meeting and is approved by a majority of the members present at a meeting at which a quorum is present. The amendment of bylaws shall not become effective until approved in writing by the commissioner.
Codes, 1930, § 4232; 1942, § 5393; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 5; Laws, 1987, ch. 381, § 4; reenacted and amended, Laws, 1995, ch. 374, § 4; reenacted without change, Laws, 1997, ch. 368, § 4; reenacted without change, Laws, 2001, ch. 408, § 4, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-7 - [Repealed]

Repealed by Laws of 1987, ch. 381, § 25 eff. 7/1/1987.
Codes, 1930, § 4233; 1942, § 5394; Laws, 1924, ch. 177; reenacted without change, 1982, ch. 304, § 5.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-9 - Restriction of term "credit union."

The use by any person, corporation, association or copartnership except corporations formed under the provisions of this chapter, of any name or title which contains the words "credit union" shall be a misdemeanor.
Codes, 1930, § 4234; 1942, § 5395; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 7; reenacted, Laws, 1995, ch. 374, § 5; reenacted without change, Laws, 1997, ch. 368, § 5; reenacted without change, Laws, 2001, ch. 408, § 5, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-11 - Power

In addition to the general powers authorized for corporations in Section
79-3-7
, a credit union shall have the following specific powers:
(a)
It may receive the savings of its members in payment for shares and on deposit and investments by other credit unions on deposit.
(b)
It may make loans to members, authorized by the credit committee, and may make loans to other credit unions, committee members and directors, as authorized by the board of directors.
(c)
It may invest, through the board of directors, only in accordance with NCUA's rules and regulations, Federal Credit Union Act, and any interpretive rulings issued by the NCUA.
The funds of the credit union shall be used first, however, for loans to members and preference shall be given to the smaller loan in the event the available funds do not permit all loans to be made which have been approved by the credit committee or loans officers.
Codes, 1930, § 4235; 1942, § 5396; Laws, 1924, ch. 177; Laws, 1962, ch. 233; Laws, 1968, ch. 280, § 1; reenacted without change, Laws, 1982, ch. 304, § 8; Laws, 1987, ch. 381, § 5; reenacted and amended, Laws, 1995, ch. 374, § 6; reenacted without change, Laws, 1997, ch. 368, § 6; reenacted without change, Laws, 2001, ch. 408, § 6, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-12 - Authorization to operate as federal credit union

Notwithstanding any other law to the contrary, the Commissioner of Banking and Consumer Finance by rule may authorize a credit union doing business under this chapter to engage in any activity in which it could engage, exercise any power it could exercise, or make any loan or investment it could make, if it were operating as a federal credit union.
Laws, 1987, ch. 381, § 6; reenacted, Laws, 1995, ch. 374, § 7; reenacted without change, Laws, 1997, ch. 368, § 7; reenacted without change, Laws, 2001, ch. 408, § 7, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-13 - Membership

Membership shall consist of the incorporators and such natural persons as have been duly elected to membership and have paid the entrance fee as required by the bylaws, and have complied with such other requirements as the certificate of organization may contain, and successors-in-law to accounts of deceased members subject to individual approval by the board of directors. One entrance fee will be required for each account regardless of the number of joint owners. Other organizations (whether incorporated or not) composed primarily of the same individuals who are eligible to join the credit union are also eligible for membership. Credit unions shall be organized within groups which have a common bond of occupation, association, or residence; provided that one (1) corporate central credit union sponsored by the Mississippi Credit Union League may accept as members the credit unions that are members of the Mississippi Credit Union League and shall include in its title the words "corporate central"; and provided further that one (1) credit union sponsored by the Mississippi Credit Union League may accept as members the members of credit unions holding membership in the Mississippi Credit Union League, the members of their immediate families, the employees of the Mississippi Credit Union League and the members of their immediate families, organizations or associations of such persons, and other persons residing in this state who do not have the services of a credit union available to them, such credit union to be known as the Mississippi League Central Credit Union, subject to such limitations on membership as may be from time to time adopted by the board of directors in the minutes of the central credit union.
Codes, 1930, § 4236; 1942, § 5397; Laws, 1924, ch. 177; Laws, 1968, ch. 280, § 2; Laws, 1982, chs. 304, § 9; 340; reenacted, Laws, 1995, ch. 374, § 8; reenacted without change, Laws, 1997, ch. 368, § 8; reenacted without change, Laws, 2001, ch. 408, § 8, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-15 - Supervision by Department of Banking and Consumer Finance; rules and regulations; reports by credit unions

Credit unions shall be subject to the supervision of the Department of Banking and Consumer Finance. The Commissioner of Banking and Consumer Finance is empowered with authority to promulgate from time to time rules and regulations concerning the operation of credit unions; provided that such rules and regulations shall be consistent with and in conformity with the laws of the State of Mississippi. Credit unions shall make a report of condition thereto at least annually on blank forms to be supplied by said department. Credit unions shall transmit to the department such call reports within a time limitation established by the commissioner; however, such time limitation cannot exceed that set by the National Credit Union Administration. For any failure or delay in furnishing this report, the credit union shall be subject to an administrative fine, which may be imposed by the commissioner, of Fifty Dollars ($50.00) a day for each day while in such default. Reports shall be verified by both the chief elected official and the treasurer and additional reports may be required by the said department.
Codes, 1930, § 4237; 1942, § 5398; Laws, 1924, ch. 177; Laws, 1975, ch. 444, § 1; Laws, 1979, ch. 307, § 4; reenacted, Laws, 1982, ch. 304, § 10; Laws, 1987, ch. 381, § 7; reenacted and amended, Laws, 1995, ch. 374, § 9; reenacted without change, Laws, 1997, ch. 368, § 9; reenacted without change, Laws, 2001, ch. 408, § 9, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-17 - Examination by Commissioner of Banking and Consumer Finance; powers of Commissioner; fees; acceptance of examination performed by National Credit Union Administration

Each credit union shall be examined at least once per eighteen-month period by the Commissioner of Banking and Consumer Finance. The commissioner may conduct other examinations and the commissioner or examiners of the Department of Banking and Consumer Finance shall at all times be given free access to all the books, papers, securities and other sources of information in respect to the credit union. For that purpose he shall have the power to subpoena and examine personally or through one (1) of his deputies, or examiners, duly authorized, witnesses on oath and documents pertaining to the business of the credit union. The fees for examination shall be determined by the commissioner by assessing the association according to the cost based on the average daily cost of all examiners of the department, plus actual and necessary expenses. The commissioner shall have the authority to prescribe supervision fees at the rate of Ten Cents (10¢) per One Thousand Dollars ($1,000.00) of assets, and not be less than Twenty Dollars ($20.00) nor more than Two Hundred Dollars ($200.00) a year for overhead expenses of the department in supervising the credit union. The commissioner shall send each such credit union a statement of the amount due by it and shall specify how the same shall be paid. The fees shall be due and payable in accordance with the statement so furnished and shall be paid within ten (10) days after the date fixed for their payment. Such fees shall constitute a lien on the assets of the credit union until paid. Any such credit union failing to make payment within ten (10) days as herein provided shall be liable to a penalty of ten percent (10%) of the amount in default for each day thereafter.
In the event the commissioner's office, because of work load or other good sufficient cause, is unable to conduct an annual examination of a credit union as provided for in this section, the commissioner is hereby authorized to accept the examination of any credit union performed by the National Credit Union Administration or by any succession thereto. However, in no case shall the commissioner be authorized to accept any such examination of any credit union performed by the NCUA or its successor for any two (2) consecutive eighteen-month periods.
Codes, 1930, § 4238; 1942, § 5399; Laws, 1924, ch. 177; Laws, 1962, ch. 236, § 2; Laws, 1971, ch. 514, § 1; Laws, 1979, ch. 307, § 5; reenacted, Laws, 1982, ch. 304, § 11; Laws, 1987, ch. 381, § 8; reenacted and amended, Laws, 1995, ch. 374, § 10; reenacted, Laws, 1997, ch. 368, § 10; Laws, 1997, ch. 330, § 1; reenacted without change, Laws, 2001, ch. 408, § 10, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-19 - Failure to make reports or pay fees; duties and authority of Commissioner of Banking and Consumer Finance; suspension of credit union's operations

(1)
If it appears that any credit union is bankrupt or insolvent, or that it has violated any other provisions of law, or is in danger of loss due to mismanagement or fraud, the commissioner shall issue an order temporarily suspending the credit union's operations for not less than thirty (30) nor more than sixty (60) days. The board of directors shall be given notice by registered mail of such suspension, which notice shall include a list of the reasons for such suspension, or a list of the specific violations of law.
(2)
Upon receipt of such suspension notice, the credit union shall cease all operations, except those operations authorized by the commissioner. The board of directors shall file with the commissioner a reply to the suspension notice, and may request a hearing to present a plan of corrective actions proposed if the credit union desires to continue operations. The board of directors may request that the credit union be declared insolvent and a liquidating agent be appointed.
(3)
Upon receipt of evidence from the suspended credit union that the conditions causing the order of suspension have been corrected, the commissioner, upon finding that such conditions have been corrected, may revoke the suspension notice and permit the credit union to resume normal operations.
(4)
If the commissioner, after issuing notice of suspension and providing an opportunity for a hearing, rejects the credit union's plan to continue operations, he may issue a notice of involuntary liquidation and appoint a liquidating agent. The commissioner shall continue his order suspending the credit union's operation until final determination or liquidation. The credit union may request the chancery court of the county in which the home office of the credit union is located to take such action as it may deem necessary under the law.
(5)
If, within the suspension period, the credit union fails to answer the suspension notice or request a hearing, the commissioner may then revoke the credit union's charter, appoint a liquidating agent and liquidate the credit union.
Codes, 1930, § 4239; 1942, § 5400; Laws, 1924, ch. 177; Laws, 1979, ch. 307, § 6; reenacted, Laws, 1982, ch. 304, § 12; Laws, 1987, ch. 381, § 9; Laws, 1995, ch. 374, § 11; reenacted, Laws, 1997, ch. 368, § 11; Laws, 1997, ch. 330, § 2; reenacted without change, Laws, 2001, ch. 408, § 11, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-23 - Fiscal year

The credit union fiscal year shall end at the close of business on the thirty-first day of December.
Codes, 1930, § 4241; 1942, § 5402; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 14; Laws, 1987, ch. 381, § 11; reenacted, Laws, 1995, ch. 374, § 13; reenacted without change, Laws, 1997, ch. 368, § 13; reenacted without change, Laws, 2001, ch. 408, § 13, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-25 - Elections

At an annual meeting the members shall elect a board of directors and a supervisory committee. The credit union's board of directors shall determine whether the credit union will:
(1)
have a credit committee elected by the membership;
(2)
have a credit committee appointed by the board; and/or
(3)
will hire loan officers. The board shall include this decision in their bylaws and the board shall determine and record in the minutes of a duly held meeting, the authority of the credit committee, if any, and/or the loan officers. Unless the number of members of the credit union is less than eleven (11), no member of the board shall be a member of either of said committees. All members of the board and committees and all officers shall be sworn to discharge their duties faithfully and shall hold their several offices for such terms as may be provided in the bylaws. The oath shall be subscribed by the individual taking it and certified by the officer before whom it is taken and shall be transmitted within ten (10) days after the oath to the Commissioner of Banking and Consumer Finance and filed and preserved in his office. For any failure or delay in transmitting the oath, the credit union shall be subject to an administrative fine, which may be imposed by the commissioner, of Ten Dollars ($10.00) per day for each day the documents are not received.
Codes, 1930, § 4242; 1942, § 5403; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 15; Laws, 1987, ch. 381, § 12; reenacted and amended, Laws, 1995, ch. 374, § 14; reenacted, Laws, 1997, ch. 368, § 14; Laws, 1997, ch. 330, § 3; reenacted without change, Laws, 2001, ch. 408, § 14, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-27 - Directors, officers; special duty of directors

At the first meeting and at each first meeting in the fiscal year, the board of directors shall elect from their own number a president or chairman, vice president or vice chairman, treasurer, and may elect a secretary. At each board, special or annual meeting, the president/chairman shall appoint a recording secretary to accurately record the actions taken at said meeting. The board of directors shall have the general management of the affairs, funds and records of the corporation and shall meet as often as may be necessary. Unless the bylaws shall specifically reserve any or all of the duties to the members, it shall be the special duty of the directors:
(a)
To act upon all applications for membership and on the expulsion of members;
(b)
To determine, from time to time, rates of interest which shall be allowed on deposits and charged on loans;
(c)
To fix the amount of the surety bond which shall be required of each officer having the custody of funds;
(d)
To fix the maximum number of shares which may be held by, and the maximum amount which may be loaned to any one (1) member; to declare dividends and recommend amendments to the bylaws;
(e)
To fill vacancies in the board of directors and credit committee until the election and qualification of successors;
(f)
To have charge of the investment of funds of the corporation, other than loans to members, and to perform such other duties as the members may, from time to time, authorize.
Codes, 1930, § 4243; 1942, § 5404; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 16; reenacted and amended, Laws, 1995, ch. 374, § 15; reenacted without change, Laws, 1997, ch. 368, § 15; reenacted without change, Laws, 2001, ch. 408, § 15, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-28 - Member or employee not to participate in matters in which he or she has pecuniary interest; penalty

A member of the board of directors or a member of the credit committee or supervisory committee or an employee of a credit union may not participate in the deliberation or the determination of a question affecting his own pecuniary interest or the pecuniary interest of a corporation, partnership or association in which he is interested. Any person who violates this section may not thereafter serve as an officer, agent or employee of a credit union.
Laws, 1987, ch. 381, § 13; reenacted, Laws, 1995, ch. 374, § 16; reenacted without change, Laws, 1997, ch. 368, § 16; reenacted without change, Laws, 2001, ch. 408, § 16, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-29 - Directors and members of supervisory committees not to receive compensation; compensation of treasurer

No member of the credit or supervisory committee shall receive any compensation for his services as a member of said committees; provided, however, that one (1) elected official of the board of directors may be compensated for services rendered.
Codes, 1930, § 4244; 1942, § 5405; Laws, 1924, ch. 177; Laws, 1981, ch. 330, § 1; reenacted, Laws, 1982, ch. 304, § 17; reenacted and amended, Laws, 1995, ch. 374, § 17; reenacted without change, Laws, 1997, ch. 368, § 17; reenacted without change, Laws, 2001, ch. 408, § 17, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-31 - [Repealed]

Repealed by Laws of 1995, ch. 374, § 18, eff. 7/1/1995.
Codes, 1930, § 4245; 1942, § 5406; Laws, 1924, ch. 177; Laws, 1954, ch. 204; Laws, 1956, ch. 179; Laws, 1960, ch. 184, § 1; Laws, 1968, ch. 280, § 3; Laws, 1975, ch. 444, § 2; reenacted, Laws, 1982, ch. 304, § 18; Laws, 1987, ch. 381, § 14.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-33 - Supervisory committee; suspension of directors, committee members or officers; review of credit union practices; audit and report

The supervisory committee shall, at frequent intervals, inspect the securities, cash and accounts of the credit union and supervise the acts of the board of directors, credit committee and officers, any or all of whom the supervisory committee may, at any time, by a unanimous vote suspend. Within seven (7) days after such suspension, the supervisory committee shall cause notice to be given the members of a special meeting to take action on such suspension, the call for the meeting to indicate clearly its purpose. By a majority vote the committee may call a meeting of the shareholders to consider any violation of this chapter or of the bylaws, or any practice of the credit union which, in the opinion of said committee, is unsafe and unauthorized. The committee shall fill vacancies in their own number until the next annual meeting of the members. Annually the supervisory committee shall make or cause to be made a thorough audit of the receipts, disbursements, income, assets and liabilities of the credit union for the said fiscal year and shall make a full report thereon to the directors, which report shall be filed and preserved with the records of the credit union. The supervisory committee shall make a report to the members at the annual meeting.
Codes, 1930, § 4246; 1942, § 5407; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 19; reenacted and amended, Laws, 1995, ch. 374, § 19; reenacted without change, Laws, 1997, ch. 368, § 18; reenacted without change, Laws, 2001, ch. 408, § 18, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-35 - Capital

The capital of a credit union shall consist of the regular and any other reserve accounts, the undivided earnings and any other earnings accounts, allowances for loss accounts. A credit union shall have a lien on the shares of any member and on the dividends payable thereon for and to the extent of any loan towards the liquidation of said member's indebtedness. A credit union may, upon the resignation or expulsion of a member, cancel the shares of such member and apply the withdrawal value of such shares first towards the liquidation of said member's indebtedness. A credit union may charge an entrance or membership fee as may be provided in the bylaws.
Codes, 1930, § 4247; 1942, § 5408; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 20; reenacted and amended, Laws, 1995, ch. 374, § 20; reenacted without change, Laws, 1997, ch. 368, § 19; reenacted without change, Laws, 2001, ch. 408, § 19, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-37 - Shares and deposits of minors and in trust

Shares may be issued and deposits received in the name of a minor, without a guardian, and in trust in accordance with applicable law.
Codes, 1930, § 4248; 1942, § 5409; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 21; reenacted and amended, Laws, 1995, ch. 374, § 21; reenacted without change, Laws, 1997, ch. 368, § 20; reenacted without change, Laws, 2001, ch. 408, § 20, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-39 - Authority to lend or invest funds; interest rates

A credit union may lend to its members at reasonable rates of interest, which shall not exceed one and three-fourths percent (1-3/4%) per month, computed on unpaid balances, or invest the funds accumulated as herein provided. Fines and penalties shall not be considered as interest. A charge of Ten Dollars ($10.00) in lieu of interest may be made on any loan payable in a single payment, and a charge of Fifteen Dollars ($15.00) in lieu of interest may be made on any loan payable in installments.
Codes, 1930, § 4249; 1942, § 5410; Laws, 1924, ch. 177; Laws, 1980, ch. 492, § 4; Laws, 1982, chs. 304, § 22; 468, § 4; Laws, 1984, ch. 501, § 4; Laws, 1986, ch. 510, § 14; Laws, 1987, ch. 381, § 15; reenacted, Laws, 1995, ch. 374, § 22; reenacted without change, Laws, 1997, ch. 368, § 21; reenacted without change, Laws, 2001, ch. 408, § 21, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-41 - Power to borrow

A credit union shall have the power to borrow from any source, but the total of such borrowing shall at no time exceed fifty percent (50%) of the capital and surplus of the borrowing credit union.
Codes, 1930, § 4250; 1942, § 5411; Laws, 1924, ch. 177; Laws, 1975, ch. 444, § 3; reenacted, Laws, 1982, ch. 304, § 23; Laws, 1995, ch. 374, § 23; reenacted without change, Laws, 1997, ch. 368, § 22; reenacted without change, Laws, 2001, ch. 408, § 22, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-43 - Loans

(1)
Loans to members may be made only in accordance with the NCUA's rules and regulations, Federal Credit Union Act, state statutes, and any interpretive rulings issued by the NCUA.
(2)
No officer or committee member shall act as endorser or guarantor for other borrowers from the same credit union.
Codes, 1930, § 4251; 1942, § 5412; Laws, 1924, ch. 177; Laws, 1962, ch. 237; Laws, 1971, ch. 514, § 2; Laws, 1975, ch. 444, § 4; Laws, 1979 ch. 307, § 8; reenacted, Laws, 1982, ch. 304, § 24; Laws, 1987, ch. 381, § 16; reenacted and amended, Laws, 1995, ch. 374, § 24; reenacted without change, Laws, 1997, ch. 368, § 23; reenacted without change, Laws, 2001, ch. 408, § 23, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-45 - When borrower may repay loan

A borrower may repay the whole or any part of his loan on any day on which the office of the corporation is open for the transaction of business.
Codes, 1930, § 4252; 1942, § 5413; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 25; reenacted, Laws, 1995, ch. 374, § 25; reenacted without change, Laws, 1997, ch. 368, § 24; reenacted without change, Laws, 2001, ch. 408, § 24, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-47 - [Repealed]

Repealed by Laws of 1987, ch 381, § 25 eff. 7/1/1987.
Codes, 1930, § 4253; 1942, § 5414; Laws, 1924, ch. 177; Laws, 1950, ch. 305, § 2; Laws, 1968, ch. 280, § 4; Laws, 1975, ch. 444, § 5; reenacted, Laws, 1982, ch 304, § 26.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-49 - [Repealed]

Repealed by Laws of 1995, ch. 374, § 26, eff. 7/1/1995.
Codes, 1930, § 4254; 1942, § 5415; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 27.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-51 - Portion of net income set apart at close of fiscal year for reserve fund

Immediately before the payment of each dividend, and in no event less than one (1) time per year, the net income of the credit union shall be determined. From this amount, there shall be set aside, as a regular reserve against losses on loans and against such other losses as may be specified in regulations prescribed under this chapter, sums as follows:
A credit union whose accounts are insured by the National Credit Union Administration, as required by this chapter, shall set aside and maintain its reserve funds in the manner promulgated and prescribed by the administrator of the National Credit Union Administration. Provided, however, that said reserve funds shall be no less than those prescribed by the Commissioner of Banking and Consumer Finance, who may, upon written notice, require additional reserves to protect the capital structures of any credit union. The board of directors may elect to set apart to the reserve fund any amount deemed necessary if it determines that potential contingencies require additional reserves. The reserve fund shall belong to the credit union and shall be held to meet contingencies and shall not be distributed to the members except upon dissolution of the credit union.
Codes, 1930, § 4255; 1942, § 5416; Laws, 1924, ch. 177; Laws, 1950, ch. 305, § 1; Laws, 1968, ch. 280, § 5; Laws, 1971, ch. 514, § 3; Laws, 1975, ch. 444, § 6; Laws, 1979, ch. 307, § 9; reenacted, Laws, 1982, ch. 304, § 28; Laws, 1987, ch. 381, § 17; Laws, 1995, ch. 374, § 27; reenacted without change, Laws, 1997, ch. 368, § 25; reenacted without change, Laws, 2001, ch. 408, § 25, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-53 - Dividends

The board of directors of a credit union may declare and pay a dividend from net earnings or accumulated net undivided earnings remaining after the statutory reserve has been set aside.
Codes, 1930, § 4256; 1942, § 5417; Laws, 1924, ch. 177; Laws, 1960, ch. 184, § 2; Laws, 1968, ch. 280; reenacted without change, Laws, 1982, ch. 304, § 29; Laws, 1987, ch. 381, § 18; reenacted and amended, Laws, 1995, ch. 374, § 28; reenacted without change, Laws, 1997, ch. 368, § 26; reenacted without change, Laws, 2001, ch. 408, § 26, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-55 - Expulsion of members

At any duly held meeting the board of directors, by a two-thirds (2/3) vote of those present may expel from the corporation any member thereof.
Codes, 1930, § 4257; 1942, § 5418; Laws, 1924, ch. 177; reenacted without change Laws, 1982, ch. 304, § 30; reenacted and amended, Laws, 1995, ch. 374, § 29; reenacted without change, Laws, 1997, ch. 368, § 27; reenacted without change, Laws, 2001, ch. 408, § 27, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-57 - Refunds to expelled or withdrawing members

All amounts paid in on shares of an expelled or withdrawing member with any dividends credited to his shares to the date of expulsion or withdrawal shall be paid to said member but only as funds therefor become available and after deducting any amounts due to the corporation by said member. All deposits of an expelled or withdrawing member, with any interest accrued, shall be paid to such member, subject to ninety (90) days' notice, and after deducting any amounts due to the corporation by said member. Said member, when withdrawing shares or deposits, shall have no further right in said credit union or to any of its benefits, but such expulsion or withdrawal shall not operate to relieve such member from any remaining liability to the corporation.
Codes, 1930, § 4258; 1942, § 5419; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 3; reenacted, Laws, 1995, ch. 374, § 30; reenacted without change, Laws, 1997, ch. 368, § 28; reenacted without change, Laws, 2001, ch. 408, § 28, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-58 - Deposit in name of two or more persons; payments to successors of deceased depositors without administration

When a deposit has been made or is hereafter made in the name of two (2) or more persons, payable to any one (1) of those persons, or payable to any one (1) of those persons or the survivor, or payable to any one (1) of those persons or to the survivor or survivors, or payable to the persons as joint tenants, the deposit or any part thereof or interest or dividends thereon may be paid to any one (1) of those persons, without liability whether one or more of those persons is living or not, and the receipt of acquittance of the person so paid shall be a valid and sufficient release and discharge to the credit union for any payment so made. The making of a deposit in that form, or the making of additions thereto, shall create a presumption in any action or proceeding to which either the credit union or any survivor is a party of the intention of all the persons named on the deposit to vest title to the deposit and the additions thereto and all interest or dividends thereon in the survivor or survivors. Any credit union may pay to the successor of a deceased depositor, as defined in Section
91-7-322(2)
, without necessity of administration, any sum to the credit of the decedent not exceeding Twelve Thousand Five Hundred Dollars ($12,500.00), without liability to any other persons, relatives or beneficiaries, and the receipt of acquittance of the person so paid shall be a valid and sufficient release and discharge to the credit union for any payment so made. This section shall apply to all credit unions, including state and federal credit unions within the state. The term "deposit" as used in this section shall include, but not be limited to, any form of deposit or account, such as a savings account, checking account, time deposit, demand deposit or certificate of deposit, whether negotiable, nonnegotiable or otherwise.
Laws, 2001, ch. 458, § 4, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-59 - Voluntary dissolution

At any meeting, called for the purpose, notice of the purpose being contained in the call, a majority of the entire membership may vote to dissolve the corporation and shall, thereupon signify their consent to such dissolution in writing and shall file such consent with the Commissioner of Banking and Consumer Finance, attested by a majority of its officers, with a statement of the names and addresses of the directors and officers, duly verified. The commissioner, upon receipt of satisfactory proof of the solvency of the corporation, shall execute in duplicate a certificate to the effect that such consent and statement have been filed and that it appears therefrom that the corporation had complied with this section. Such duplicate certificate shall be filed by such corporation in the office of the clerk of the chancery court of the county in which said corporation has its place of business and thereupon such credit union shall be dissolved and shall cease to carry o n business except for the purpose of adjusting and winding up its affairs. It shall, by its board of directors, then proceed to adjust and wind up its business, be empowered to carry out its contracts, collect its accounts receivable, and liquidate its assets and apply the same in discharge of the obligations of the corporation and, after paying such obligations, each share according to the amount paid in thereon, shall be entitled to its proportion of the balance of the assets. Said corporation shall continue in existence for the purpose of discharging its debts and obligations, collecting and distributing its assets, and doing all other acts required in order to wind up its business, and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted and wound up, for three (3) years.
Codes, 1930, § 4259; 1942, § 5420; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 32; Laws, 1987, ch. 381, § 19; reenacted, Laws, 1995, ch. 374, § 31; reenacted without change, Laws, 1997, ch. 368, § 29; reenacted without change, Laws, 2001, ch. 408, § 29, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-60 - Establishment of branch office

(1)
Any state credit union may apply to the Commissioner of Banking and Consumer Finance for permission to establish a branch office. The application shall be in such a form as may be prescribed by the commissioner and shall be approved or denied by the commissioner within one hundred twenty (120) days of filing.
(2)
The commissioner shall approve a branch application when all of the following criteria are met:
(a)
The applicant has an examination rating of two (2) or higher;
(b)
The applicant has capital ratios equal or exceeding the amount required by the insurer of deposit accounts;
(c)
The applicant has no formal or informal enforcement actions outstanding; and
(d)
The applicant has demonstrated that its members would be well served by the branch.
(3)
If the commissioner denies the branch application, the branch applicant will have the right of a hearing as prescribed in Section
81-13-1
for those applicants denied a new credit union.
Laws, 1997, ch. 330, § 4; reenacted without change, Laws, 2001, ch. 408, § 30, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-61 - Change of place of business

A credit union may change its place of business upon written approval from the Department of Banking and Consumer Finance.
Codes, 1930, § 4260; 1942, § 5421; Laws, 1924, ch. 177; reenacted without change Laws, 1982, ch. 304, § 33; Laws, 1987, ch. 381, § 20; reenacted and amended, Laws, 1995, ch. 374, § 32; reenacted without change, Laws, 1997, ch. 368, § 30; reenacted without change, Laws, 2001, ch. 408, § 31, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-62 - Electronic banking terminals

(1)
For the purposes of this section, the following words shall have the meanings provided in this subsection unless the context otherwise requires:
(a)
"Electronic terminal" means an unmanned electronic device owned or operated by a federally insured credit union through which a consumer may initiate an electronic fund transfer.
(b)
"Electronic fund transfer" means any of the following:
(i)
The withdrawal of cash from or the deposit of cash or checks into an unmanned electronic device, such as an automatic teller machine, but not including night depositories;
(ii)
An application for or acceptance of a loan through use of an unmanned electronic device;
(iii)
The transfer of funds between accounts through use of an unmanned electronic device; or
(iv)
The issuance of a check by an unmanned electronic device.
(2)
Any state credit union may apply to the Commissioner of Banking and Consumer Finance for permission to establish electronic terminals. The application shall be in such a form as may be prescribed by the commissioner. The commissioner shall approve the electronic terminal when all of the following criteria are met:
(a)
The applicant has an examination rating of two (2) or higher;
(b)
The applicant has capital ratios equal or exceeding the amount required by the insurer of deposit accounts;
(c)
The applicant has no formal or informal enforcement actions outstanding; and
(d)
The applicant has demonstrated that its members would be well served by the electronic terminal.
(3)
For the use of its electronic terminals connected to sharing networks or systems, a credit union may impose a fee if imposition of the fee is disclosed at a time and in a manner that allows a user to terminate or cancel the transaction without incurring the transaction fee. Such fee shall not exceed Two Dollars ($2.00) or four percent (4%) of the gross amount of the transaction, whichever is greater. An agreement to share electronic terminals shall not prohibit, limit or restrict the right of a credit union to charge such fees for the use of its electronic terminals as allowed by state or federal law, or require a credit union to limit or waive its rights or obligations under this section.
Laws, 1997, ch. 330, § 5; reenacted without change, Laws, 2001, ch. 408, § 32, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-63 - Taxation

The credit unions organized hereunder, their property, their franchises, capital, reserves, surpluses, and other funds, and their income shall be exempt from all taxation now or hereafter imposed; except that any real property and any tangible personal property of such credit unions shall be subject to federal, state, county, municipal or other local taxation to the same extent as other similar property is taxed. Nothing herein contained shall prevent holdings in any credit union organized hereunder from being included in the valuation of the personal property of the owners or holders thereof in assessing taxes imposed by authority of the state or political subdivision thereof in which the credit union is located; but the duty or burden of collecting or enforcing the payment of such a tax shall not be imposed upon any such credit union and the tax shall not exceed the rate of taxes imposed upon holdings in federal credit unions.
Codes, 1930, § 4261; 1942, § 5422; Laws, 1924, ch. 177; Laws, 1960, ch. 185, § 1; reenacted without change, Laws, 1982, ch. 304, § 34; reenacted, Laws, 1995, ch. 374, § 33; reenacted without change, Laws, 1997, ch. 368, § 31; reenacted without change, Laws, 2001, ch. 408, § 33, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-67 - [Repealed]

Repealed by Laws of 1987, ch 381, § 25 eff. 7/1/1987.
Codes, 1930, § 4263; 1942, § 5424; Laws, 1924, ch. 177; Laws, 1979, ch. 307, § 11; reenacted, Laws, 1982, ch. 304, § 36.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-69 - Method of voting by members; special meetings; number of votes per member; proxies; matters subject to vote

(1)
The bylaws may provide for the taking of referendum votes by the membership upon questions coming before the membership; such voting to be by mail, or otherwise in writing or a combination of viva voce voting and writing.
(2)
Special meetings of the members may be held by order of the board of directors or the supervisory committee, and shall be held on request of ten percent (10%) of the members. At all meetings a member shall have but one (1) vote, irrespective of the number of shares held. No shareholder may vote by proxy, but a society, association, copartnership or corporation having membership in the credit union may be represented and voted by one (1) person duly authorized by such society, association, copartnership or corporation to represent it. Provided that the notice of the meeting has stated the question to be considered, the members may decide on any matter of interest to the corporation, may overrule the directors by a three-fourths (3/4) vote of those present, and may amend the bylaws.
Codes, 1930, § 4264; 1942, § 5425; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 37; Laws, 1987, ch. 381, § 22; reenacted and amended, Laws, 1995, ch. 374, § 35; reenacted without change, Laws, 1997, ch. 368, § 33; reenacted without change, Laws, 2001, ch. 408, § 35, eff. 7/1/2001.