Banks may, with the approval of the state comptroller, and by a vote of stockholders owning a majority of the stock of such bank, upon not less than five (5) days' notice, given by registered mail, pursuant to action taken by their boards of directors, issue preferred stock of one or more classes in such amount and with such par value as shall be approved by the said comptroller, and may make such amendments to their charters as may be necessary for this purpose; but, in the case of a newly organized bank which has not yet issued common stock, the requirement of notice to and vote of stockholders shall not apply.
The holders of such preferred stock shall be entitled to receive such cumulative dividends at a stipulated rate and shall have such voting and conversion rights and such control of management, and such stock shall be subject to retirement in such manner and upon such conditions as may be provided in the charter, with the approval of the state comptroller. The holders of such preferred stock shall not be held individually responsible as such holders for any debts, contracts or engagements of such bank, and shall not be liable for assessments to restore impairments in the capital of such bank as provided by law with reference to the holders of common stock.
Preferred stock issued by any bank in this state shall be exempt from all state, county, municipal, levee district, and other ad valorem taxes so long as the same shall be held by an agency of the federal government.
The acts of any board of directors of any banking corporation organized and operating under the laws of the State of Mississippi, insofar as such acts pertain to the issuance of preferred stock which may have heretofore been issued, are hereby in all particulars validated.
No dividend shall be declared or paid on common stock until the cumulated dividends on the preferred stock shall have been paid in full; and, if the corporation is placed in either voluntary or involuntary liquidation, no payment shall be made to the holders of the common stock until the owners of the preferred stock shall have been paid in full the par value of such preferred stock plus all accumulated dividends.
Structure Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 5 - General Provisions Relating to Banks and Banking
§ 81-5-2. Private corporation laws; application to state banks
§ 81-5-3. Bank not to permit use of its name
§ 81-5-5. Local and regional banks for farm loans authorized
§ 81-5-7. Preservation of old records
§ 81-5-9. Banks shall become members of the Federal Deposit Insurance Corporation
§ 81-5-11. State banks may become members of Federal Reserve Bank
§ 81-5-13. Federal Reserve Act requirements must be observed
§ 81-5-15. Officers and employees of banks to furnish fidelity bond; insurance
§ 81-5-17. Bank stock; transfer and use as collateral
§ 81-5-19. Stock; record of transfer of to be kept
§ 81-5-21. Stock of other banks not to be owned
§ 81-5-23. Preferred stock; issuance authorized
§ 81-5-25. Investments in stock of small business investment companies
§ 81-5-27. Liability of stockholders
§ 81-5-29. Corporations may be formed to purchase, hold and own bank assets
§ 81-5-31. Voting trusts prohibited
§ 81-5-33. Powers in regard to trusts
§ 81-5-34. Accounts of administrators, executors, guardians, trustees, and other fiduciaries
§ 81-5-39. Banks may register securities held in fiduciary capacity in name of bank's nominee
§ 81-5-41. Foreign investors may engage in certain activities without qualifying
§ 81-5-45. Qualification and oath of directors; meetings; executive and auditing committee
§ 81-5-47. Directors may contract to sell stock while continuing to serve
§ 81-5-49. Interlocking directorates prohibited
§ 81-5-51. Loans to directors and executive officers
§ 81-5-53. Limitation of liability when dealing with agents, trustees, etc.
§ 81-5-56. Month and year checking account opened to be printed on face of checks
§ 81-5-57. Excess deposits; limit and penalty
§ 81-5-61. Safe deposit boxes; leasing to minors
§ 81-5-62. Accounts payable at death
§ 81-5-65. Accounts of deceased depositors to be reported; publicity of same
§ 81-5-67. Settlement of adverse claims to deposits
§ 81-5-75. Authorization for payment of dividend
§ 81-5-77. Limit of loans and extensions of credit to single borrower
§ 81-5-81. Effect of third-party deposits to induce making of unsound loans
§ 81-5-83. Limit of borrowing power of banks
§ 81-5-87. Holding of real estate by bank
§ 81-5-89. Limitations upon acceptances
§ 81-5-93. Clearinghouse associations authorized
§ 81-5-95. Powers of clearinghouse associations
§ 81-5-98. Drive-in teller windows and branch offices considered to be branch banks