If the petition shall be signed and sworn to as aforesaid, and shall pray that the liquidation of the bank shall be conducted by the depositors and that a liquidating corporation be formed for such purpose, the chancellor shall, by decree on such petition, create a liquidating corporation, not for pecuniary gain, and without capital or capital stock. The decree shall name five directors for the corporation who shall be natural persons chosen by the chancellor from among the signers of the petition, but such signers as may be named as directors in the petition shall be so named in the decree. The decree shall give the corporation a name, which shall include the words, "liquidating corporation," preceded by the name of the bank to be liquidated. The municipality in which the bank to be liquidated is domiciled shall be the domicile of the corporation. The decree shall be recorded on the book of corporation charters in the office of the chancery clerk of the proper county, and need not be published.
Structure Mississippi Code
Title 81 - Banks and Financial Institutions
§ 81-9-1. Capital stock impaired; how restored
§ 81-9-3. Transfers by banks and other acts in contemplation of insolvency
§ 81-9-5. Closing insolvent banks
§ 81-9-7. Examiner to be placed in charge
§ 81-9-9. Conservation of assets; title
§ 81-9-11. Sale of assets of insolvent bank
§ 81-9-13. Reopening banks under "freezing of deposits" agreements
§ 81-9-15. Limitation on custodial period; approval of acts involving discretion or judgment
§ 81-9-17. Receiver to be appointed
§ 81-9-19. Surrender of assets to receiver; reports
§ 81-9-25. Receivers empowered to borrow money
§ 81-9-27. Receivers may sell assets of insolvent banks
§ 81-9-29. Liquidation; separate assets for creditors; corporate stock
§ 81-9-33. Inventory and books by the receiver
§ 81-9-35. Dividends by receiver
§ 81-9-39. Compensation and expenses of receiver and attorney
§ 81-9-41. Liquidation of solvent bank
§ 81-9-43. Procedure to obtain depositors' liquidation
§ 81-9-45. Petition and decree thereon
§ 81-9-49. General powers of liquidating corporation
§ 81-9-51. Double liability of certain stockholders released
§ 81-9-53. Bond of directors; compensation
§ 81-9-55. Vacancies and removal of directors
§ 81-9-57. Officers of the corporation
§ 81-9-59. Compensation of liquidator and other employees
§ 81-9-61. Exercise of discretion without approval of court
§ 81-9-63. Sale of assets to going bank
§ 81-9-65. Corporation and directors may be restrained
§ 81-9-67. Liquidating corporations may apply to court for directions