No state bank shall declare or pay any dividend upon its common stock unless such bank has received written approval by the Commissioner of Banking and Consumer Finance. Directors declaring a dividend in violation of the provisions of this section shall be personally liable to the full amount of the dividend so declared and it shall be the duty of the commissioner, upon discovering the payment of any such dividend, to forthwith make demand upon the directors that the same be restored to the bank, and upon their failure so to do he shall cause suit to be brought against them in the chancery court of the county in which the bank is located, either in his name or in the name of the bank, to recover the same for the benefit 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