Mississippi Code
Acquisition and Ownership of State Trust Company Facilities and Other Real Estate
§ 81-27-5.001. Investment in state trust company facilities

In this subarticle, "state trust company facility" means real estate, including an improvement, owned, or leased to the extent the lease or the leasehold improvements are capitalized, by a state trust company for the purpose of:
Without the prior written approval of the commissioner, a state trust company may not directly or indirectly invest an amount in excess of its restricted capital in state trust company facilities, furniture, fixtures, and equipment. Except as otherwise provided by rules or regulations adopted under this chapter, in computing this limitation a state trust company:
Shall include:
Its direct investment in state trust company facilities;
Any investment in equity or investment securities of a company holding title to a facility used by the state trust company for the purposes specified by subsection (a) of this section;
Any loan made by the state trust company to or on the security of equity or investment securities issued by a company holding title to a facility used by the state trust company; and
Any indebtedness incurred on state trust company facilities by a company:
That holds title to the facility;
That is an affiliate of the state trust company; and
In which the state trust company is invested in the manner described by subparagraph (B) or (C) of this paragraph (1); and
May exclude an amount included under paragraphs (1)(B) through (D) of this subsection to the extent any lease of a facility from the company holding title to the facility is capitalized on the books of the state trust company.
Real estate acquired under subsection (a)(3) of this section and not improved and occupied by the state trust company ceases to be a state trust company facility on the third anniversary of the date of its acquisition, unless the commissioner on application grants written approval to further delay in the improvement and occupation of the property by the state trust company.
A state trust company shall comply with generally accepted accounting principles, consistently applied, in accounting for its investment in and depreciation of state trust company facilities, furniture, fixtures, and equipment.

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