reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-55 - Vacancies and removal of directors

Vacancies among directors shall be filled by the chancellor on ex parte hearing in term time, or in vacation, but the choice of any four remaining directors shall be the choice of the chancellor, except for good cause shown. Removal of directors shall be in the discretion of the chancellor, in term time or in vacation, on petition of any party aggrieved, and upon such notice not less than five days as the chancellor may direct.
Codes, 1942, § 5268; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-57 - Officers of the corporation

The directors shall choose from among themselves a president and a vice-president of the corporation. They shall also employ a liquidator who shall be ex officio secretary-treasurer of the corporation, and who need not be a depositor in the bank being liquidated by the corporation. No officer, except the liquidator, shall be entitled to compensation as such. The liquidator shall furnish bond, payable to the corporation, in such amount and with such surety or sureties as may be approved by the directors, conditioned to perform his duties faithfully as liquidator, and action upon such bond may be brought by any party aggrieved.
Codes, 1942, § 5269; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-59 - Compensation of liquidator and other employees

The directors shall fix the compensation of the liquidator, may employ and fix the compensation of counsel for the corporation; and may employ and fix the compensation of such clerical and other employees as they may deem necessary or advisable to carry on the business of the corporation.
Codes, 1942, § 5270; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-61 - Exercise of discretion without approval of court

By authority of order on the minutes signed by all five directors, the corporation may do and perform, without approval of court, the following, to-wit:
(a)
Employ and fix the compensations of the liquidator, counsel and other employees;
(b)
Lease premises to be occupied by the corporation as business quarters;
(c)
Borrow money, execute promissory notes, and pledge or mortgage the assets of the corporation;
(d)
Compromise or extend indebtedness due the bank being liquidated, and release and surrender securities and collaterals;
(e)
Compromise claims against the bank;
(f)
Sell any or all assets of the bank for cash or on other terms;
(g)
Barter or exchange any assets of the bank for other property;
(h)
Lease any property belonging to the bank;
(i)
Pay dividends to creditors or stockholders of the bank.
Codes, 1942, § 5271; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-63 - Sale of assets to going bank

By and with the approval of the chancellor and of the state comptroller any liquidating corporation may sell any portion or all of the assets of the bank being liquidated by such corporation to an active and operating bank, the purchase price to be in cash or on terms, or otherwise; or, the purchasing bank may be allowed to assume a percentage of the liabilities of the insolvent bank, with optional privilege to the creditors to receive cash or other property in settlement of their claims. Under this section chancellors shall have broad powers and discretion to approve plans which are for the best interests of creditors of closed banks taken as a whole.
Codes, 1942, § 5272; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-65 - Corporation and directors may be restrained

On petition of any party aggrieved, filed in the depositor liquidation cause, the liquidating corporation and its directors and officers may, as in other cases, be enjoined by the chancellor from actual abuse of discretion.
Codes, 1942, § 5273; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-67 - Liquidating corporations may apply to court for directions

Liquidating corporations shall have the power to apply in vacation to the chancellor for orders and directions concerning the liquidation, and this section shall be liberally construed in favor of speedy and economical liquidations.
Codes, 1942, § 5274; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-69 - Records and inspection thereof

Full and complete minutes shall be kept of all proceedings of the directors, and full and complete records and books of account shall be kept by the corporation. The directors shall have discretion to grant to parties of interest reasonable inspection and permission to take copies of all such minutes, records and books, and such reasonable inspection and right to take copies may be ordered by the chancellor in term time or vacation, upon reasonable notice to the corporation of time and place of a hearing on any petition seeking such inspection and right to take copies.
Codes, 1942, § 5275; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-73 - When Federal Deposit Insurance Corporation or any similar corporation to be appointed receiver

Whenever the state comptroller shall apply for appointment of a receiver under the provisions of this chapter, and the deposits of such bank shall be to any extent insured by the Federal Deposit Insurance Corporation, or any similar corporation organized under the laws of the United States, and it shall appear that said corporation will accept the receivership of said bank, then it shall be mandatory upon the chancellor to appoint said Federal Deposit Insurance Corporation, or any similar corporation organized under the laws of the United States, receiver of such bank. In such event, the receivership may be conducted by the Federal Deposit Insurance Corporation or any similar corporation organized under the laws of the United States, at its option, in the proper chancery court of this state and under the provisions of this chapter applicable to other bank receivers. In all instances in which the Federal Deposit Insurance Corporation, or any similar corporation organized under the laws of the United States, shall pay any portion of the deposits of a bank in this state, it shall be fully subrogated to the position of depositors in so far as such payments are made and as equity and justice may appear.
Codes, 1942, § 5277; Laws, 1934, ch. 146.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 9 - INSOLVENT BANKS (§§ 81-9-1 — 81-9-75) › Section 81-9-75 - Priority of claims for payment against certain insolvent banks upon liquidation or upon execution of purchase of assets and assumption of liabilities

On liquidation of a state or private bank or on execution of a purchase of certain assets and assumption of certain liabilities of a state bank under this chapter, claims for payment against that state bank have the following priority:
(a)
Obligations incurred by the Banking Commissioner, fees and assessments due to the Department of Banking and Consumer Finance, and expenses of liquidation, including any taxes due, all of which may be covered by a proper reserve of funds;
(b)
Claims of depositors having an approved claim against the general liquidating account of the bank;
(c)
Claims of salaried employees of the bank for salaries that are earned but unpaid at the time the bank is closed or purchased under this chapter;
(d)
Claims of general creditors having an approved claim against the general liquidating account of the bank;
(e)
Claims otherwise proper that were not filed within the time prescribed by this code;
(f)
Approved claims of subordinated creditors; and
(g)
Claims of stockholders of the bank.
Laws, 1994, ch. 305, § 1, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 11 - SAVINGS AND LOAN ASSOCIATIONS [Repealed] (§§ 81-11-1 — 81-11-91) › Section 81-11-91 - through 81-11-95 - [Repealed]

Repealed by Laws, 1997, ch. 542, § 12-14, eff. 4/10/1997.
§ 81-11-91. [Laws, 1976, 1st Ex Sess, ch. 4, § 2; Laws 1977, ch. 301] § 81-11-93. [Laws, 1976, 1st Ex Sess, ch. 4, § 5] § 81-11-95. [Laws, 1976, 1st Ex Sess, ch. 4, § 4]
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-1 - Citation of chapter

This chapter shall be cited as the "Savings Association Law."
Laws, 1977, ch. 445, § 1; reenacted, Laws, 1982, ch. 301, § 1; Laws, 1990 Ex Sess, ch. 52, § 1; Laws, 1993, ch. 441, § 1; Laws, 1994, ch. 622, § 37; reenacted without change, Laws, 1997, ch. 496, § 1; reenacted without change, Laws, 2001, ch. 488, § 1, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-4 - Private corporation laws; application to savings and loan associations

All the provisions of law relating to private corporations operating in this state which are not inconsistent with this chapter, or with the proper business of depository institutions, shall be applicable to all savings and loan associations.
Laws, 1998, ch. 392, § 2; reenacted without change, Laws, 2001, ch. 488, § 3, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-5 - [Repealed]

Repealed by Laws of 1994, ch. 622, § 162, eff. 7/1/1994.
Laws, 1977, ch. 445; Laws, 1980, ch. 560, § 29; reenacted, Laws, 1982, ch. 301, § 3; 1990 Ex Sess, ch. 52, § 3; Laws, 1992, ch. 489, § 107; Laws, 1993, ch. 441, § 3.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-6 - Department of Savings Institutions and Savings Institution Board abolished; transfer of powers, duties, etc. to other agencies

The Department of Savings Institutions and the Savings Institution Board are abolished, and all of the powers, duties, property, contractual rights and obligations and unexpended funds of that department and board shall be transferred to the Department of Banking and Consumer Finance, Commissioner of Banking and Consumer Finance and State Board of Banking Review as provided in this chapter.
Laws, 1994, ch. 622, § 1; reenacted without change, Laws, 1997, ch. 496, § 3; reenacted without change, Laws, 2001, ch. 488, § 4, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-7 - Rights, powers, privileges and duties of board

The commissioner shall have such rights, powers and privileges and shall be subject to such duties as are provided by this chapter, and shall make such other provisions for the orderly conduct of the business of the department under this chapter as he deems necessary. The commissioner shall have the authority and duty to make, after notice and hearing, such reasonable rules, regulations and orders as required by this chapter and as may be necessary from time to time to administer and enforce this chapter. The commissioner shall give at least thirty (30) days' notice of any proposed rule or regulation by publication not less than one (1) time in a newspaper having statewide circulation and, in addition, shall give such notice of the proposed rule or regulation by United States mail, postage prepaid, to each thrift institution in this state and to such others as he deems necessary or advisable and shall file such notice in his office. Any savings institution may propose rules or regulations for consideration by the commissioner. The commissioner shall maintain in his office permanent records of his hearings and decisions. Notice of the adoption of any rule or regulation shall be sent by United States mail, postage prepaid, to each thrift institution within ten (10) days of its adoption.
Laws, 1977, ch. 445, § 3 (4); reenacted, Laws, 1982, ch. 301, § 4; Laws, 1990 Ex Sess, ch. 52, § 4; Laws, 1992, ch. 489, § 108; Laws, 1993, ch. 441, § 4; reenacted and amended, Laws, 1994, ch. 622, § 39; reenacted without change, Laws, 1997, ch. 496, § 4; reenacted without change, Laws, 2001, ch. 488, § 5, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-9 - Determinations of commissioner final; judicial review

The determination by the commissioner upon any matter decided by him shall be final, subject to review by the courts as provided herein.
Laws, 1977, ch. 445, § 3 (5); reenacted, Laws, 1982, ch. 301, § 5; Laws, 1990 Ex Sess, ch. 52, § 5; Laws, 1993, ch. 441, § 5; reenacted and amended, Laws, 1994, ch. 622, § 40; reenacted without change, Laws, 1997, ch. 496, § 5; reenacted without change, Laws, 2001, ch. 488, § 6, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-11 - Duties of department

The department is charged with the execution of all laws relating to institutions carrying on a savings and loan business in this state.
Laws, 1977, ch. 445, § 4 (1, 2); reenacted, 1982, ch. 301, § 6; Laws, 1983, ch. 536, § 7; Laws, 1990 Ex Sess, ch. 52, § 6; Laws, 1992, ch. 489, § 109; Laws, 1993, ch. 441, § 6; reenacted and amended, Laws, 1994, ch. 622, § 41; reenacted without change, Laws, 1997, ch. 496, § 6; reenacted without change, Laws, 2001, ch. 488, § 7, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-13 - and 81-12-15 - [Repealed]

Repealed by Laws, 1994, ch. 622, § 162, eff. 7/1/1994.
§ 81-12-13. [Laws, 1977, ch. 445, § 4 (3, 4); 1982, chs. 301, § 7, 331, § 1; 1990 Ex Sess, ch. 52, § 7; 1992, ch. 489, § 110; 1993, ch. 441, § 7] § 81-12-15. [Laws, 1977, ch. 445, § 4 (5); reenacted, 1982, ch. 301, § 8; 1990 Ex Sess, ch. 52, § 8; 1992, ch. 489, § 111; 1993, ch. 441, § 8]
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-17 - Interests in savings institutions prohibited; confidentiality of information

(1)
The commissioner, deputy commissioner and examiners shall not be interested in a savings institution, directly or indirectly, either as creditor (except that each may be a savings account holder and receive earnings thereon), director, officer, employee, borrower (except that each may be a borrower as to a single home in which he actually resides or has resided), trustee or attorney, nor shall any one (1) of them receive, directly or indirectly, any payment, compensation or gratuity from any savings institution.
(2)
The commissioner, examiners, all employees of the department and members of the board shall not divulge any information acquired by them in the discharge of their duties as prescribed by this chapter, except insofar as the same may be rendered necessary by law or under order of court; however, the commissioner may furnish information as to the condition of any savings institution to the appropriate federal regulatory authority, any federal home loan bank, the board, or the board of directors of the affected savings institution, and the commissioner may provide to members of the public the information authorized under Section
81-12-178
without being in violation of this subsection.
Laws, 1977, ch. 445, § 4 (6-8); reenacted, 1982, ch. 301, § 9; Laws, 1990 Ex Sess, ch. 52, § 9; Laws, 1992, ch. 489, § 112; reenacted and amended, 1993, ch. 441, § 9; Laws, 1994, ch. 622, § 42; reenacted without change, Laws, 1997, ch. 496, § 7; reenacted without change, Laws, 2001, ch. 488, § 8, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-19 - [Repealed]

Repealed by Laws, 1994, ch. 622, § 162, eff. 7/1/1994.
Laws, 1977, ch. 445, § 4 (9); reenacted, 1982, ch. 301, § 10; 1990 Ex Sess, ch. 52, § 10; 1992, ch. 489, § 113; 1993, ch. 441, § 10.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-21 - Transfer of books and records; continuation of actions

(1)
Within sixty (60) days after July 1, 1977, the funds, books, records, documents, equipment, and supplies of every such office and officer created or appointed by Chapter 11, Title 81, Mississippi Code of 1972, shall be transferred, pursuant to orders of the Governor, to the office of the commissioner.
(2)
All actions or proceedings heretofore instituted by any officer or officers charged with the supervision of such associations other than actions or proceedings by the conservator appointed pursuant to Section
81-11-91
, shall be continued in the name of the commissioner in such manner as he may direct.
Laws, 1977, ch. 445, § 4 (10,11); reenacted, 1982, ch. 301, § 11; Laws, 1990 Ex Sess, ch. 52, § 11; Laws, 1993, ch. 441, § 11; Laws, 1994, ch. 622, § 43; reenacted without change, Laws, 1997, ch. 496, § 8; reenacted without change, Laws, 2001, ch. 488, § 9, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-23 - Commissioner; supervisory and enforcement powers; approvals, orders and instructions

(1)
The commissioner shall have general supervision over all associations and corporations which are subject to the provisions of this chapter. He shall enforce the provisions of this chapter by use of the powers herein conferred; and he is hereby vested with the authority to require such associations and corporations to correct violations of this chapter. Upon a finding that it is necessary and appropriate to further the objective of this chapter, the commissioner may order that improper entries found on the books and records of an association be corrected.
(2)
Every approval by the commissioner or the board given pursuant to the provisions of this chapter and every communication having the effect of an order or instruction to any association shall be in writing signed by the commissioner under seal and shall be sent by United States mail, postage prepaid, to the association affected thereby, addressed to the president thereof at the home office of the association.
Laws, 1977, ch. 455, § 5; Laws, 1982, chs. 301, § 12; 331, § 2; reenacted, 1990 Ex Sess, ch. 52, § 12; Laws, 1993, ch. 441, § 12; Laws, 1994, ch. 622, § 44; reenacted without change, Laws, 1997, ch. 496, § 9; reenacted without change, Laws, 2001, ch. 488, § 10, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-25 - Incorporation; petition; fee; articles; bylaws; exhibits

Any five (5) or more individuals (hereinafter referred to as the "incorporators"), citizens of this state, may form a mutual association or capital stock association to promote thrift and home financing, subject to approval as hereinafter provided in this chapter, by filing with the commissioner, two (2) sworn duplicate originals of a petition for a certificate of incorporation in the form to be prescribed by the commissioner, accompanied by the proposed articles of incorporation and proposed bylaws, each in a form approved by the commissioner and accompanied by the incorporation fee. The proposed bylaws shall make provisions for (a) annual meeting of members or stockholders, (b) special meeting of members or stockholders, (c) notice of meeting of members or stockholders, (d) procedure for nomination of directors, (e) meetings of board of directors, (f) resignation and removal of directors, (g) officers, (h) execution of instruments, (i) evidence of savings accounts, (j) corporate seal, (k) fiscal year, (l) amendments and (m) such other matters as may be prescribed by the commissioner by rule or regulation. The petitioners shall submit with their petition statements, exhibits, maps and other data which the commissioner may require, which data shall be sufficiently detailed and comprehensive to enable the commissioner to pass upon the petition as to the criteria set out in Section
81-12-27
.
Laws, 1977, ch. 445, § 6 (1); reenacted, 1982, ch. 301, § 13; Laws, 1990 Ex Sess, ch. 52, § 14; Laws, 1993, ch. 441, § 14; reenacted and amended, 1994, ch. 622, § 46; reenacted without change, Laws, 1997, ch. 496, § 11; reenacted without change, Laws, 2001, ch. 488, § 12, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-27 - Incorporation; examination and investigation of petition

Upon receipt of a petition for a certificate of incorporation, including supporting data, the commissioner shall promptly give consideration to the petition and make an examination of the proposed articles of incorporation to determine if they meet all requirements of law. The commissioner shall then make an investigation to determine that the prerequisites of this chapter have been complied with and that:
(a)
The character, responsibility and general fitness of the persons named in the petition are such as to command confidence and warrant belief that the business of the proposed association will be honestly and efficiently conducted in accordance with the intent and purpose of this chapter, and that the proposed association will have qualified full-time management;
(b)
There is public need for the proposed association and the interest of the public will be best served by granting the petition;
(c)
The anticipated volume and type of business of the proposed association is such as to indicate profitable operation within a reasonable time; and
(d)
The operation of the proposed association will not unduly harm any properly conducted financial institution serving the needs and existing in the community in which the principal office or any branch of the proposed association is to be located.
Laws, 1977, ch. 445, § 6(2); reenacted, 1982, ch. 301, § 14; Laws, 1990 Ex Sess, ch. 52, § 15; Laws, 1993, ch. 441, § 15; Laws, 1994, ch. 622, § 47; reenacted without change, Laws, 1997, ch. 496, § 12; reenacted without change, Laws, 2001, ch. 488, § 13, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-29 - Incorporation; notice of petition; filing notice of opposition; hearing

(1)
Upon receipt of a petition for a certificate of incorporation to form an association, the complete filing and filing date to be determined by the commissioner, the commissioner shall, within fifteen (15) days of the determined filing date, give written notice to all financial institutions in the county in which the proposed association is to be located and to all financial institutions in the counties bordering the county in which the proposed association is to be located. Notice shall also be sent to all interested persons and shall be published one (1) time in a newspaper of general circulation in the county in which the proposed association is to be located. Such notice shall include the subject matter of the petition and shall invite persons to be heard by the board by sworn written statement or in person. Any financial institution opposing approval of the petition of incorporation shall file a sworn written statement of such opposition with the commission er not later than the date fixed therefor by the commissioner in his notice. The statement of opposition shall set forth in summary form specific objections to the incorporation of the proposed association. The protestant shall, at the same time its statement of opposition is filed with the commissioner, furnish the petitioner a copy of such statement by first class United States mail. The protestant shall certify to the commissioner that he has furnished such statement to the petitioner.
(2)
Within forty-five (45) days of the determined filing date of a petition for a certificate of incorporation to form an association, the commissioner, in writing, shall set a date for the hearing of such petition by the board to consider the petition and his findings, such date to be not earlier than sixty (60) days and not more than ninety (90) days from the determined filing date of the petition. Written notice of such hearing date shall be furnished by first class United States mail to the board members, the petitioner, the petitioner's attorney, and any protestants of record and their attorneys.
(3)
When the commissioner has completed the examination and made his investigation, he shall record his findings and recommendations in writing and present them to the board at least fifteen (15) days prior to the hearing date set pursuant to subsection (2) of this section.
(4)
Times established pursuant to this section may be extended by the commissioner upon good cause shown.
Laws, 1977, ch. 445, § 6(3); Laws, 1982, chs. 301, § 15; 331, § 3; reenacted, 1990 Ex Sess, ch. 52, § 16; Laws, 1993, ch. 441, § 16; reenacted and amended, 1994, ch. 622, § 48; reenacted without change, Laws, 1997, ch. 496, § 13; reenacted without change, Laws, 2001, ch. 488, § 14, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-31 - Incorporation; meeting of board to consider petition; cross-examination of and compelling attendance of witnesses; disposition of petition

The board, at its meeting, shall consider the findings and recommendation of the commissioner and shall hear such oral testimony as he may wish to give or be called upon to give, and shall also receive information and hear testimony from the prospective incorporators of the proposed association and from any and all other interested persons bearing upon the approval of the petition and the operation of the new association. All witnesses shall be subject to cross-examination by any of the parties who are incorporators or objectors or by the board. After considering the findings, and recommendation submitted to it by the commissioner and his oral testimony, if any, and considering such other information and evidence, either written or oral, which has come before it, the board shall decide if it has before it sufficient information and evidence upon which it can dispose of the petition for a certificate of incorporation to form an association. If it is determined that evidence and information is not sufficient, then the board shall order the commissioner to secure such additional information and evidence as it may prescribe or shall request such from the prospective incorporators and from other interested persons. The board shall thereupon set a date for a future meeting to be held in not less than forty-five (45) nor more than sixty (60) days and shall give to the prospective incorporators, financial institutions and other interested persons the same notice of such meeting prescribed above and shall recess the meeting then being held until such future date. The board shall have and is hereby vested with the power to compel attendance of witnesses, just as is the commissioner, and all testimony given before said board shall be taken down and may be transcribed by a reporter at the request of any interested party. If the board, or a majority thereof, shall determine that it has before it sufficient evidence and information upon which to base a decision, then it shall render a written opinion and decision in the matter within sixty (60) days of the last meeting. If its decision is favorable, then the board shall issue a certificate of approval of incorporation of the association.
Laws, 1977, ch. 445, § 6(4); reenacted, 1982, ch. 301, § 16; Laws, 1990 Ex Sess, ch. 52, § 17; Laws, 1993, ch. 441, § 17; Laws, 1994, ch. 622, § 49; reenacted without change, Laws, 1997, ch. 496, § 14; reenacted without change, Laws, 2001, ch. 488, § 15, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-33 - Incorporation; proceedings upon approval of incorporation; commencement of corporate existence

(1)
The commissioner shall file one (1) signed copy of such certificate of approval and of the certificate of incorporation with the Secretary of State. The commissioner shall endorse upon the two (2) copies of the petition for certificate of incorporation filed with him such certificate of approval and return the duplicate original and a copy of the certificate of incorporation to the association, addressed to the chairman of the incorporators, and shall retain the original petition for certificate of incorporation and a copy of the certificate of incorporation in the permanent files of his office. He shall return one (1) copy of the approved bylaws to the association, addressed to the chairman of the incorporators, and retain in the permanent files of his office the original signed copy of the approved bylaws. The petition for certificate of incorporation, the certificate of approval of incorporation, the certificate of incorporation, and the bylaws shall not be filed or recorded in any other state or county office. The failure of the commissioner to file, return or retain any such document as above provided shall not affect the validity of the incorporation of any association.
(2)
The corporate existence of an association shall begin on the date the commissioner issues the certificate of incorporation of the association.
Laws, 1977, ch. 445, § 6(5, 6); reenacted, 1982, ch. 301, § 17; Laws, 1990 Ex Sess, ch. 52, § 18; Laws, 1993, ch. 441, § 18; Laws, 1994, ch. 622, § 50; reenacted without change, Laws, 1997, ch. 496, § 15; reenacted without change, Laws, 2001, ch. 488, § 16, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-37 - Capital stock association; minimum required capital; paid-in surplus; determining and maintaining adequate net worth

A capital stock association shall be organized in accordance with this section. The incorporators shall appoint one (1) of their number as chairman of the incorporators. The capital of a capital stock association shall be the sum of the par value of all shares of voting capital stock. The minimum required capital shall be:
(a)
in municipalities having not more than twenty-five thousand (25,000) inhabitants, the minimum sum of Five Hundred Thousand Dollars ($500,000.00);
(b)
in municipalities having more than twenty-five thousand (25,000), but not more than one hundred thousand (100,000) inhabitants, the minimum sum of One Million Dollars ($1,000,000.00);
(c)
in municipalities having more than one hundred thousand (100,000) inhabitants, the minimum sum of One Million Five Hundred Thousand Dollars ($1,500,000.00). The population of the municipality shall be determined by the commissioner based upon the latest federal census. No commissions, fees or other remuneration shall be paid for the sale of shares of capital stock necessary to meet the minimum capital and paid-in surplus requirements of this section. No incentive stock shall be issued. All stock shall be sold at not less than par value.
In addition to the minimum capital required above, the subscribers shall pay an additional amount equal to not less than twenty-five percent (25%) of the par value of the stock subscribed, which shall be credited to paid-in surplus and may be used to offset losses from operations. Such minimum capital and surplus may be used for the reserves required by law as may be permitted by the board.
After organization or conversion, each capital stock association shall maintain an adequate net worth appropriate for the conduct of its business and the protection of its savings account holders. The net worth adequacy of a capital stock association shall be determined by the commissioner on a regular basis but not less than one (1) time per year after evaluating the character of management, the liquidity or quality of assets, history of earnings and the retention thereof, the potential volatility of the deposit structure, and the association's capacity to furnish the broadest service to the public. A written report of such finding and determination shall be made and filed. Such report shall include actions recommended to be taken. A copy of such report shall be sent to each member of the board and considered by the board at its next meeting.
Laws, 1977, ch. 45, § 8(1); Laws, 1982, chs. 301, § 19; 426, § 1; reenacted, 1990 Ex Sess, ch. 52, § 20; Laws, 1993, ch. 441, § 20; Laws, 1994, ch. 622, § 52; reenacted without change, Laws, 1997, ch. 496, § 17; reenacted without change, Laws, 2001, ch. 488, § 18, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-39 - Capital stock association; statement of compliance; issuance of certificate of authorization; organization meeting

(1)
After approval by the board of the petition for a certificate of incorporation, the proposed capital stock association shall file with the commissioner a statement in such form and with such supporting data and proof as it may require, showing that the entire capital including paid-in surplus has been fully and unconditionally paid in lawful cash money and that the funds representing such capital and paid-in surplus, less sums of the paid-in surplus spent with the approval of the commissioner for land, building, supplies, fixtures, equipment and organization, are on hand and that it has acquired insurance of accounts as provided in this chapter. If the board finds that the capital stock association has in good faith complied with all the requirements of law, it shall, within thirty (30) days after the filing of the said statement issue, in duplicate, under its official seal, a certificate of authorization to transact a general savings and loan business, transmitting one (1) copy to the association and placing one (1) copy in the department file. Said certificate shall state that the association named therein is authorized to transact a general savings and loan business. Should the board find that said statement does not comply with the law, it shall so notify the association and require such compliance as it finds necessary.
(2)
Within forty-five (45) days after the corporate existence of an association begins, the directors of the association shall hold an organization meeting for the purpose set forth in Section
81-12-35(5)
above, provided the time of such meeting may be similarly extended.
Laws, 1977, ch. 445, § 8(2, 3); reenacted, 1982, ch. 301, § 20; Laws, 1990 Ex Sess, ch. 52, § 21; Laws, 1993, ch. 441, § 21; Laws, 1994, ch. 622, § 53; reenacted without change, Laws, 1997, ch. 496, § 18; reenacted without change, Laws, 2001, ch. 488, § 19, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-45 - Forfeiture of corporate existence; new corporations; extension of time within which to commence business

Any association which obtains its charter of incorporation subsequent to July 1, 1977, and which shall not commence business within six (6) months after the date upon which its corporate existence shall have begun, shall forfeit its corporate existence, unless the commissioner, before the expiration of such period of six (6) months shall have approved the extension of time within which it may commence business not to exceed ninety (90) days, upon a written application stating the reasons for such delay. Upon such forfeiture the certificate of incorporation shall expire, and all action taken in connection with the incorporation thereof, except the payment of the incorporation fee, shall become void. Amounts credited on savings accounts, less expenditures authorized by law, shall be returned pro rata to the respective holders thereof.
Laws, 1977, ch. 445, § 9(5); reenacted, 1982, ch. 301, § 23; Laws, 1990 Ex Sess, ch. 52, § 24; Laws, 1993, ch. 441, § 24; Laws, 1994, ch. 622, § 56; reenacted without change, Laws, 1997, ch. 496, § 21; reenacted without change, Laws, 2001, ch. 488, § 22, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-55 - Conversion of federal association into association organized under state law

At an annual meeting or at any special meeting of the members or stockholders called to consider such action, any federal mutual or capital stock savings association or federal mutual or capital stock savings and loan association, hereinafter in this subsection called "federal association," may apply for conversion into a state-chartered association under this chapter upon an affirmative vote of fifty-one percent (51%) or more of the total number of votes of the members eligible to be cast or an affirmative vote of sixty-six and two-thirds percent (66-2/3%) or more of all the issued and outstanding stock of such federal association. Upon such affirmative vote, the federal association may apply for a certificate of authority by filing with the commissioner a certificate signed by its president or secretary which sets forth the corporate action herein prescribed and asserts that the institution has complied with the provisions of the laws of the United States. The federal association shall also file with the commissioner the plan of conversion and the proposed amendments to its articles of association as approved by the members or stockholders for the operation of the association as a state-chartered association. Upon receipt of such application, the commissioner shall examine all facts associated with the conversion. The expenses and costs incurred for such special examination shall be paid by the institution applying for permission to convert. The commissioner shall present his findings and recommendations to the State Board of Banking Review for consideration. Upon approval by the State Board of Banking Review, the commissioner shall issue a certificate of authority to the applicant allowing the conversion to proceed.
Laws, 1977, ch. 445, § 13(2); reenacted, 1982, ch. 301, § 28; Laws, 1990 Ex Sess, ch. 52, § 29; Laws, 1993, ch. 441, § 29; reenacted and amended, 1994, ch. 622, § 61; Laws, 1995, ch. 308, § 8; reenacted without change, Laws, 1997, ch. 496, § 26; reenacted without change, Laws, 2001, ch. 488, § 27, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-59 - Conversion of association organized under state law or of federal association into capital stock association; hearing on plan of conversion; notice; costs

With respect to a conversion arising under Section
81-12-57
above, the commissioner may hold a hearing upon the plan of conversion. A hearing may be held by the commissioner on his own motion or upon application of the converting association or any member thereof and shall be held upon application by the holders of five percent (5%) or more in amount of the association's savings accounts. All persons to whom it is proposed to issue capital stock in connection with the conversion may appear at any hearing, and notice of the time and place of the hearing shall be given to all such persons in person or by mail at least thirty (30) days before the hearing by the association. Evidence satisfactory to the commissioner that the notice has been given shall be submitted to the commissioner at least ten (10) days prior to the hearing. Following the hearing, the commissioner may approve the terms of the plan of conversion, may reject the same or approve the same upon condition that portions thereof may be modified. All costs to the state resulting from conversions under this section shall be paid by the association making application for conversion.
Laws, 1977, ch. 445, § 13(6); reenacted, Laws, 1982, ch. 301, § 30; Laws, 1990 Ex Sess, ch. 52, § 31; Laws, 1993, ch. 441, § 31; reenacted and amended, Laws, 1994, ch. 622, § 63; reenacted without change, Laws, 1997, ch. 496, § 28; reenacted without change, Laws, 2001, ch. 488, § 29, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-63 - Conversion prohibited; exceptions

No conversion of an association or a federal association, direct or indirect, shall be permitted, except as specifically authorized by this chapter, Section
81-14-101
or Section
81-5-85
.
Laws, 1977, ch. 445, § 13 (7); reenacted, Laws, 1982, ch. 301, § 32; Laws, 1990 Ex Sess, ch. 52, § 33; Laws, 1992, ch. 489, § 114; Laws, 1993, ch. 441, § 33; Laws, 1994, ch. 622, § 65; Laws, 1997, ch. 542, § 8; reenacted and amended, Laws, 1997, ch. 496, § 30; reenacted without change, Laws, 2001, ch. 488, § 31, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-66 - Ownership by holding company

(1)
Notwithstanding any other provision of law, any stock savings association may simultaneously with its incorporation or conversion to a stock savings association provide for its ownership by a holding company. In the case of a conversion, members of the converting savings association shall have the right to purchase capital stock of the holding company in lieu of capital stock of the converted savings association in accordance with Section
81-12-61
, Mississippi Code of 1972.
(2)
Notwithstanding any other provision of law, any stock savings association may reorganize its ownership to provide for ownership by a holding company, upon adoption of a plan of reorganization by a favorable vote of not less than two-thirds (2/3) of the members of the board of directors of the savings association and approval of such plan of reorganization by the holders of not less than a majority of the issued and outstanding shares of stock of the savings association. The plan of reorganization shall provide that (a) the resulting ownership shall be vested in a Mississippi corporation; (b) all stockholders of the stock savings association shall have the right to exchange shares; (c) the exchange of stock shall not be subject to state or federal income taxation; (d) stockholders not wishing to exchange shares shall be entitled to dissenters' rights as provided under Section
79-4-13.01
et seq., Mississippi Code of 1972; and (e) the plan of reorganization is fair and equitable to all stockholders.
Laws, 1997, ch. 542, § 9; reenacted without change, Laws, 2001, ch. 488, § 33, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 12 - SAVINGS ASSOCIATIONS LAW (§§ 81-12-1 — 81-12-229) › Section 81-12-71 - Annual meeting of members of association; voting; quorum

(1)
An annual meeting of the members of each mutual association shall be held as fixed in the bylaws of such association. Special meetings may be called as provided in the bylaws.
(2)
The members who shall be entitled to vote at any meeting of the members shall be those who are members of record at the end of the calendar month next preceding the date of the meeting of members, except those who have ceased to be members. The number of votes which members shall be entitled to cast shall be in accordance with the books on the said date determinative of entitlement to vote.
(3)
In the determination of all questions requiring action by the members, each member shall be entitled to cast one (1) vote, plus an additional vote for each One Hundred Dollars ($100.00) or fraction thereof of the withdrawal value of savings accounts, if any, held by such member. No member, however, shall cast more than four hundred (400) votes.
(4)
Voting by proxy at a meeting shall be permitted as set forth in the bylaws of the association. Constitution of a quorum shall be set forth in the bylaws of the association.
Laws, 1977, ch. 445, § 17; reenacted, Laws, 1982, ch. 301, § 36; Laws, 1990 Ex Sess, ch. 52, § 37; Laws, 1993, ch. 441, § 37; Laws, 1994, ch. 622, § 69; reenacted without change, Laws, 1997, ch. 496, § 34; reenacted without change, Laws, 2001, ch. 488, § 36, eff. 7/1/2001.