Every director of every state bank must be the owner, in his or her own right, of unencumbered stock therein to the amount of at least Two Hundred Dollars ($200.00) par value. He shall take and subscribe an annual oath that he will faithfully and diligently perform the duties of his office and will not knowingly violate or permit to be violated any provision of law. Such oath shall be immediately transmitted to the Department of Banking and Consumer Finance and filed in its office. Every executive officer, as defined in Regulation O promulgated by the Board of Governors of the Federal Reserve System, of every bank doing business under the laws of this state shall subscribe to a similar annual oath and immediately transmit the same to the Department of Banking and Consumer Finance. The board of directors of every banking corporation shall meet at least once each quarter in each calendar year and shall at such times consider generally the affairs of the bank. An executive and auditing committee selected by a majority of the board of directors shall meet at least in those months when the board of directors does not meet and shall at such times consider generally the affairs of the bank. However, if the board of directors of any bank meets every month, the executive and auditing committee of that bank shall meet at least two (2) times annually. The Commissioner of Banking and Consumer Finance, in his discretion, may prescribe such forms as he may deem necessary, which, when properly executed, shall reflect the activities of the board of directors or the executive and auditing committee. It shall be the responsibility of the board of directors and the executive and auditing committee at such meetings to complete the forms prescribed and furnished by the Department of Banking and Consumer Finance, and to file same in its office when required by the commissioner.
The results of the examinations by the board of directors and the executive and auditing committee shall be entered in the minutes of the bank.
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