The total liability to any association organized or doing business under the terms of this chapter by a person, company, corporation, or firm for money loaned shall not exceed fifty percent (50%) of the aggregate paid in capital and surplus of said association. The discount of bills of exchange drawn in good faith, against actual existing values of loans made on time secured by warehouse receipts or bills of lading, or actually existing values, shall not be restricted to, or considered as coming within, such limitation of fifty percent (50%).
Structure Mississippi Code
Title 79 - Corporations, Associations, and Partnerships
Chapter 19 - Agricultural Cooperative Marketing Associations
§ 79-19-1. Declaration of policy
§ 79-19-3. Definitions; nature of associations; short title
§ 79-19-13. Articles of association
§ 79-19-19. General and special meetings, how called
§ 79-19-21. Directors; election
§ 79-19-23. Election of officers
§ 79-19-27. Removal of officer or director
§ 79-19-29. Referendum may be had in certain cases
§ 79-19-31. Marketing contract
§ 79-19-37. Conflicting laws not to apply
§ 79-19-39. Limitation of the use of term "cooperative."
§ 79-19-41. Interest in other corporations or associations
§ 79-19-43. Contracts and agreements with other associations
§ 79-19-45. Association heretofore organized may adopt the provisions of this chapter
§ 79-19-47. How associations organized in another state may carry on business in this state
§ 79-19-51. Associations not in restraint of trade
§ 79-19-57. Cooperative marketing associations may maintain replevin
§ 79-19-59. Liquidated damages may be recovered
§ 79-19-61. Loan limited to 50 percent of capital and surplus