Mississippi Code
Merger, Consolidation, Transfer of Assets
§ 81-27-6.408. Sale of assets

The board of a state trust company, with the commissioner's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder or participant approval if the commissioner finds:
A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge:
All of the state trust company's liabilities to clients and depositors;
All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;
Obligations incurred by the commissioner arising out of the supervision or sale of the state trust company; and
This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business.
This section does not affect the commissioner's right to take action under another law. The sale by a trust company of all or substantially all of its assets with shareholder or participant approval is considered a voluntary dissolution and liquidation and is governed by Section 81-5-101.

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