reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-71 - Penal laws applicable

The making of a wilfully false affidavit to any statement, report or other document required by law in connection with the establishment or operating of a credit union shall be perjury and punishable as such, according to the general laws of the state and the embezzlement of any of the funds, securities or other property of a credit union, shall be punishable as such according to the general laws.
Codes, 1930, § 4265; 1942, § 5426; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 38; reenacted, Laws, 1995, ch. 374, § 36; reenacted without change, Laws, 1997, ch. 368, § 34; reenacted without change, Laws, 2001, ch. 408, § 36, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-73 - Record keeping

Each credit union shall keep sufficient books and accounts in such form as shall be approved by the Commissioner of Banking and Consumer Finance in accordance with the NCUA guidelines. However, any state credit union may cause any or all records, books and accounts at any time in its custody to be reproduced in a format of storage commonly used, whether electronic, imaged, magnetic, microphotographic, or otherwise, and any reproduction so made shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
Codes, 1930, § 4266; 1942, § 5427; Laws, 1924, ch. 177; reenacted without change, Laws, 1982, ch. 304, § 39; Laws, 1987, ch. 381, § 23; reenacted and amended, Laws, 1995, ch. 374, § 37; reenacted without change, Laws, 1997, ch. 368, § 35; Laws, 2000, ch. 335, § 3; reenacted without change, Laws, 2001, ch. 408, § 37, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-75 - Conflicting laws repealed

All laws or parts of laws which otherwise would be in conflict with the provisions of this chapter are to be construed so as not to apply to credit unions to the extent that they would conflict with this chapter but nothing herein shall be taken as repealing any law of the state affecting or regulating the receiving of deposits, the making of loans, the issuance of shares or securities, or the lending of money, or the charging or receiving of interest, except so far as the same applies to and may be involved in or related to the establishment and operating of credit unions.
Codes, 1930, § 4267; 1942, § 5428; Laws, 1924, ch. 177; reenacted without change, 1982, ch. 304, § 40; reenacted, 1995, ch. 374, § 38; reenacted without change, Laws, 1997, ch. 368, § 36; reenacted without change, Laws, 2001, ch. 408, § 38, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-77 - [Repealed]

Repealed by Laws of 2001, ch. 408, § 39, eff. 7/1/2001.
Laws, 1979, ch. 301, § 51; Laws, 1982, ch. 304, § 41; Laws, 1987, ch. 381, § 24; Laws, 1990, ch. 446, § 1; Laws, 1995, ch. 374, § 39; reenacted and amended, Laws, 1997, ch. 368, § 37, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-79 - Merger of credit unions; certificate of merger; transfer of rights, assets and interests

(1)
Any credit union may, with the approval of the Commissioner of Banking and Consumer Finance or his successor, merge with another credit union under the existing charter of the other credit union, pursuant to any plan agreed upon by the majority of each board of directors of each credit union joining in the merger, and approved by the affirmative vote of a majority of the members of the merging credit union present at a meeting of its members duly called for such purpose, and consented to by any government agency or other organization insuring the accounts of the credit union. Provided, however, such merger shall not be in violation of the provision of Section
81-13-13
, which requires a common bond of occupation, association or residence within groups which are members of a credit union.
(2)
After agreement by the directors and approval by the members of the merging credit union, the president and secretary of the credit union shall execute a certificate of merger, which shall set forth all of the following:
(a)
The time and place of the meeting of the board of directors at which the plan was agreed upon;
(b)
The vote in favor of the adoption of the plan;
(c)
A copy of the resolution or other action by which the plan was agreed upon;
(d)
The time and place of the meeting of the members at which the plan agreed upon was approved; and
(e)
The vote by which the plan was approved by the members.
(3)
Such certificate and a copy of the plan of merger agreed upon shall be forwarded to the Commissioner of Banking and Consumer Finance or his successor, certified by him, and returned to both credit unions within thirty (30) days.
(4)
Upon return of the certificate from the commissioner or his successor, all property, property rights and members' interest of the merged credit union shall vest in the surviving credit union without deed, endorsement or other instrument of transfer, and all debts, obligations and liabilities of the merged credit union shall be deemed to have been assumed by the surviving credit union under whose charter the merger was effected. The rights and privileges of the members of the merged credit union shall remain intact.
(5)
This section shall be construed, whenever possible, to permit a credit union chartered under any other law to merge with one chartered under Section
81-13-1
et seq., or to permit one chartered under Section
81-13-1
et seq. to merge with one chartered under any other law.
Laws, 1980, ch. 526; reenacted, Laws, 1995, ch. 374, § 40; reenacted without change, Laws, 1997, ch. 368, § 38; reenacted without change, Laws, 2001, ch. 408, § 40, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 13 - CREDIT UNIONS (§§ 81-13-1 — 81-13-81) › Section 81-13-81 - Approval of foreign credit unions

(1)
No credit union, except credit unions organized under the laws of the United States or under this chapter, shall do business in this state until it has received approval from the Commissioner of the Department of Banking and Consumer Finance.
(2)
The commissioner may approve the operation of such a credit union in this state after finding that:
(a)
The field of membership to be served by such credit union is not now being adequately served;
(b)
There is a need for such credit union to conduct business in the state to adequately serve its members and not merely to solicit new membership;
(c)
The credit union is financially solvent;
(d)
The credit union's accounts are insured by the National Credit Union Administration or its successor; and
(e)
The credit union has executed an agreement with the commissioner to:
(i)
Submit a copy of its annual regulatory examination report;
(ii)
Designate a resident agent;
(iii)
Inform members that it is not regulated, insured or supervised by the State of Mississippi; and
(iv)
Agree to fully comply with the provisions of the Mississippi credit union laws, rules and regulations.
(3)
The commissioner may prohibit any such credit union from doing business within the state, or disapprove an application, or suspend or revoke one previously issued, if he finds the credit union not conforming to Mississippi credit union laws, rules and regulations, or finds that twenty-five percent (25%) or more of the credit union's members are, or are expected to be residents of Mississippi.
Laws, 1988, ch. 352, § 1; reenacted and amended, Laws, 1995, ch. 374, § 41; reenacted without change, Laws, 1997, ch. 368, § 39; reenacted without change, Laws, 2001, ch. 408, § 41, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 1 - GENERAL PROVISIONS (§§ 81-14-1 — 81-14-7) › Section 81-14-1 - Short title

This chapter shall be known and may be cited as the "Savings Bank Law."
Laws, 1992, ch. 489, § 1; reenacted without change, Laws, 1997, ch. 364, § 1; reenacted without change, Laws, 2001, ch. 457, § 1, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 1 - GENERAL PROVISIONS (§§ 81-14-1 — 81-14-7) › Section 81-14-3 - Purpose

The purpose of this chapter is:
(a)
To provide for affordable housing resources for citizens of this state by promoting and preserving a system of thrift institutions that are locally owned and controlled;
(b)
To provide for the safe and sound conduct of the business of savings banks, the conservation of their assets and the maintenance of public confidence in savings banks;
(c)
To provide for the protection of the interests of customers and members;
(d)
To provide the opportunity for savings banks to remain competitive with each other and with other depository institutions existing under other state and federal laws;
(e)
To provide for an increase in the savings base of the state and for local control of the means of finance and accumulation of capital;
(f)
To provide the opportunity for the management of savings banks to exercise prudent business judgment in conducting the affairs of savings banks to the extent compatible with the purposes recited in this section; and
(g)
To provide adequate rule making power and administrative discretion so that the regulation and supervision of savings banks are readily responsive to changes in local economic conditions and depository institution practices.
Laws, 1992, ch. 489, § 2; reenacted without change, Laws, 1997, ch. 364, § 2; reenacted without change, Laws, 2001, ch. 457, § 2, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 1 - GENERAL PROVISIONS (§§ 81-14-1 — 81-14-7) › Section 81-14-5 - Applicability of chapter

The provisions of this chapter, unless the context otherwise specifies, shall apply to all state savings banks.
Laws, 1992, ch. 489, § 3; reenacted without change, Laws, 1997, ch. 364, § 3; reenacted without change, Laws, 2001, ch. 457, § 3, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-51 - Hearings

Any hearing required to be held by this chapter shall be conducted in accordance with applicable provisions as prescribed by the commissioner.
Laws, 1992, ch. 489, § 5; reenacted without change, Laws, 1997, ch. 364, § 5; reenacted without change, Laws, 2001, ch. 457, § 5, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-53 - Application of chapter on business corporations

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 state savings banks.
Laws, 1992, ch. 489, § 6; reenacted without change, Laws, 1997, ch. 364, § 6; reenacted without change, Laws, 2001, ch. 457, § 6, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-55 - Scope and prohibitions; existing charters; injunctions

(1)
Nothing in this chapter shall be construed to invalidate any charter that was valid prior to the enactment of this chapter. Any savings bank chartered pursuant to this chapter shall use the letters "SSB" in its legal name.
(2)
Except as provided in subsection (1), no person or group of persons, nor any corporation, company or savings bank that is not incorporated and licensed in accordance with the provisions of this chapter or federal law to operate a savings bank shall operate as a savings bank. Unless so authorized as a state or federal savings bank and engaged in transacting a depository institution business, no person or group of persons, nor any corporation, company or savings bank domiciled and doing business in this state shall:
(a)
Use in its name the term "savings bank" or words of similar import or connotation that lead the public reasonably to believe that the business so conducted is that of a savings bank; or
(b)
Use any sign, or circulate or use any letterhead, billhead, circular or paper whatsoever, or advertise or communicate in any manner, that would lead the public reasonably to believe that it is conducting the business of a savings bank.
(3)
Upon application by the commissioner or by any savings bank, a court of competent jurisdiction may issue an injunction to restrain any person or entity from violating any of the foregoing provisions of subsection (2).
Laws, 1992, ch. 489, § 7; reenacted without change, Laws, 1997, ch. 364, § 7; reenacted without change, Laws, 2001, ch. 457, § 7, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-57 - Application to organize savings bank

(1)
Any five (5) or more natural persons (hereinafter referred to as "incorporators"), a majority of whom shall be domiciled in this state, may make application to organize a savings bank in order to promote the purpose of this chapter. The incorporators shall file with the commissioner a preliminary application to organize a state savings bank in the form to be prescribed by the commissioner, together with the proper nonrefundable application fee.
(2)
The application to organize a state savings bank shall be received by the commissioner not less than sixty (60) days prior to the scheduled consideration of the application by the board, and it shall contain:
(a)
The original and two (2) copies of the certificate of incorporation, signed by a majority of the original incorporators, which shall not be less than five (5), and properly acknowledged by a person duly authorized by this state to take proof of acknowledgment of deeds;
(b)
The names and addresses of the incorporators and the initial members of the board of directors;
(c)
Statements of the anticipated receipts, expenditures, earnings and financial condition of the savings bank for its first three (3) years of operation, or such longer period as the commissioner may require;
(d)
A showing satisfactory to the board that:
(i)
The public convenience and advantage will be served by the establishment of the proposed savings bank;
(ii)
There is a reasonable demand and necessity in the community which will be served by the establishment of the proposed savings bank;
(iii)
The proposed savings bank will have a reasonable probability of sustaining profitable and beneficial operations within a reasonable time in the community in which the proposed savings bank intends to locate;
(iv)
The proposed savings bank will promote healthy and effective competition in the community by the delivery to the public of savings institution services;
(e)
The proposed bylaws;
(f)
Statements, exhibits, maps and other data which may be prescribed or required by the commissioner, which data shall be sufficiently detailed so as to enable the commissioner to pass upon the criteria set forth in this article.
(3)
The application shall be signed by a majority of the original incorporators, which shall not be less than five (5), and shall be properly acknowledged by a person duly authorized by this state to take proof and acknowledgment of deeds.
Laws, 1992, ch. 489, § 8; reenacted without change, Laws, 1997, ch. 364, § 8; reenacted without change, Laws, 2001, ch. 457, § 8, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-61 - Commissioner to consider application

Upon receipt of an application to organize and establish a savings bank, the commissioner shall examine or cause to be examined all the relevant facts connected with the formation of the proposed savings bank. If it appears to the commissioner that the proposed savings bank has complied with all the requirements set forth in this chapter and the rules and regulations for the formation of a savings bank and is otherwise lawfully entitled to be organized and established as a savings bank, the commissioner shall present the application to the board for its consideration.
Laws, 1992, ch. 489, § 10; reenacted without change, Laws, 1997, ch. 364, § 10; reenacted without change, Laws, 2001, ch. 457, § 10, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-65 - Board to review findings and recommendations of commissioner

(1)
If the commissioner does not have the completed application within one hundred twenty (120) days of the filing of the preliminary application, the application shall be returned to the applicants.
(2)
When the commissioner has completed his examination and investigation of the facts relevant to the establishment of the proposed savings bank, he shall present his findings and recommendations to the board at a public hearing. The board must approve or reject an application within one hundred eighty (180) days of the submission of the preliminary application.
(3)
Not less than forty-five (45) days prior to the public hearing held for the consideration of the application to establish a savings bank, the incorporators shall publish a notice in a newspaper of general circulation in the area to be served by the proposed savings bank. Such notice shall contain:
(a)
A statement that the application has been filed with the commissioner;
(b)
The name of the community where the principal office of the proposed savings bank intends to locate;
(c)
A statement that a public hearing shall be held to consider the application;
(d)
A statement that any interested or affected party may file a written statement either favoring or protesting the creation of the proposed savings bank. Such statement must be filed with the commissioner within thirty (30) days of the date of publication; and
(e)
When a certificate of incorporation is sought in order to effect the acquisition of an insolvent financial institution that is being sold pursuant to the provisions of state or federal law, any constraints of time imposed herein shall not apply if the commissioner determines that an emergency exists which requires expedition in granting a certificate in order to protect the interests of the public and the interests of the depositors and creditors of the financial institution.
(4)
The board, at the public hearing, shall consider the findings and recommendation of the commissioner and shall hear such oral testimony as the commissioner may wish to give or be called upon to give, and shall also receive information and hear testimony from the incorporators of the proposed savings bank and from any and all other interested or affected parties. The board shall hear only testimony and receive only information which is relevant to the consideration of the application and the operation of the proposed savings bank.
Laws, 1992, ch. 489, § 12; reenacted without change, Laws, 1997, ch. 364, § 12; reenacted without change, Laws, 2001, ch. 457, § 12, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-67 - Grounds for approval or denial of application

(1)
After consideration of the findings and recommendation of the commissioner and his oral testimony, if any, and the consideration of such other information and evidence, either written or oral, as has come before it at the public hearing, the board shall approve or disapprove the application within thirty (30) days after the public hearing. The board shall approve the application if it finds that the certificate of incorporation is in compliance with the provisions of this chapter and the rules or regulations promulgated thereunder.
(2)
If the board approves the application, the commissioner shall so notify the Secretary of State with a certificate of approval, accompanied by the original of the certificate of incorporation and the two (2) copies.
(3)
Upon receipt of the certificate of approval, the original of the certificate of incorporation, and the two (2) copies, the Secretary of State shall, upon the payment by the newly chartered savings bank of the appropriate organization tax and fees, file the certificate of incorporation. He shall certify under his official seal the two (2) copies of the certificate of incorporation, one (1) of which shall be forwarded to the incorporators or their representative, the other shall be forwarded to the office of the commissioner for filing. Upon the recordation of the certificate of incorporation by the Secretary of State, the savings bank shall be a body politic and corporate under the name stated in such certificate, and shall be authorized to begin the savings bank business when duly licensed by the commissioner.
(4)
The said certificate of incorporation, or a copy thereof, duly certified by the Secretary of State, or by the register of deeds of the county where the savings bank is located, or by the commissioner, under their respective seals, shall be evidence in all courts, and shall, in all judicial proceedings, be deemed prima facie evidence of the complete organization and incorporation of the savings bank purporting thereby to have been established.
(5)
After approval of the application, the commissioner shall supervise and monitor the organization process. He shall ensure that sufficient pledges for deposit accounts or subscriptions for capital stock, as well as insurance of deposit accounts, have been secured by the organizers.
Laws, 1992, ch. 489, § 13; reenacted without change, Laws, 1997, ch. 364, § 13; reenacted without change, Laws, 2001, ch. 457, § 13, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-69 - Appeal

The final decision of the board may be appealed by an applicant for a charter in accordance with Section
81-14-175
.
Laws, 1992, ch. 489, § 14; reenacted without change, Laws, 1997, ch. 364, § 14; reenacted without change, Laws, 2001, ch. 457, § 14, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-71 - Insurance of accounts required

All state savings banks must obtain and maintain insurance on all members' and customers' deposit accounts from an insurance corporation created by an act of Congress. Prior to the licensing of a savings bank, a certificate of incorporation duly recorded under the provisions of Section
81-19-67(3)
shall be deemed to be sufficient certification to the insurance corporation that must be obtained within the time limit prescribed hereinafter. Subject to the rules and regulations of the commissioner, a state savings bank may obtain or participate in efforts to obtain insurance of deposits that is in excess of the amount eligible for federal insurance of accounts. Such insurance shall be known as "excess insurance."
Laws, 1992, ch. 489, § 15; reenacted without change, Laws, 1997, ch. 364, § 15; reenacted without change, Laws, 2001, ch. 457, § 15, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-73 - Status as IRS qualified thrift institution

All state savings banks must qualify for and maintain eligibility for the bad debt reserve under Section 7701(a)(19) of the Internal Revenue Code of 1968 and any amendments thereto.
Laws, 1992, ch. 489, § 16; reenacted without change, Laws of 1997, ch. 364, § 16; reenacted without change, Laws, 2001, ch. 457, § 16, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-75 - Time allowed to commence business

A newly chartered savings bank shall commence business within one (1) year after the date upon which its corporate existence was begun. A savings bank which does not commence business within such time shall forfeit its corporate existence, unless the commissioner, upon written request from the savings bank, approves an extension of time before the expiration of such one-year period. If the corporate existence is forfeited, the certificate of incorporation shall expire and any action taken in connection with the incorporation and chartering of the savings bank, with the exception of fees paid to the department, shall become null and void. The commissioner shall determine if a savings bank has failed to commence business within one (1) year, without extension as provided in this section, and shall notify the Secretary of State and the registrar of deeds in the county in which the savings bank is located that the certificate of incorporation has expired.
Laws, 1992, ch. 489, § 17; reenacted without change, Laws, 1997, ch. 364, § 17; reenacted without change, Laws, 2001, ch. 457, § 17, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-77 - Licensing

A newly chartered savings bank shall be entitled to a license fee to operate upon payment to the department of the appropriate license fee as prescribed by the commissioner and upon evidence presented to the commissioner of the following:
(a)
Capable, efficient and equitable management;
(b)
Organization of the savings bank pursuant to law;
(c)
Completion of the organization of the savings bank; and
(d)
Passage of final inspection by the commissioner or his representative.
Laws, 1992, ch. 489, § 18; reenacted without change, Laws, 1997, ch. 364, § 18; reenacted without change, Laws, 2001, ch. 457, § 18, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-79 - Amendments to certificate of incorporation

Any amendment to the certificate of incorporation of a state savings bank shall be made at any annual or special meeting of such savings bank upon approval by a majority of votes or shares cast by members or stockholders present in person or by proxy at such meeting. Any amendment shall be certified by the appropriate corporate official, submitted to the commissioner for his approval or rejection, and if approved, then certified by the commissioner and recorded as provided in Section
81-14-67
for certificates of incorporation.
Laws, 1992, ch. 489, § 19; reenacted without change, Laws, 1997, ch. 364, § 19; reenacted without change, Laws, 2001, ch. 457, § 19, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-81 - List of stockholders to be maintained

Every stock savings bank organized and operated under the provisions of this chapter shall at all times keep a current list of the names of all its stockholders. Whenever called upon by the commissioner, a stock savings bank shall file in the office of the commissioner a correct list of all its stockholders, the resident address of each, the number of shares of stock held by each, and the dates of issue.
Laws, 1992, ch. 489, § 20; reenacted without change, Laws, 1997, ch. 364, § 20; reenacted without change, Laws, 2001, ch. 457, § 20, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-85 - Request to change location of branch or principal office

The board of directors of a state savings bank may change the location of a branch office or the principal office of the savings bank with the prior written approval of the commissioner. The commissioner may request, and the savings bank shall provide, such information as the commissioner determines necessary to evaluate the request.
Laws, 1992, ch. 489, § 22; reenacted without change, Laws, 1997, ch. 364, § 22; reenacted without change, Laws, 2001, ch. 457, § 22, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-87 - Approval revoked; branch office

The commissioner may, for good cause and after a hearing, order the closing of a branch office. Such order shall be made in writing to the savings bank and shall fix a reasonable time to close the branch office.
Laws, 1992, ch. 489, § 23; Laws, 1994, ch. 622, § 144; reenacted without change, Laws, 1997, ch. 364, § 23; reenacted without change, Laws, 2001, ch. 457, § 23, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-89 - Branch offices closed

No branch office in this state may be discontinued or abandoned without the consent in writing of the commissioner first obtained.
Laws, 1992, ch. 489, § 24; Laws, 1996, ch. 400, § 32; reenacted without change, Laws, 1997, ch. 364, § 24; reenacted without change, Laws, 2001, ch. 457, § 24, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 2 - INCORPORATION AND ORGANIZATION (§§ 81-14-51 — 81-14-91) › Section 81-14-91 - Loan production office

A state savings bank may open or close a loan production office with the prior written approval of the commissioner. The commissioner may request, and the savings bank shall provide, such information as the commissioner determines necessary to evaluate the request.
Laws, 1992, ch. 489, § 25; reenacted without change, Laws, 1997, ch. 364, § 25; reenacted without change, Laws, 2001, ch. 457, § 25, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-101 - Conversion to savings bank

Any state or federal thrift institution or state or national bank may apply for conversion into a state-chartered savings bank upon the 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 institution, at an annual meeting or at any special meeting of the members or stockholders called to consider such action. Upon such affirmative vote, the institution may apply for a certificate of authority by filing with the commissioner a certificate signed by its president or cashier and 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 institution shall also file with the commissioner the plan of conversion and the proposed amendments to its articles of incorporation or articles of association as approved by the members or stockholders for the operation of the institution as a state-chartered savings bank. Upon receipt of the prescribed application, the commissioner shall examine all facts associated with the conversion. The expenses and cost 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, 1992, ch. 489, § 26; Laws, 1994, ch. 622, § 145; Laws, 1995, ch. 308, § 9; reenacted without change, Laws, 1997, ch. 364, § 26; reenacted without change, Laws, 2001, ch. 457, § 26, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-105 - Simultaneous charter and ownership conversion

(1)
In the event of a state charter to federal charter conversion, when the form of ownership will also simultaneously be changed from stock to mutual, or from mutual to stock, the conversion shall proceed initially as if it involves only a charter conversion under Section
81-14-103
. After the savings bank becomes a federal depository institution, then the federal regulatory authority shall govern the continuing conversion of the form of ownership of such newly converted depository institution.
(2)
In the event of a federal charter to state charter conversion, when the form of ownership will also simultaneously be changed from stock to mutual or from mutual to stock, the conversion shall proceed initially as if it involves only a charter conversion under Section
81-14-101
. After the federal depository institution becomes a state savings bank, the provisions of Section
81-14-107
or Section
81-14-109
shall govern the continuing conversion of the form of ownership of such newly converted savings bank.
(3)
The provisions of this section shall not apply to any simultaneous charter and ownership conversion accomplished in conjunction with a merger under the provisions of Section
81-14-117
.
Laws, 1992, ch. 489, § 28; reenacted without change, Laws, 1997, ch. 364, § 28; reenacted without change, Laws, 2001, ch. 457, § 28, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-109 - Conversion of stock savings bank to mutual savings bank

Any stock savings bank organized and operating under the provisions of this chapter may, subject to the approval of the commissioner, convert to a mutual savings bank under the provisions of this section. The commissioner may promulgate rules and regulations governing the conversion of stock savings banks to mutual savings banks. Such rules and regulations shall include, but shall not be limited to requirements that:
(a)
The conversion neither impair the capital of the converting savings bank nor adversely affect its operations;
(b)
The conversion shall be fair and equitable to all stockholders of the converting savings bank;
(c)
The public shall not be adversely affected by the conversion;
(d)
Conversion of a savings bank shall be accomplished only pursuant to a plan approved by the commissioner. Such plan must have been approved by an affirmative vote of two-thirds (2/3) of the members of the board of directors of the converting savings bank, after a full and fair disclosure to the stockholders, and by an affirmative vote of a majority of the votes which stockholders of the savings bank are entitled to cast;
(e)
The plan of conversion provides that:
(i)
Deposit accounts will be issued in connection with the conversion to the stockholders of the converting savings bank;
(ii)
A uniform date will be fixed for the determination of the stockholders to whom, and the amount to each stockholder of which, deposit accounts shall be made available;
(iii)
Deposit accounts made available to stockholders will be based upon a fair and equitable formula approved by the commissioner and fully and fairly disclosed to the stockholders of the converting savings bank.
Laws, 1992, ch. 489, § 30; reenacted without change, Laws, 1997, ch. 364, § 30; reenacted without change, Laws, 2001, ch. 457, § 30, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-113 - Merger of savings banks where ownership is converted

(1)
Any two (2) or more state mutual savings banks may merge to form a single state stock savings bank in separate merger-conversion proceedings or in simultaneous merger-conversion proceedings.
(2)
Any two (2) or more state stock savings banks may merge to form a single state mutual savings bank in separate merger-conversion proceedings or in simultaneous merger-conversion proceedings.
(3)
The commissioner may promulgate rules and regulations to facilitate the transition from two (2) or more savings banks to a single savings bank under a new form of ownership.
Laws, 1992, ch. 489, § 32; reenacted without change, Laws, 1997, ch. 364, § 32; reenacted without change, Laws, 2001, ch. 457, § 32, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-115 - Merger of mutual and stock savings banks

(1)
Any two (2) or more savings banks, when one or more is mutually owned and one or more is stock owned, may merge to form either a mutual or stock savings bank in separate conversion-merger proceedings and in simultaneous conversion-merger proceedings.
(2)
The commissioner may promulgate rules and regulations to facilitate the merger of mutual and stock savings banks.
Laws, 1992, ch. 489, § 33; reenacted without change, Laws, 1997, ch. 364, § 33; reenacted without change, Laws, 2001, ch. 457, § 33, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-117 - Simultaneous merger and conversion

(1)
Any combination of associations and state savings banks may merge to form either an association or state savings bank.
(2)
The commissioner shall promulgate rules and regulations to facilitate the merger of associations and state savings banks.
Laws, 1992, ch. 489, § 34; reenacted without change, Laws, 1997, ch. 364, § 34; reenacted without change, Laws, 2001, ch. 457, § 34, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-119 - Merger of federal charters with state savings banks

(1)
Any two (2) or more depository institutions, when one or more is a state savings bank and one or more is a federal depository institution operating in Mississippi, may merge under either a state savings bank charter or a federal charter.
(2)
The commissioner shall promulgate rules and regulations to facilitate the merger of federal depository institutions and state savings banks.
Laws, 1992, ch. 489, § 35; reenacted without change, Laws, 1997, ch. 364, § 35; reenacted without change, Laws, 2001, ch. 457, § 35, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-121 - Voluntary dissolution by stockholders or members

At any annual or special meeting called for such purpose, a savings bank may, by an affirmative vote in person or by proxy of at least two-thirds (2/3) of the total number of shares or votes which all members or stockholders of the association are entitled to cast, resolve to dissolve and liquidate the savings bank and adopt a plan of voluntary dissolution. Upon adoption of such resolution and plan of voluntary dissolution, the members or stockholders shall proceed to elect not more than three (3) liquidators who shall post bond as required by the commissioner. The liquidators shall have full power to execute the plan. The procedure thereafter shall be as follows:
(a)
A copy of the resolution certified by an appropriate officer of the savings bank, the minutes of the meeting of members or stockholders, the plan of liquidation and an itemized statement of the savings bank's assets and liabilities sworn to by a majority of its board of directors, shall be filed with the commissioner. The minutes of the meeting of members or stockholders shall be certified by an appropriate officer of the institution and shall set forth the notice given and the time of mailing thereof, the vote on the resolution and the total number of shares or votes which all members of the savings bank were entitled to cast thereon, and the names of the liquidators elected.
(b)
If the commissioner finds that the proceedings are in accordance with the provisions of this chapter and that the plan of liquidation is not reasonably unfair to any person affected, he shall attach his certificate of approval to the plan and shall forward one (1) copy to the liquidators and one (1) copy to the savings bank's federal deposit account insurance corporation. Once the commissioner has approved the resolution and the plan of liquidation, it shall thereafter be unlawful for such savings bank to accept any additional deposit accounts or additions to deposit accounts or make any additional loans. All of the income and receipts in excess of actual expenses of liquidation of the savings bank shall be applied to the discharge of its liabilities.
(c)
The liquidator or liquidators so appointed shall be paid a reasonable compensation by the liquidating savings bank subject to the approval of the commissioner.
(d)
The plan shall become effective upon the recording of the commissioner's certificate of approval in the manner required by this chapter for the recording of the certificate of incorporation.
(e)
The liquidation of the savings bank shall be subject to the supervision and examination of the commissioner.
Laws, 1992, ch. 489, § 36; reenacted without change, Laws, 1997, ch. 364, § 36; reenacted without change, Laws, 2001, ch. 457, § 36, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-123 - Rules, regulations and reports of voluntary dissolution

(1)
The commissioner shall promulgate rules and regulations governing the dissolution and liquidation of state savings banks.
(2)
Upon completion of liquidation, the liquidators shall file with the commissioner a final report and accounting of the liquidation. The approval of the report by the commissioner shall operate as a complete and final discharge of the liquidators, the board of directors and each member or stockholder in connection with the liquidation of the savings bank. Upon approval of the report, the commissioner shall issue a certificate of dissolution of the savings bank and shall record such certificate in the manner required by this chapter for the recording of certificates of incorporation. Upon such recording, the dissolution shall be effective.
Laws, 1992, ch. 489, § 37; reenacted without change, Laws, 1997, ch. 364, § 37; reenacted without change, Laws, 2001, ch. 457, § 37, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-125 - Stock dividends

No savings bank shall declare or pay any dividend upon its common stock unless such savings bank has received written approval by the Commissioner of Banking and Consumer Finance. Directors declaring a dividend in violation of the provisions of this section shall be personally liable to the full amount of the dividend so declared and it shall be the duty of the commissioner, upon discovering the payment of any such dividend, to forthwith make demand upon the directors that the same be restored to the savings bank, and upon their failure so to do he shall cause suit to be brought against them in the chancery court of the county in which the savings bank is located, either in his name or in the name of the savings bank, to recover the same for the benefit of the savings bank.
Laws, 1992, ch. 489, § 38; Laws, 1996, ch. 400, § 33; reenacted without change, Laws, 1997, ch. 364, § 38; reenacted without change, Laws, 2001, ch. 457, § 38, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 81 - BANKS AND FINANCIAL INSTITUTIONS (§§ 81-1-1 — 81-29-3) › Chapter 14 - SAVINGS BANK LAW (§§ 81-14-1 — 81-14-501) › Article 3 - CORPORATE CHANGES (§§ 81-14-101 — 81-14-129) › Section 81-14-127 - Supervisory mergers, consolidations, conversions and combination mergers and conversions

(1)
Notwithstanding any other provision of this chapter, in order to protect the public, the commissioner, upon making a finding that a state savings bank is unable to operate in a safe and sound manner, may authorize or require a short form merger and conversion of the state savings bank, or any other transaction, as to which the finding is made.
(2)
The commissioner shall promulgate rules and regulations to govern mergers, consolidations, conversions, combination mergers and conversions and other supervisory action authorized by this section.
Laws, 1992, ch. 489, § 39; reenacted without change, Laws, 1997, ch. 364, § 39; reenacted without change, Laws, 2001, ch. 457, § 39, eff. 7/1/2001.