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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-23 - Preferred stock; issuance authorized

Banks may, with the approval of the state comptroller, and by a vote of stockholders owning a majority of the stock of such bank, upon not less than five (5) days' notice, given by registered mail, pursuant to action taken by their boards of directors, issue preferred stock of one or more classes in such amount and with such par value as shall be approved by the said comptroller, and may make such amendments to their charters as may be necessary for this purpose; but, in the case of a newly organized bank which has not yet issued common stock, the requirement of notice to and vote of stockholders shall not apply.
The holders of such preferred stock shall be entitled to receive such cumulative dividends at a stipulated rate and shall have such voting and conversion rights and such control of management, and such stock shall be subject to retirement in such manner and upon such conditions as may be provided in the charter, with the approval of the state comptroller. The holders of such preferred stock shall not be held individually responsible as such holders for any debts, contracts or engagements of such bank, and shall not be liable for assessments to restore impairments in the capital of such bank as provided by law with reference to the holders of common stock.
Preferred stock issued by any bank in this state shall be exempt from all state, county, municipal, levee district, and other ad valorem taxes so long as the same shall be held by an agency of the federal government.
The acts of any board of directors of any banking corporation organized and operating under the laws of the State of Mississippi, insofar as such acts pertain to the issuance of preferred stock which may have heretofore been issued, are hereby in all particulars validated.
No dividend shall be declared or paid on common stock until the cumulated dividends on the preferred stock shall have been paid in full; and, if the corporation is placed in either voluntary or involuntary liquidation, no payment shall be made to the holders of the common stock until the owners of the preferred stock shall have been paid in full the par value of such preferred stock plus all accumulated dividends.
Codes, 1942, § 5215; Laws, 1934, ch. 146; Laws, 1966, ch. 251, § 1; Laws, 1980, ch. 414, eff. 7/1/1980.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-25 - Investments in stock of small business investment companies

Shares of stock issued by small business investment companies, incorporated in this state and licensed under the provisions of the Small Business Investment Act of 1958, Public Law 699, 85th Congress, and any amendments thereto, shall be legal investments for state chartered banks and trust companies, to the same extent that shares of small business investment companies are eligible for purchase by national banks under the provisions of said Small Business Investment Act of 1958, and any amendments thereto.
Codes, 1942, § 5224.7; Laws, 1962, ch. 178, eff. 5/22/1962.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-27 - Liability of stockholders

The stockholders of every bank shall be individually liable, actually and ratably, and not for one another, for the benefit of the depositors in said bank at the amount of their stock at the par value thereof, and in addition to said stock. However, persons holding stock as executors, administrators, guardians or trustees shall not be personally liable as stockholders, but the assets and funds in their hands constituting the trust shall be liable to the same extent as the testator, intestate, ward, or person interested in such trust fund would be, if living or competent to act. Persons holding stock as collateral security shall not be personally liable as stockholders, but the person pledging such stock shall be deemed the stockholder and liable under this section. Such double liability may be enforced in a suit at law or in equity by the receiver of any bank in process of liquidation. Such suit, however, shall be brought within six years from the date the bank went into liquidation and not thereafter. Such double liability shall not apply, however, to stock in any bank organized, after April 2, 1934, nor to stock in any bank open for business on April 2, 1934, provided such bank is a member of the Federal Deposit Insurance Corporation, or any other similar agency created by the laws of the United States.
Codes, 1942, § 5280; Laws, 1934, ch. 146; Laws, 1936, ch. 166.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-28 - Bank holding companies; definitions; control of banks

(1)
As used in this section, unless the context clearly requires otherwise:
(a)
"Bank" means any company that accepts deposits in Mississippi that are insured under the provisions of the Federal Deposit Insurance Act,
12 U.S.C. 1811
et seq., as amended; provided, however, that the term "bank" shall not include a company engaged solely in the trust business, all or substantially all of the deposits of which are in trust funds and are received in a bona fide fiduciary capacity.
(b)
"Bank holding company" means any company which is a bank holding company under the provisions of the Federal Bank Holding Company Act of 1956,
12 U.S.C. 1841
et seq., as amended.
(c)
"Company" has the meaning assigned in Section 2(b) of the Federal Bank Holding Company Act of 1956,
12 U.S.C. 1841(b)
, as amended.
(d)
"Control" has the meaning assigned in Sections 2(a)(2) and (3) of the Federal Bank Holding Company Act of 1956,
12 U.S.C. 1841(a)(2) and (3)
, as amended, except that the reference therein to "the board" shall be deemed to refer to the Mississippi Commissioner of Banking and Consumer Finance.
(2)
No bank holding company shall control a bank unless the bank is a bank as defined in Section 2(c) of the Federal Bank Holding Company Act of 1956,
12 U.S.C. 1841(c)
, as amended.
(3)
No company that is not a bank holding company shall control a bank.
(4)
The Mississippi Commissioner of Banking and Consumer Finance shall have the power to enforce the prohibitions of this section by seeking to enjoin any violation, by issuing cease and desist orders, by imposing administrative fines or penalties, and by any other remedies that are provided by law.
Laws, 1985, ch. 329, eff. 3/15/1985.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-29 - Corporations may be formed to purchase, hold and own bank assets

Corporations may be formed to purchase, hold and own bank assets. By and with the consent and approval of the Commissioner of Banking and Consumer Finance, corporations may be formed in this state for the purpose of purchasing, holding, owning, dealing in, lending on and borrowing on assets of banks, either open or in liquidation. From and after July 1, 2014, any proposed transfer of bank assets to be purchased, held or owned by a corporation authorized by this section shall be subject to the prior consent and approval of the commissioner. By and with the consent and approval of the commissioner, banks and receivers of banks may purchase any stock issued by such corporations, which shall have all the general corporate powers of corporations created under the general corporation laws of this state. By and with the consent and approval of the commissioner, banks may purchase and deal in any obligations of indebtedness issued by such corporations. In addition to general power to issue stock and borrow money, such corporation shall have specific power to issue stocks, common or preferred, to all agencies of the federal government, and to borrow money from and pledge assets to all such agencies. The commissioner shall have general supervision of the organization, operation and business of such corporation, and may issue and enforce regulations with reference thereto. The name of all such corporations shall include the words "bank securities corporation."
Codes, 1942, § 5196; Laws, 1934, ch. 146; Laws, 1966, ch. 247, § 1, eff. 5/6/1966.
Amended by Laws, 2014, ch. 359, HB 910, 2, eff. 7/1/2014.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-31 - Voting trusts prohibited

The transfer of any part of the stock of a state bank to trustees solely or primarily that they may vote the same at annual elections and stockholders' meetings - "voting trusts" as they are generally known - is expressly prohibited. A violation of this section by any bank or banks shall constitute a breach of law, and subject any such bank or banks to liquidation and forfeiture of their respective charters; provided, however, that this section shall not apply to any stock owned by an agency of the federal government.
Codes, 1942, § 5197; Laws, 1934, ch. 146; Laws, 1966, ch. 248, § 1, eff. 4/11/1966.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-35 - State and national banks acting in fiduciary capacity not required to file bond; exception

No state or national bank domiciled in this state and duly authorized by law to act in a fiduciary capacity shall be required to make or file any bond or other security for the faithful performance of its duty when acting as executor, administrator, guardian, conservator, trustee, or in any other fiduciary capacity, unless the instrument creating any such trust or the court having jurisdiction thereof shall specifically direct that such bond or other security shall be given for the performance of such trust and shall fix the amount thereof. The chancery court or chancellor in vacation, having jurisdiction over any such estate or trust existing at the time of the enactment of this statute may, in its discretion, cancel any such bond or release any such security and discharge the surety or sureties thereon. However, the retroactive effect of this section shall not apply to the release of any such bond or security or surety on any estate, guardianship, or trust on which a bond or security or surety was required as a result of the failure of a probated will to waive bond, security, or surety.
Codes 1942, § 5198.3; Laws, 1968, ch. 252, eff. 6/24/1968.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-37 - Uniform Common Trust Fund Law

(1)
Any bank or trust company qualified to act as a fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as co-fiduciaries; and may, as such fiduciary or co-fiduciary, invest funds which it lawfully holds for investment in interests in such common trust funds, if such investment is not prohibited by the instrument, judgment, decree, or order creating such fiduciary relationship, and if, in the case of co-fiduciaries, the bank or trust company procures the consent of its co-fiduciary or co-fiduciaries to such investment.
(2)
Unless ordered by a court of competent jurisdiction the bank or trust company operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the chancery court, secure approval of such an accounting on such conditions as the court may establish.
(3)
This section shall be so interpreted and construed as to effectuate the general purpose of making uniform the law of those states which enact the Uniform Common Trust Fund Act.
(4)
This section may be cited as the Uniform Common Trust Fund Law.
Codes, 1942, § 5198.5; Laws, 1950, ch. 328, §§ 1-7.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-39 - Banks may register securities held in fiduciary capacity in name of bank's nominee

Whenever any bank or trust company organized under the laws of this state or any national bank doing business in this state is acting as trustee, guardian, executor, administrator, or other fiduciary and has a nominee, whether an individual, a corporation or a partnership, in whose name stocks, bonds, debentures, or any other corporate securities in registered form, may be registered, it shall be lawful and any such fiduciary is hereby authorized to register any such securities in the name of such nominee without disclosure of the trust or other fiduciary relationship on the face of the instrument evidencing such securities or in the bond registry or on the books of the corporation issuing the same, provided that:
(a)
the books and records kept by the fiduciary and the accounts rendered by it shall clearly reflect the ownership of such securities by the fiduciary,
(b)
the securities registered in the name of the nominee shall at all times be retained in the possession of the fiduciary and the nominee shall have no access thereto except under the immediate supervision of the fiduciary, and
(c)
the fiduciary shall be personally liable for any loss to the trust or estate resulting from any act or neglect of such nominee with respect to any securities registered in the name of the nominee.
Whenever any such bank or trust company is acting jointly with others as trustee or executor of a trust or estate it shall be lawful by agreement with such other fiduciary to register the securities of such trust or estate in the name of such bank or trust company's nominee; and in the event two such banks or trust companies shall be acting as co-fiduciaries it shall be lawful to register the securities of the trust or estate in the name of the nominee of either fiduciary or by agreement to register a proportionate part thereof in the name of the nominee of each fiduciary.
Codes, 1942, § 5279.5; Laws, 1956, ch. 144, eff. 7/1/1956.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-40 - [Repealed]

Repealed by Laws, 1996, ch. 441, § 71, eff. 5/1/1997.
Laws, 1979, ch. 420, § 1.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-45 - Qualification and oath of directors; meetings; executive and auditing committee

Every director of every state bank must be the owner, in his or her own right, of unencumbered stock therein to the amount of at least Two Hundred Dollars ($200.00) par value. He shall take and subscribe an annual oath that he will faithfully and diligently perform the duties of his office and will not knowingly violate or permit to be violated any provision of law. Such oath shall be immediately transmitted to the Department of Banking and Consumer Finance and filed in its office. Every executive officer, as defined in Regulation O promulgated by the Board of Governors of the Federal Reserve System, of every bank doing business under the laws of this state shall subscribe to a similar annual oath and immediately transmit the same to the Department of Banking and Consumer Finance. The board of directors of every banking corporation shall meet at least once each quarter in each calendar year and shall at such times consider generally the affairs of the bank. An executive and auditing committee selected by a majority of the board of directors shall meet at least in those months when the board of directors does not meet and shall at such times consider generally the affairs of the bank. However, if the board of directors of any bank meets every month, the executive and auditing committee of that bank shall meet at least two (2) times annually. The Commissioner of Banking and Consumer Finance, in his discretion, may prescribe such forms as he may deem necessary, which, when properly executed, shall reflect the activities of the board of directors or the executive and auditing committee. It shall be the responsibility of the board of directors and the executive and auditing committee at such meetings to complete the forms prescribed and furnished by the Department of Banking and Consumer Finance, and to file same in its office when required by the commissioner.
The results of the examinations by the board of directors and the executive and auditing committee shall be entered in the minutes of the bank.
Codes, 1942, § 5199; Laws, 1934, ch. 146; Laws, 1936, ch. 165; Laws, 1964, ch. 223; Laws, 1994, ch. 320, § 4; Laws, 1997, ch. 542, § 3, eff. 4/10/1997.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-47 - Directors may contract to sell stock while continuing to serve

Any director of a bank or other banking corporation while serving in such capacity may enter into a contract or option providing for the sale of his or her stock at such time as he or she ceases, by death or otherwise, to be a director thereof.
Codes, 1942, § 5199.5; Laws, 1966, ch. 256, § 1, eff. 5/26/1966.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-49 - Interlocking directorates prohibited

No person shall be permitted to be a director in more than one bank serving the same incorporated town or city doing business in this state. Any person holding a directorship in violation of this section shall be guilty of a misdemeanor, and upon conviction shall be fined not more than $100.00 and be ineligible to hold a directorship in any state bank within two years therefrom. This section shall not apply to savings banks and trust companies operated in connection with commercial banks doing business in the same building.
Codes, 1942, § 5200; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-53 - Limitation of liability when dealing with agents, trustees, etc

A bank dealing, whether to its own benefit or otherwise, with, through or under any person, who is or may be an agent, trustee, guardian, executor, administrator, or other fiduciary, or a corporate officer, agent or employee, or a partnership member or representative, shall not be deemed to have notice of or be obligated to inquire as to any lack of or limitation upon the power of such person by reason in and of itself, either of the fact that such person has executed in his representative capacity and is himself the payee or indorsee of any check, bill, note or other promise or order, or of the use of descriptive words in connection with his deposit account or accounts, or in connection with any transfer, certificate or memorandum thereof, or in connection with any signature or indorsement of such person.
Codes, 1942, § 5202; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-56 - Month and year checking account opened to be printed on face of checks

From and after July 1, 1991, any financial institution offering checking accounts which accepts a new checking account shall require that there be printed on the face of each check for such new account the month and year in which the holder of the checking account first opened such account. Any account five (5) years of age or older may show an opening date of January 1986 if the date of actual opening is unavailable. The provisions of this section shall also apply to any additional checks ordered after July 1, 1991, for checking accounts which were in existence on March 15, 1991.
Laws, 1991, ch. 399 § 1, eff. 3/15/1991.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-57 - Excess deposits; limit and penalty

No state bank shall receive and hold deposits continuously for more than twelve months in excess of twenty times its paid up capital, surplus, undivided profits and reserves, except by permission of the state comptroller. Such permission of the state comptroller shall be in writing executed in duplicate, and one copy thereof shall be delivered to and held by the bank and the other shall be kept on file in the office of the state comptroller. Any bank violating the provisions of this section shall be liable for $100.00 penalty for each day in which deposits are held contrary to the provisions hereof, payable upon demand by the state comptroller who shall bring suit therefor if not paid within ten days after demand. All penalties collected under this section shall be paid into the department of bank supervision maintenance fund.
Codes, 1942, § 5203; Laws, 1934, ch. 146; Laws, 1940, ch. 203; Laws, 1942, ch. 263; Laws, 1944, ch. 255, § 1.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-59 - Deposit of minors

When any minor or other person under disability shall make a deposit in any bank in his or her name such bank may pay such money on a check or order of such person, the same as in other cases, and such payment shall be in all respects valid in law.
Codes, 1942, § 5204; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-61 - Safe deposit boxes; leasing to minors

Any bank or other corporation maintaining safe deposit boxes for lease to the public may lease one or more of such boxes to a minor eighteen (18) years of age or older and in connection therewith deal with such minor with the same effect as if leasing to and dealing with a person of full capacity.
Codes, 1942, § 5204.5; Laws, 1966, ch. 255, § 1, eff. 5/6/1966.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-63 - Deposit in name of two or more persons; payments to successors of deceased depositors without administration; "successor" defined

(1)
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 bank 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 bank 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.
(2)
(a)
Any bank may pay to the successor of a deceased depositor, 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 bank for any payment so made. This section shall apply to all banking institutions, including national banks and postal savings banks 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.
(b)
For the purposes of this subsection, "successor" means the decedent's spouse; or, if there is no surviving spouse of the decedent, then the adult with whom any minor children of the decedent are residing; or, if there is no surviving spouse or minor children of the decedent, then any adult child of the decedent; or, if there is no surviving spouse or children of the decedent, then either parent of the decedent; or, if there is no surviving spouse, children or parent of the decedent, then any adult sibling of the decedent.
Codes, 1942, § 5205; Laws, 1934, ch. 146; Laws, 1950, ch. 201; Laws, 1966, ch. 250; Laws, 1966, ch. 316, § 10-105; Laws, 1968, ch. 251, § 1; Laws, 1980, ch. 426, § 1; Laws, 1988, ch. 484, § 3; Laws, 1995, ch. 380, § 1; Laws, 2001, ch. 458, § 1; Laws, 2009, ch. 419, § 1, eff. 3/23/2009.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-65 - Accounts of deceased depositors to be reported; publicity of same

It shall be the duty of every officer and employee of the department of bank supervision to report to the state comptroller the name of every person not known to be living who appears by the records of the bank to have a sum of money on deposit; provided this section shall only apply to deposits made five years or more prior to such report which have not been added to by further deposits or reduced by withdrawal. The state comptroller shall give publicity to any such fact in such manner as he may prescribe.
Codes, 1942, § 5206; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-67 - Settlement of adverse claims to deposits

Notice to any bank doing business in this state of an adverse claim to a deposit standing on its books to the credit of any person shall not be effectual to cause the bank to recognize such adverse claimant unless such adverse claimant shall also either procure a restraining order, injunction or other appropriate process against the bank from a court of competent jurisdiction in a cause therein instituted by him wherein the person to whose credit the deposit stands is made a party and served with summons, or shall execute to the bank, in form, and with sureties, acceptable to it a bond, indemnifying it from any and all liability, loss, damage, costs, and expenses for and on account of the payment of such adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of the bank.
Codes, 1942, § 5207; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-69 - [Repealed]

Repealed by Laws, 1994, ch. 320, § 11, eff. 7/1/1994.
Codes, 1942, § 5208; Laws, 1934, ch. 146; 1936, ch. 165; 1942, ch. 262; 1976, ch. 368.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-71 - Certifying checks

No officer, clerk or employee of any bank shall certify to a check unless the amount thereof actually stands to the credit of the drawer on the books of the bank, and any person who shall wilfully violate this provision shall on conviction thereof, be deemed guilty of a misdemeanor and be punished by a fine not exceeding one thousand dollars. The amount of any check certified shall be at once charged to the drawer's account and credited to certified check account, there to remain until said check is retired. Any such check so certified by a duly authorized person shall be a good and valid obligation of the bank in the hands of the holder.
Codes, 1942, § 5219; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-73 - [Repealed]

Repealed by Laws, 1997, ch. 542, § 11, eff. 4/10/1997.
Codes, 1942, § 5209; Laws, 1934, ch. 146; 1936, ch. 165; 1962, ch. 175; 1968, ch. 255, § 1.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-75 - Authorization for payment of dividend

No state bank shall declare or pay any dividend upon its common stock unless such bank has received written approval by the Commissioner of Banking and Consumer Finance. Directors declaring a dividend in violation of the provisions of this section shall be personally liable to the full amount of the dividend so declared and it shall be the duty of the commissioner, upon discovering the payment of any such dividend, to forthwith make demand upon the directors that the same be restored to the bank, and upon their failure so to do he shall cause suit to be brought against them in the chancery court of the county in which the bank is located, either in his name or in the name of the bank, to recover the same for the benefit of the bank.
Codes, 1942, § 5210; Laws, 1934, ch. 146; Laws, 1994, ch. 320, § 5, eff. 7/1/1994.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-79 - Small loans

Any bank or trust company heretofore or hereafter organized under any general or special law of this state and doing a banking business in this state and any national bank doing business in this state shall have power, in addition to such other powers as it may have, to make loans to any borrower or debtor in an amount not exceeding Five Thousand Dollars ($5,000.00) to be repaid in monthly installments and may charge interest thereon at not exceeding twelve percent (12%) per annum for the entire period of the loan, and aggregate the principal and interest for the entire period of the loan and divide same into monthly installments, and may take security therefor as for other loans.
A charge of Ten Dollars (10) 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 monthly installments.
No further interest or discount or service charge, or other charge by way of compensation for the use of such money, shall be made directly or indirectly on any such loan or discount by any such bank, trust company or national bank, made under the provisions of this section, in addition to the charges herein expressly provided for.
However, this section shall in no way repeal any of the other present usury statutes.
Codes, 1942, § 5212; Laws, 1940, ch. 204; Laws, 1958, ch. 167; Laws, 1980, ch. 492, § 3; Laws, 1982, ch. 468, § 3; Laws, 1984, ch. 501, § 3; Laws, 1986, ch. 510, § 13, eff. 7/1/1986.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-81 - Effect of third-party deposits to induce making of unsound loans

The Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Federal Reserve Bank, or the State Comptroller, Department of Bank Supervision, State of Mississippi, is hereby authorized to freeze any deposit which is made by any third party for the purpose of enticing any bank in the State of Mississippi, whether state or national, into making a loan which is unsafe and unsound and which does not mature prior to any attempt to withdraw such deposit so used to entice the making of said loan. This statute relates to deposits and loans which are not related in the customary function of business but are manipulated and procured by third parties (by whatever name known) for profit and the withdrawal or attempt to withdraw said deposit before said loan is sufficiently satisfied shall be sufficient authority for any state or federal supervising authority to act promptly on evidence presented to it or obtained by said agency. If any bank in the State of Mississippi shall be put into liquidation and such deposit and loan arrangements have made any contribution whatsoever to the insolvency of said bank, then the state or federal agency, the duly appointed liquidating agency or receiver, or the appropriate chancery court in charge of the liquidation of said bank shall have the right and duty to withhold any liquidating dividends or payments for said deposit or deposits until the loan or loans which the deposits have influenced are fully satisfied, and the liquidating agent or receiver shall have the right upon the approval of the chancery court to assign said loan or loans so influenced to the depositor or depositors in satisfaction of said deposit or deposits claimed against the assets of the bank in liquidation.
Codes, 1942, § 5287.9; Laws, 1971, ch. 390, § 1, eff. 3/19/1971.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-83 - Limit of borrowing power of banks

No bank chartered and doing business under the laws of this state shall issue bills payable or be liable on rediscounts at any time to a total amount in excess of three times its capital and surplus. However, this limit may be exceeded by a bank with the consent and approval in writing, of the state comptroller. Any violation of this provision by a bank shall authorize the state comptroller to deal with it as a bank being operated in violation of the laws, provided, however, that this section shall in no wise impair any obligation of banks for payment of loans and rediscounts in excess of the limit herein provided, nor shall any bank owing money heretofore borrowed in excess of this limit be held to be acting in violation of the law as to such existing loans.
Codes, 1942, § 5213; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-89 - Limitations upon acceptances

A state bank may accept drafts or bills of exchange drawn upon it having not more than six (6) months' sight to run, exclusive of days of grace, which grew out of transactions involving the shipment of goods, provided shipping documents conveying or securing title are attached as security at the time of acceptance of such drafts and bills of exchange or which are secured at the time of acceptance by warehouse receipts or other such documents conveying or securing title covering readily marketable staples not subject to rapid deterioration.
No bank shall accept bills for any one person, company, firm or corporation to an amount equal at any time in the aggregate to more than ten per centum of its paid-up and unimpaired capital stock and surplus; and no such bank shall accept such bills to an amount equal at any time in the aggregate to more than one-half of its paid-up and unimpaired capital and surplus.
Codes, 1942, § 5217; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-91 - [Repealed]

Repealed by Laws, 1998, ch. 392, § 3, eff. 3/17/1998.
Codes, 1942, § 5220; Laws, 1934, ch. 146; 1968, ch. 253, § 1, eff. 7/1/1970.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-93 - Clearinghouse associations authorized

Banks or banking institutions in any municipality or county or counties in this state may organize and establish clearinghouse associations, composed of such banks and banking institutions as may become members thereof, by voluntary action for the purpose of effecting daily settlements and exchanges by and between the associate banks, the payment or settlements at such clearinghouse of daily balances between such members resulting from exchanges, payment of checks and other orders of money and for the purpose of making provision for the proper conduct and management of the banking operations of such municipality or county or counties, and of the members of such association. Such clearinghouse associations may or may not be incorporated. If incorporated, a clearinghouse association shall be organized as a corporation without capital stock and not organized for profit or gain and the stock thereof may be held by the member banks, each such member bank being entitled to hold not more than one (1) share therein.
Codes, 1942, § 5221; Laws, 1934, ch. 146; Laws, 1982, ch. 341, eff. 7/1/1982.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-95 - Powers of clearinghouse associations

Clearinghouse associations, by the action of the members thereof, shall have the power to adopt and enact rules, regulations and bylaws providing:
(a)
for officers and business agents of such clearinghouse association, and for the maintenance of same;
(b)
for the conduct of the affairs and business of the association;
(c)
for the settlement of differences or controversies between members thereof relating to banking transactions;
(d)
for aid from such clearinghouse association or the members thereof to any bank or member which may become involved or embarrassed;
(e)
to collect dues and payments as fixed by the bylaws or regulations from members thereof, for any of the purposes of such association;
(f)
to advance moneys or loans to any member, on deposit of collateral or other securities;
(g)
to provide uniform charges for collections or orders, for uniform rates of exchange and discounts provided or required by the general laws of the State of Mississippi, and for service charged upon unprofitable accounts, and for handling checks drawn against insufficient funds;
(h)
and generally to have all other powers usual and customary for clearinghouse associations, to encourage a faithful and honest administration of banking trusts and public duties, to aid in the preservation of public credit and of confidence in the financial system and conditions of the State of Mississippi, and the business communities thereof. All rates, rules, regulations and bylaws promulgated must, before becoming effective, receive the approval of the state comptroller. Discretionary power is vested in the state comptroller to supervise all rates, rules, regulations and bylaws.
Codes, 1942, § 5222; Laws, 1934, ch. 146.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-97 - Banking hours

The commissioner of banking and consumer finance may, from time to time, adopt and promulgate rules regulating banking hours, and such rules shall have all the force and effect of law. In addition thereto, the commissioner may permit a bank or bank branches to close for business at such time or times during the week as the commissioner determines will not prevent the rendering of proper and reasonable banking service to the community and trade area in which the bank is located. Unless emergency circumstances exist as determined by the commissioner, the commissioner shall not authorize any bank to close for more than two (2) whole days during any week, state and federal legal holidays and Sundays excepted. However, in the event any state or federal legal holiday shall fall on a Saturday, then banks may observe the preceding Friday as a legal holiday, or if such holiday shall fall on Sunday, then banks may observe the next following Monday as a legal holiday.
Codes, 1942, § 5223; Laws, 1934, ch. 146; Laws, 1954, ch. 165; Laws, 1962, ch. 176; Laws, 1976, ch. 369; Laws, 1982, ch. 314, eff. 7/1/1982.
Amended by Laws, 2022, ch. 316, HB 1360,§ 2, eff. 7/1/2022.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-98 - Drive-in teller windows and branch offices considered to be branch banks

Drive-in teller windows and branch offices in operation on July 1, 1986, shall on such date, and thereafter, be considered branch banks for the purpose of applying the branching provisions of this chapter and are authorized to continue operating as branch banks.
Laws, 1986, ch. 469, § 7, eff. 7/1/1986.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-99 - [Repealed]

Repealed by Laws, 1986, ch. 469, § 14, eff. 7/1/1986.
Codes, 1942, § 5224.3; Laws, 1964, ch. 224, § 1; 1972, ch. 318, § 1.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-100 - Establishment of electronic banking terminals

(1)
For the purposes of this section, the following words shall have the meaning herein described unless the context shall otherwise require:
(a)
"Electronic terminal" means an unmanned electronic device owned or operated by a federally insured bank or thrift 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.
(c)
"Electronic fund transfer" does not mean access to accounts, the application for or acceptance of a loan, the transfer of funds between accounts or other banking services accomplished through the use of a personal computer or telephone.
(2)
A state bank or thrift, with the approval of the Commissioner of Banking and Consumer Finance, may establish electronic terminals.
(3)
A bank desiring to establish such an electronic terminal shall file with the commissioner a written application requesting authority to establish such a terminal. Upon receipt of such application, the commissioner shall make inquiry into the facts sufficient to enable him to determine whether or not the proposed electronic terminal will provide bank customers with convenient access to the electronic transfer of funds. If the commissioner's finding is favorable to the application, he shall grant the applicant a written permit to establish the terminal. These rights are extended to national banks upon the approval of the Comptroller of the Currency of the United States of America.
(4)
For the use of its electronic terminals connected to sharing networks or systems, a bank 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 bank to charge such fees for the use of its electronic terminals as allowed by state or federal law, or require a bank to limit or waive its rights or obligations under this section.
Laws, 1981, ch. 338, § 1; Laws, 1994, ch. 438, § 1; Laws, 1996, ch. 400, § 45, eff. 3/19/1996.
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) › GENERAL PROVISIONS (§§ 81-5-1 — 81-5-107) › Section 81-5-103 - General penalty

Any banker, officer, employee, director or agent of any state bank who shall knowingly or wilfully neglect to perform any duty required by law, where no other penalty is provided or who shall fail to conform to any lawful requirement made by the department of bank supervision shall be guilty of a misdemeanor and upon conviction thereof shall be punished by a fine not to exceed $500.00 or by imprisonment in the county jail not to exceed six months, or by both such fine and imprisonment. And each officer or employee of the department of bank supervision who shall wilfully fail to perform any duty required by law, where no other penalty is prescribed, shall be guilty of a misdemeanor and on conviction thereof shall be punished by a fine not to exceed $500.00 or by imprisonment in the county jail not to exceed six months, or by both such fine and imprisonment.
Codes, 1942, § 5282; Laws, 1934, ch. 146.