reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › REGULATION OF CHARITABLE SOLICITATIONS (§§ 79-11-501 — 79-11-529) › Section 79-11-526 - Sponsors and advertisers of events liable only when having control or supervision of events

(1)
For purposes of this section, the following words and phrases shall have the meanings ascribed in this section unless the context clearly indicates otherwise:
(a)
"Sponsor" or "advertiser" means any person, corporation or legal entity who, for charitable purposes or for the promotion of the health, peace and welfare of the community, donates or contributes products, material, money or pays fees for advertising or displaying trademarks in order that an event may be held or conducted.
(b)
"Event" means a concert, benefit, fundraiser, auction or other occasion at which entertainment, food or beverages are provided.
(2)
A sponsor or advertiser of an event shall not be held vicariously liable for the negligence of another in connection with or as a consequence of his involvement as a sponsor or advertiser of an event if he does not exercise any control or supervision over any aspect of the event.
(3)
This section shall not confer immunity on a sponsor or advertiser of an event for willful acts or gross negligence, and a sponsor or advertiser of an event shall not be considered to be a part of a joint venture or the principal of an agent, with regard to any other person, corporation or legal entity which is participating in the event in a capacity other than that of a sponsor or advertiser.
Laws, 2003, ch. 448, § 1, eff. 3/18/2003.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › REGULATION OF CHARITABLE SOLICITATIONS (§§ 79-11-501 — 79-11-529) › Section 79-11-527 - Reciprocal agreements with other states; public access to registration records

The Secretary of State may enter into reciprocal agreements with a like authority of any other state or states for the purpose of exchanging information made available to the Secretary of State or to such other like authority.
The information contained in or filed with any registration application, renewal or report may be made available to the public under such rules as the Secretary of State prescribes. Information in the possession of, filed with or obtained by the Secretary of State in connection with any investigation or examination under Sections
79-11-501
through
79-11-529
shall be confidential and exempt from the requirements of the Mississippi Public Records Act of 1983. No such information may be disclosed by the Secretary of State or any of his officers or employees unless necessary or appropriate in connection with a particular investigation or proceeding under Sections
79-11-501
through
79-11-529
or for any law enforcement purpose.
Laws, 1991, ch. 515, § 14; reenacted, Laws, 1992, ch. 446, § 14; Laws, 1997, ch. 444, § 16, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › REGULATION OF CHARITABLE SOLICITATIONS (§§ 79-11-501 — 79-11-529) › Section 79-11-529 - Fines and penalties

Any person who knowingly and willingly violates the provisions of Sections
79-11-501
through
79-11-527
shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine not exceeding Two Thousand Dollars ($2,000.00) or by imprisonment in the county jail for not more than one (1) year or both. In connection with any solicitation, any person employing a device, scheme or artifice to defraud; or engaging in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person, or obtaining money or property by means of any false pretense, representation or promise shall be guilty of a felony and, upon conviction, shall be punished by a fine not exceeding Twenty-five Thousand Dollars ($25,000.00) or imprisoned not more than five (5) years, or both. No indictment or information may be returned under Sections
79-11-501
through
79-11-529
more than five (5) years after the alleged violation.
Laws, 1991, ch. 515, § 15; reenacted, Laws, 1992, ch. 446, § 15; Laws, 1997, ch. 444, § 17, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › UNIFORM MANAGEMENT OF INSTITUTIONAL FUNDS ACT (§ 79-11-601) › Section 79-11-601 - through 79-11-617 - [Repealed]

Repealed by Laws of 2012, ch. 356, § 11, eff. 7/1/2012.
§ 79-11-601. [ Laws, 1998, ch. 417, § 1, eff. 7/1/1998.] § 79-11-603. [ Laws, 1998, ch. 417, § 2, eff. 7/1/1998.] § 79-11-605. [ Laws, 1998, ch. 417, § 3, eff. 7/1/1998.] § 79-11-607. [ Laws, 1998, ch. 417, § 4, eff. 7/1/1998.] § 79-11-609. [ Laws, 1998, ch. 417, § 5, eff. 7/1/1998.] § 79-11-611. [ Laws, 1998, ch. 417, § 6, eff. 7/1/1998.] § 79-11-613. [ Laws, 1998, ch. 417, § 7, eff. 7/1/1998.] § 79-11-615. [ Laws, 1998, ch. 417, § 8, eff. 7/1/1998.] § 79-11-617. [ Laws, 1998, ch. 417, § 9, eff. 7/1/1998.]
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-651 - Definitions

(1)
"Charitable gift annuity" means a transfer of cash or other property by a donor to a charitable organization in return for an annuity payable over one (1) or two (2) lives, under which the actuarial value of the annuity is less than the value of the cash or other property transferred and the difference in value constitutes a charitable deduction for federal tax purposes.
(2)
"Charitable organization" means an entity described by:
(a)
Section 501(c)(3), Internal Revenue Code of 1986 (
26 U.S.C. Section 501(c)(3)
); or
(b)
Section 170(c), Internal Revenue Code of 1986 (
26 U.S.C. Section 170(c)
).
(3)
"Qualified charitable gift annuity" means a charitable gift annuity described in Section 501(m)(5), Internal Revenue Code of 1986 (
26 U.S.C. Section 501(m)(5)
), and Section 514(c)(5), Internal Revenue Code of 1986 (
26 U.S.C. Section 514(c)(5)
), that is issued by a charitable organization that on the date of the annuity agreement:
(a)
Has a minimum of Three Hundred Thousand Dollars ($300,000.00) in unrestricted cash, cash equivalents, or publicly traded securities, exclusive of the assets funding the annuity agreement; and
(b)
Has been in continuous operation for at least three (3) years or is a successor or affiliate of a charitable organization that has been in continuous operation for at least three (3) years.
Laws, 2001, ch. 332, § 1, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-653 - Charitable gift annuity is not insurance

(1)
The issuance of a qualified charitable gift annuity does not constitute engaging in the business of insurance in this state.
(2)
A charitable gift annuity issued before July 1, 2001, is a qualified charitable gift annuity for purposes of Sections
79-11-651
through
79-11-661
, and the issuance of that charitable gift annuity does not constitute engaging in the business of insurance in this state.
Laws, 2001, ch. 332, § 2, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-655 - Notice to donor

(1)
When entering into an agreement for a qualified charitable gift annuity, the charitable organization shall disclose to the donor in writing in the annuity agreement that a qualified charitable gift annuity is not insurance under the laws of this state and is not subject to regulation by the insurance commissioner or protected by an insurance guaranty association.
(2)
The notice provisions required by this section must be in a separate paragraph in a print size no smaller than that employed in the annuity agreement generally.
Laws, 2001, ch. 332, § 3, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-657 - Notice to department

(1)
A charitable organization that issues qualified charitable gift annuities shall notify the Secretary of State in writing by the later of ninety (90) days after July 1, 2001, or the date on which it enters into the organization's first qualified charitable gift annuity agreement. The notice shall:
(a)
Be signed by an officer or director of the organization;
(b)
Identify the organization; and
(c)
Certify that:
(i)
The organization is a charitable organization; and
(ii)
The annuities issued by the organization are qualified charitable gift annuities.
(2)
The organization shall not be required to submit additional information except to determine appropriate penalties that may be applicable under Section
79-11-659
.
Laws, 2001, ch. 332, § 4, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-659 - Effect of failure to provide required notice

The failure of a charitable organization to comply with the notice requirements imposed under Section
79-11-655
or
79-11-657
does not prevent a charitable gift annuity that otherwise meets the requirements of 79-11-651 through 79-11-661 from constituting a qualified charitable gift annuity. The Secretary of State may enforce performance of the requirements of Sections
79-11-655
and
79-11-657
by sending a letter by certified mail, return receipt requested, demanding that the charitable organization comply with the requirements of Sections
79-11-655
and
79-11-657
. The Secretary of State may fine the charitable organization in an amount not to exceed One Thousand Dollars ($1,000.00) per qualified charitable gift annuity agreement issued until such time as the charitable organization complies with Sections
79-11-655
and
79-11-657
.
Laws, 2001, ch. 332, § 5, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-661 - Not unfair or deceptive trade practice

The issuance of a qualified charitable gift annuity does not constitute a violation of Sections
83-5-29
through
83-5-51
which regulate trade practices in the business of insurance.
Laws, 2001, ch. 332, § 6, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-701 - Short title

Sections
79-11-701
through
79-11-719
may be cited as the Uniform Prudent Management of Institutional Funds Act.
Laws, 2012, ch. 356, § 1, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-703 - Definitions

In Sections
79-11-701
through
79-11-719
:
(a)
"Charitable purpose" means either:
(i)
Any purpose described in Section 501(c)(3) of the Internal Revenue Code; or
(ii)
Any voluntary health and welfare, charitable, benevolent, philanthropic, patriotic, educational, humane, scientific, public health, environmental conservation, civic, or other eleemosynary purpose.
(b)
"Endowment fund" means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.
(c)
"Gift instrument" means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.
(d)
"Institution" means:
(i)
A person, other than an individual, organized and operated exclusively for charitable purposes;
(ii)
A government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose;
(iii)
A trust that had both charitable and noncharitable interests, after all noncharitable interests have terminated; or
(iv)
The term "institution" does not include any bank, trust company, or other regulated financial institution.
(e)
"Institutional fund" means a fund held by an institution exclusively for charitable purposes. The term does not include:
(i)
Program-related assets;
(ii)
A fund held for an institution by a trustee that is not an institution; or
(iii)
A fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.
(f)
"Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.
(g)
"Program-related asset" means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.
(h)
"Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
Laws, 2012, ch. 356, § 2, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-707 - Appropriation for expenditure or accumulation of endowment fund; rules of construction

(1)
Subject to the intent of a donor expressed in the gift instrument or to any express written agreement between a donor and an institution, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:
(a)
The duration and preservation of the endowment fund;
(b)
The purposes of the institution and the endowment fund;
(c)
General economic conditions;
(d)
The possible effect of inflation or deflation;
(e)
The expected total return from income and the appreciation of investments;
(f)
Other resources of the institution; and
(g)
The investment policy of the institution.
(2)
In order to limit the authority to appropriate for expenditure or accumulate under subsection (1) of this section, a gift instrument must specifically state the limitation.
(3)
Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only "income," "interest," "dividends," or "rents, issues, or profits," or "to preserve the principal intact," or words of similar import:
(a)
Create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and
(b)
Do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (1) of this section.
Laws, 2012, ch. 356, § 4, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-709 - Delegation of management and investment

(1)
Except as otherwise provided in a gift instrument or by law other than Sections
79-11-701
through
79-11-719
, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in:
(a)
Selecting an agent;
(b)
Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and
(c)
Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the scope and terms of the delegation.
(2)
In performing a delegated function, an agent owes a duty to the institution to exercise reasonable care to comply with the scope and terms of the delegation.
(3)
Absent gross negligence, wantonness, recklessness, or deliberate misconduct, an institution that complies with subsection (1) of this section is not liable for the decisions or actions of an agent to which the function was delegated.
(4)
By accepting delegation of a management or investment function from an institution that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state in all proceedings arising from or related to the delegation or the performance of the delegated function.
(5)
An institution may delegate management and investment functions to its committees, officers, or employees as otherwise authorized by law.
Laws, 2012, ch. 356, § 5, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-711 - Release or modification of restrictions on management, investment, or purpose

(1)
If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.
(2)
The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. To the extent practicable, any modification must be made in accordance with the donor's probable intention.
(3)
If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument.
(4)
An application to the court under subsection (2) or (3) of this section shall be made in the name of the institution to the chancery court of the county in which the principal activities of the institution are conducted.
Laws, 2012, ch. 356, § 6, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-713 - Reviewing compliance

Compliance with Sections
79-11-701
through
79-11-719
is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
Laws, 2012, ch. 356, § 7, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-715 - Application to existing institutional funds

Sections
79-11-701
through
79-11-719
applies to institutional funds existing on or established after July 1, 2012. As applied to institutional funds existing on July 1, 2012, this act governs only decisions made or actions taken on or after that date.
Laws, 2012, ch. 356, § 8, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-717 - Relation to Electronic Signatures in Global and National Commerce Act

Sections
79-11-701
through
79-11-719
modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 USCS Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 USCS Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that act, 15 USCS Section 7003(b).
Laws, 2012, ch. 356, § 9, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-719 - Uniformity of application and construction

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
Laws, 2012, ch. 356, § 10, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-753 - Review of association records and finances by homeowners association board at all regularly scheduled association meetings; meetings by remote communication authorized

(1)
Unless the governing documents of the homeowners association impose more stringent standards at all regularly scheduled meetings, the board of a homeowners association shall review the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts.
(2)
Unless prohibited by the governing documents of the homeowners association, the board may hold any special or regularly scheduled meeting, or any special or regularly scheduled member meeting, by electronic transmission or other means of remote communication, or by a combination thereof.
Amended by Laws, 2022, ch. 361, HB 933,§ 2, eff. 7/1/2022.
Added by Laws, 2021, ch. 406, HB 953,§ 2, eff. 7/1/2021.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-755 - Alternate method of satisfying review requirements other than at homeowner association board meeting

The review requirements of Section
79-11-753
may be met when every individual member of the board, or a subcommittee of the board consisting of the treasurer and at least one (1) other board member, reviews the documents and statements described in Section
79-11-753
independent of a board meeting, so long as the review is ratified at the board meeting subsequent to the review and that ratification is reflected in the minutes of that meeting.
Brought forward by Laws, 2022, ch. 361, HB 933,§ 6, eff. 7/1/2022.
Added by Laws, 2021, ch. 406, HB 953,§ 3, eff. 7/1/2021.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-757 - Board approval required for transfers of certain homeowners association funds; applicability of section

Notwithstanding any other law to the contrary, transfers of greater than Ten Thousand Dollars ($10,000.00) of a homeowners association's total combined reserve and operating account deposits shall not be authorized from the association's reserve or operating accounts without prior board approval. This section shall apply in addition to any other applicable requirements of Sections
79-11-751
through
79-11-759
.
Amended by Laws, 2022, ch. 361, HB 933,§ 3, eff. 7/1/2022.
Added by Laws, 2021, ch. 406, HB 953,§ 4, eff. 7/1/2021.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-759 - Fidelity bond or comparable insurance coverage for homeowners association directors, officers and employees

(1)
Unless the governing documents of the homeowners association require greater coverage amounts, the homeowners association shall maintain fidelity bond or comparable insurance coverage for its directors, officers, and employees in an amount that is equal to or more than the combined amount of the reserves of the association and total assessments for the highest balance during the previous year. The association's coverage shall also include computer fraud and funds transfer fraud, which is not required to include cyber coverage. If the association uses a managing agent, the association's fidelity bond or comparable insurance coverage must additionally include dishonest acts by that person or entity and its employees.
(2)
Notwithstanding the provisions of subsection (1) of this section, if a majority of the board of a homeowners association at a regular or special meeting of the association vote not to maintain fidelity bond coverage for its directors, officers, or employees, the provisions of subsection (1) shall not apply to the association.
Amended by Laws, 2022, ch. 361, HB 933,§ 4, eff. 7/1/2022.
Added by Laws, 2021, ch. 406, HB 953,§ 5, eff. 7/1/2021.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-761 - Managing agent solely responsible for ensuring compliance with Sections 79-11-751 through 79-11-761

(1)
The managing agent shall be solely responsible for ensuring compliance with the provisions of Sections
79-11-751
through
79-11-761
, including those governing the establishment and handling of funds placed into a trust fund account with a bank or savings association as provided for herein.
(2)
Nothing in Sections
79-11-751
through
79-11-761
shall be construed to create any additional requirements or liability for any bank or savings association with whom a trust fund account is opened, or any affiliates, officers, directors, employees or agents of such bank or savings association.
(3)
Any bank or savings association with whom a trust fund account is opened, and any affiliates, officers, directors, employees, or agents of such bank or savings association, shall be held harmless on a trust fund account opened in accordance with Sections
79-11-751
through
79-11-761
from any liabilities, costs, expenses, or fees, including attorney's fees, incurred by such bank or savings association as a result of any action brought pursuant to Sections
79-11-751
through
79-11-761
.
Added by Laws, 2022, ch. 361, HB 933,§ 5, eff. 7/1/2022.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 11 - NONPROFIT, NONSHARE CORPORATIONS AND RELIGIOUS SOCIETIES (§§ 79-11-1 — 79-11-NEW) › CHARITABLE GIFT ANNUITIES (§§ 79-11-651 — 79-11-NEW) › Section 79-11-NEW - [Newly enacted section not yet numbered] [Annual report - Penalties for failure to file]

(1)
Each nonprofit corporation, as defined in Section
79-11-127(z)
, shall file an annual report with the Secretary of State Business Services Division before May 15 of each year on a form prescribed by the Secretary of State.
(2)
Each domestic nonprofit corporation and each foreign nonprofit corporation authorized to transact business in this state shall deliver an annual report to the Secretary of State for filing, on such date as may be established by the Secretary of State, which provides the following information:
(a)
The name of the nonprofit corporation and the state or country or other foreign jurisdiction under whose law it is organized;
(b)
The name, email address and street or physical address of its registered agent in this state;
(c)
The address of its principal office;
(d)
The name, titles and business address of its principal officer;
(e)
A brief description of the nature of its business; and
(f)
Whether it has received public funds and a listing of any governmental entity that distributed the public funds. The term "public funds" means funds received by the organization during its most recently completed fiscal year which were received from the State of Mississippi or any local governmental authority located within the State of Mississippi.
(2)
Information in the annual report must be current as of the date the annual report is executed on behalf of the nonprofit corporation.
(3)
If an annual report does not contain the information required by this section, the Secretary of State shall provide written notice promptly to the reporting nonprofit corporation and return the report for correction. If the report is corrected to contain the information required by this section and delivered to the Secretary of State within thirty (30) days after the effective date of notice, the report is deemed to be timely filed.
(4)
If the nonprofit corporation fails to file timely or fails to disclose the information required under this section, the corporation may be subject to the penalties of dissolution or disallowance of nonprofit status, or both.
(5)
The requirements of this section shall not apply to water associations as defined in Section
79-11-394
.
Added by Laws, 2024, ch. 449, HB 1344,§ 1, eff. 7/1/2024.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 1 - GENERAL PROVISIONS (§§ 79-13-101 — 79-13-107) › Section 79-13-102 - Knowledge and notice

(a)
A person knows a fact if the person has actual knowledge of it.
(b)
A person has notice of a fact if the person:
(1)
Knows of it;
(2)
Has received a notification of it; or
(3)
Has reason to know it exists from all of the facts known to the person at the time in question.
(c)
A person notifies or gives a notification to another by taking steps reasonably required to inform the other person in ordinary course, whether or not the other person learns of it.
(d)
A person receives a notification when the notification:
(1)
Comes to the person's attention; or
(2)
Is duly delivered at the person's place of business or at any other place held out by the person as a place for receiving communications.
(e)
Except as otherwise provided in subsection (f), a person other than an individual knows, has notice, or receives a notification of a fact for purposes of a particular transaction when the individual conducting the transaction knows, has notice, or receives a notification of the fact, or in any event when the fact would have been brought to the individual's attention if the person had exercised reasonable diligence. The person exercises reasonable diligence if it maintains reasonable routines for communicating significant information to the individual conducting the transaction and there is reasonable compliance with the routines. Reasonable diligence does not require an individual acting for the person to communicate information unless the communication is part of the individual's regular duties or the individual has reason to know of the transaction and that the transaction would be materially affected by the information.
(f)
A partner's knowledge, notice, or receipt of a notification of a fact relating to the partnership is effective immediately as knowledge by, notice to, or receipt of a notification by the partnership, except in the case of a fraud on the partnership committed by or with the consent of that partner.
Laws, 2004, ch. 458, § 102, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 1 - GENERAL PROVISIONS (§§ 79-13-101 — 79-13-107) › Section 79-13-103 - Effect of partnership agreement; nonwaivable provisions

(a)
Except as otherwise provided in subsection (b), relations among the partners and between the partners and the partnership are governed by the partnership agreement. To the extent the partnership agreement does not otherwise provide, this chapter governs relations among the partners and between the partners and the partnership.
(b)
The partnership agreement may not:
(1)
Vary the rights and duties under Section
79-13-105
except to eliminate the duty to provide copies of statements to all of the partners;
(2)
Unreasonably restrict the right of access to books and records under Section
79-13-403(b)
;
(3)
Eliminate the duty of loyalty under Section
79-13-404(b)
or
79-13-603(b)(3)
, but:
(i)
The partnership agreement may identify specific types or categories of activities that do not violate the duty of loyalty, if not manifestly unreasonable; or
(ii)
All of the partners or a number or percentage specified in the partnership agreement may authorize or ratify, after full disclosure of all material facts, a specific act or transaction that otherwise would violate the duty of loyalty;
(4)
Unreasonably reduce the duty of care under Section
79-13-404(c)
or
79-13-603(b)(3)
;
(5)
Eliminate the obligation of good faith and fair dealing under Section
79-13-404(d)
, but the partnership agreement may prescribe the standards by which the performance of the obligation is to be measured, if the standards are not manifestly unreasonable;
(6)
Vary the power to dissociate as a partner under Section
79-13-602(a)
, except to require the notice under Section
79-13-601(1)
to be in writing;
(7)
Vary the right of a court to expel a partner in the events specified in Section
79-13-601(5)
;
(8)
Vary the requirement to wind up the partnership business in cases specified in Section
79-13-801(4), (5), or (6)
;
(9)
Vary the law applicable to a limited liability partnership under Section
79-13-106(b)
; or
(10)
Restrict rights of third parties under this chapter.
Laws, 2004, ch. 458, § 103, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 1 - GENERAL PROVISIONS (§§ 79-13-101 — 79-13-107) › Section 79-13-104 - Supplemental principles of law

(a)
Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
(b)
If an obligation to pay interest arises under this chapter and the rate is not specified, the rate is that specified in Section
75-17-1(1)
, Mississippi Code of 1972.
Laws, 2004, ch. 458, § 104, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 1 - GENERAL PROVISIONS (§§ 79-13-101 — 79-13-107) › Section 79-13-105 - Execution, filing, and recording of statements

(a)
A statement may be filed in the Office of the Secretary of State. A certified copy of a statement that is filed in an office in another state may be filed in the Office of the Secretary of State. Either filing has the effect provided in this chapter with respect to partnership property located in or transactions that occur in this state.
(b)
A certified copy of a statement that has been filed in the Office of the Secretary of State and recorded in the office for recording transfers of real property has the effect provided for recorded statements in this chapter. A recorded statement that is not a certified copy of a statement filed in the Office of the Secretary of State does not have the effect provided for recorded statements in this chapter.
(c)
A statement filed by a partnership must be executed by at least two partners. Other statements must be executed by a partner or other person authorized by this chapter. An individual who executes a statement as, or on behalf of, a partner or other person named as a partner in a statement shall personally declare under penalty of perjury that the contents of the statement are accurate.
(d)
A person authorized by this chapter to file a statement may amend or cancel the statement by filing an amendment or cancellation that names the partnership, identifies the statement, and states the substance of the amendment or cancellation.
(e)
A person who files a statement pursuant to this section shall promptly send a copy of the statement to every nonfiling partner and to any other person named as a partner in the statement. Failure to send a copy of a statement to a partner or other person does not limit the effectiveness of the statement as to a person not a partner.
(f)
The Secretary of State shall charge and collect fees in the amounts specified for the following purposes:
(i)
Filing of Statement of Qualification or Statement of Foreign Qualification - Two Hundred Fifty Dollars ($250.00).
(ii)
Filing of Certificate Correcting or Amending a Statement of Qualification or Statement of Foreign Qualification - Fifty Dollars ($50.00).
(iii)
Filing of Certificate of Cancellation of Statement of Qualification or Statement of Foreign Qualification - Twenty-five Dollars ($25.00).
(iv)
Any other statement required or permitted to be filed by this chapter - Twenty-five Dollars ($25.00).
(g)
The Secretary of State shall have the powers reasonably necessary to perform the duties required of him under the provisions of this chapter.
Laws, 2004, ch. 458, § 105; Laws, 2007, ch. 391, § 1, eff. 7/1/2007.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 1 - GENERAL PROVISIONS (§§ 79-13-101 — 79-13-107) › Section 79-13-106 - Governing law

(a)
Except as otherwise provided in subsection (b), the law of the jurisdiction in which a partnership has its chief executive office governs relations among the partners and between the partners and the partnership.
(b)
The law of this state governs relations among the partners and between the partners and the partnership and the liability of partners for an obligation of a limited liability partnership.
Laws, 2004, ch. 458, § 106, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 1 - GENERAL PROVISIONS (§§ 79-13-101 — 79-13-107) › Section 79-13-107 - Partnership subject to amendment or repeal of chapter

A partnership governed by this chapter is subject to any amendment to or repeal of this chapter.
Laws, 2004, ch. 458, § 107, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 2 - NATURE OF PARTNERSHIP (§§ 79-13-201 — 79-13-204) › Section 79-13-201 - Partnership as entity

(a)
A partnership is an entity distinct from its partners.
(b)
A limited liability partnership continues to be the same entity that existed before the filing of a statement of qualification under Section
79-13-1001
.
Laws, 2004, ch. 458, § 201, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 2 - NATURE OF PARTNERSHIP (§§ 79-13-201 — 79-13-204) › Section 79-13-202 - Formation of partnership

(a)
Except as otherwise provided in subsection (b), the association of two or more persons to carry on as co-owners of a business for profit forms a partnership, whether or not the persons intend to form a partnership.
(b)
An association formed under a statute other than this chapter, a predecessor statute, or a comparable statute of another jurisdiction is not a partnership under this chapter.
(c)
In determining whether a partnership is formed, the following rules apply:
(1)
Joint tenancy, tenancy in common, tenancy by the entireties, joint property, common property, or part ownership does not by itself establish a partnership, even if the co-owners share profits made by the use of the property.
(2)
The sharing of gross returns does not by itself establish a partnership, even if the persons sharing them have a joint or common right or interest in property from which the returns are derived.
(3)
A person who receives a share of the profits of a business is presumed to be a partner in the business, unless the profits were received in payment:
(i)
Of a debt by installments or otherwise;
(ii)
For services as an independent contractor or of wages or other compensation to an employee;
(iii)
Of rent;
(iv)
Of an annuity or other retirement or health benefit to a beneficiary, representative, or designee of a deceased or retired partner;
(v)
Of interest or other charge on a loan, even if the amount of payment varies with the profits of the business, including a direct or indirect present or future ownership of the collateral, or rights to income, proceeds, or increase in value derived from the collateral; or
(vi)
For the sale of the goodwill of a business or other property by installments or otherwise.
Laws, 2004, ch. 458, § 202, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 2 - NATURE OF PARTNERSHIP (§§ 79-13-201 — 79-13-204) › Section 79-13-203 - Partnership property

Property acquired by a partnership is property of the partnership and not of the partners individually.
Laws, 2004, ch. 458, § 203, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 2 - NATURE OF PARTNERSHIP (§§ 79-13-201 — 79-13-204) › Section 79-13-204 - When property is partnership property

(a)
Property is partnership property if acquired in the name of:
(1)
The partnership; or
(2)
One or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership but without an indication of the name of the partnership.
(b)
Property is acquired in the name of the partnership by a transfer to:
(1)
The partnership in its name; or
(2)
One or more partners in their capacity as partners in the partnership, if the name of the partnership is indicated in the instrument transferring title to the property.
(c)
Property is presumed to be partnership property if purchased with partnership assets, even if not acquired in the name of the partnership or of one or more partners with an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership.
(d)
Property acquired in the name of one or more of the partners, without an indication in the instrument transferring title to the property of the person's capacity as a partner or of the existence of a partnership and without use of partnership assets, is presumed to be separate property, even if used for partnership purposes.
Laws, 2004, ch. 458, § 204, eff. 1/1/2005.
Mississippi Code 1972 (2023) › Title 79 - CORPORATIONS, ASSOCIATIONS, AND PARTNERSHIPS (§§ 79-1-1 — 79-37-604) › Chapter 13 - UNIFORM PARTNERSHIP ACT (1997) › Article 3 - RELATIONS OF PARTNERS TO PERSONS DEALING WITH PARTNERSHIP (§§ 79-13-301 — 79-13-308) › Section 79-13-301 - Partner agent of partnership

Subject to the effect of a statement of partnership authority under Section
79-13-303
:
(1)
Each partner is an agent of the partnership for the purpose of its business. An act of a partner, including the execution of an instrument in the partnership name, for apparently carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership, unless the partner had no authority to act for the partnership in the particular matter and the person with whom the partner was dealing knew or had received a notification that the partner lacked authority.
(2)
An act of a partner which is not apparently for carrying on in the ordinary course the partnership business or business of the kind carried on by the partnership binds the partnership only if the act was authorized by the other partners.
Laws, 2004, ch. 458, § 301, eff. 1/1/2005.