Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 27 - Multistate, State and Limited Liability Trust Institutions

§ 81-27-2.301. Examinations; periodic reports; cooperative agreements; assessment of fees - To the extent consistent with subsection (c) of this section,...

§ 81-27-2.302. Enforcement - After notice and opportunity for hearing, The commissioner may determine:...

§ 81-27-2.303. Notice of subsequent merger, closing, etc. - Each out-of-state trust institution that maintains an office in this...

Article 3 - Trusts and Fiduciaries

General

§ 81-27-3.001. Title and purposes - Articles 3, 4 and 5 of this chapter may be...

§ 81-27-3.002. Definitions - Definitions contained in Sections 81-27-1.002 and 81-27-6.001 shall apply to...

Designation of Trustee and Governing Law

§ 81-27-3.101. Designation of trustee - Any person residing in this state may designate any trust...

§ 81-27-3.102. Choice of law governing trusts - Any trust institution that maintains a trust office or representative...

§ 81-27-3.103. Choice of law governing fiduciary investments - Any trust institution that maintains a trust office or representative...

Delegation; Affiliates

§ 81-27-3.201. Delegation and fiduciary responsibility - Any person acting as a trustee or as any other...

§ 81-27-3.202. Affiliates - Any person acting as a trustee or in any other...

Fees

§ 81-27-3.301. Fee determination - The compensation arrangement between a client and any person acting...

§ 81-27-3.302. Disclosure of potential conflicts of interest - Any company, proposing to act as a trustee or in...

Acquisition of Trust Assets

§ 81-27-3.401. Purchase of assets of another trust institution - Subject to the provisions of this section, a trust institution...

Article 4 - State Trust Company

Organization; General

§ 81-27-4.101. Organization and powers of state trust company - Subject to the other provisions of this article, one or...

§ 81-27-4.102. Articles of association of state trust company - The articles of association of a state trust company must...

§ 81-27-4.103. Certificate to incorporate and organize - Before any trust company may be organized and formed, the...

§ 81-27-4.104. Investigation for state trust company charter - The commissioner shall investigate the proof that one or more...

§ 81-27-4.105. Issuance of charter - A state trust company may not engage in the trust...

§ 81-27-4.106. Required capital - The commissioner may not issue a charter to a state...

§ 81-27-4.107. Application of laws relating to general business corporations - The Mississippi Business Corporation Act applies to a trust company...

§ 81-27-4.108. Commissioner hearings; appeals - This section does not grant a right to hearing to...

Amendment of Articles; Changes in Capital and Surplus

§ 81-27-4.201. Amendment of state trust company articles of association - A state trust company that has been granted a charter...

§ 81-27-4.202. Establishing a series of shares or participation shares - If the articles of association expressly give the board authority...

§ 81-27-4.203. Change in outstanding capital and surplus - A state trust company may not reduce or increase its...

§ 81-27-4.204. Capital notes or debentures - With the prior written approval of the commissioner, any state...

Private Trust Company

§ 81-27-4.301. Private trust company - A private trust company engaging in the trust business in...

§ 81-27-4.302. Requirements to apply for and maintain status as a private trust company - Application. A nonrefundable application fee as set by the commissioner;...

§ 81-27-4.303. Conversion to public trust company - A private trust company may terminate its status as a...

Article 5 - Investments, Loans and Deposits

Acquisition and Ownership of State Trust Company Facilities and Other Real Estate

§ 81-27-5.001. Investment in state trust company facilities - In this subarticle, "state trust company facility" means real estate,...

§ 81-27-5.002. Other real estate - A state trust company may not acquire real estate except:...

State Trust Company Investments

§ 81-27-5.101. Securities - A state trust company may invest its corporate funds in...

§ 81-27-5.102. Transactions in state trust company shares or participation shares - A state trust company may acquire its own shares or...

§ 81-27-5.103. Subsidiaries - Except as otherwise provided by this article or rules or...

§ 81-27-5.104. Mutual funds - A state trust company may invest for its own account...

§ 81-27-5.105. Engaging in commerce prohibited - Except as otherwise provided by this chapter or rules adopted...

Loans

§ 81-27-5.201. Lending limits - A state trust company's total outstanding loans and extensions of...

§ 81-27-5.202. Lease financing transactions - Subject to rules or regulations adopted under this chapter, a...

Trust Deposits

§ 81-27-5.301. Trust deposits - A state trust company may deposit trust funds with itself...

§ 81-27-5.302. Common investment funds - A state trust company may establish common trust funds to...

Liabilities and Pledge of Assets

§ 81-27-5.401. Borrowing limit - Except with the prior written approval of the commissioner, a...

§ 81-27-5.402. Pledge of asset - A state trust company may not pledge or create a...

Article 6 - Additional Definitions; Ownership; Governance; Mergers

Additional Definitions

§ 81-27-6.001. Additional definitions - In Articles 6, 7 and 8 of this chapter: a....

Transfer of Ownership Interest in State Trust Company

§ 81-27-6.101. Acquisition of control - Except as expressly otherwise permitted, a person may not without...

§ 81-27-6.102. Application regarding acquisition of control - The proposed transferee seeking approval to acquire control of a...

§ 81-27-6.103. Hearing and decision on acquisition of control - Not later than the sixtieth day after the date the...

§ 81-27-6.104. Appeal from adverse decision - If a hearing has been held, the commissioner has entered...

§ 81-27-6.105. Objection to other transfer - This subarticle may not be construed to prevent the commissioner...

§ 81-27-6.106. Civil enforcement; criminal penalties - The commissioner may bring any appropriate civil action against any...

Board and Officers

§ 81-27-6.201. Voting securities held by state trust company - Voting securities of a state trust company held by the...

§ 81-27-6.202. Bylaws - Each state trust company shall adopt bylaws and may amend...

§ 81-27-6.203. Board of directors, managers or managing participants - The board of a state trust company must consist of...

§ 81-27-6.204. Required board meetings - The board of a state trust company shall hold at...

§ 81-27-6.205. Officers - The board shall annually appoint the officers of the state...

§ 81-27-6.206. Certain criminal offenses - An officer, director, manager, managing participant, employee, shareholder, or participant...

§ 81-27-6.207. Transactions with management and affiliates - Without the prior approval of a disinterested majority of the...

§ 81-27-6.208. Fiduciary responsibility - The board of a state trust company is responsible for...

§ 81-27-6.209. Record keeping - A state trust company shall keep its fiduciary records separate...

§ 81-27-6.210. Bonding requirements - The board of a state trust company shall require protection...

§ 81-27-6.211. Reports of apparent crime - A trust company that is the victim of a robbery,...

Special Provisions for Limited Liability Trust Companies

§ 81-27-6.301. Filing of notice of full liability - A limited liability trust company shall file with the commissioner...

§ 81-27-6.302. Liability of participants and managers - Except as provided by subsection (b) of this section, the...

§ 81-27-6.303. Contracting debts and obligations - Except as provided by this section or the articles of...

§ 81-27-6.304. Management of limited liability trust company - Management of a limited liability trust company is vested in...

§ 81-27-6.305. Withdrawal or reduction of participant's contribution to capital - A participant may not receive from a limited liability trust...

§ 81-27-6.306. Interest in limited liability trust company; transferability of interest - The interest of a participant or participant-transferee in a limited...

§ 81-27-6.307. Dissolution - A limited liability trust company organized under this article is...

§ 81-27-6.308. Allocation of profits and losses - The profits and losses of a limited liability trust company...

§ 81-27-6.309. Distributions - Subject to Section 81-27-4.106, distributions of cash or other assets...

§ 81-27-6.310. Other provisions related to a limited liability trust company - For purposes of the provisions of this chapter other than...

Merger, Consolidation, Transfer of Assets

§ 81-27-6.401. Merger authority - With the prior written approval of the commissioner, a state...

§ 81-27-6.402. Merger application - The original articles of merger, a number of copies of...

§ 81-27-6.403. Approval of commissioner - If the commissioner approves the merger and finds that all...

§ 81-27-6.404. Rights of dissenters to mergers - A shareholder, participant, or participant-transferee may dissent from the merger...

§ 81-27-6.405. Authority to act as disbursing agent - The purchasing trust institution may hold the purchase price and...

§ 81-27-6.406. Liquidation of selling state trust company - If the selling trust institution is at any time after...

§ 81-27-6.407. Payment to creditors - Payment to a creditor of the selling institution of the...

§ 81-27-6.408. Sale of assets - The board of a state trust company, with the commissioner's...

Article 7 - Enforcement Actions

Supervision and Examination

§ 81-27-7.001. Commissioner shall have supervision over authorized trust institutions and shall examine - For the purposes of this article, the term "authorized trust...

§ 81-27-7.002. Fees for examination - The fees for examination of authorized trust institutions shall be...

§ 81-27-7.003. Department to act under authority of the commissioner - All the powers, duties and functions granted to or imposed...

Enforcement Orders; Trust Company Management

§ 81-27-7.101. Administrative orders; penalties for violation - In addition to any other powers conferred by this chapter,...

§ 81-27-7.102. Notice and opportunity for hearing - Notice and opportunity for a hearing shall be provided before...

§ 81-27-7.103. Subpoena power and examination under oath - The commissioner shall have the power to subpoena witnesses, compel...

§ 81-27-7.104. Removal of directors, officers and employees - Consistent with Section 81-27-7.102, the commissioner may require the immediate...

§ 81-27-7.105. Review by the court - Administrative orders issued by the commissioner and civil money penalties...

Article 8 - Dissolution and Receivership; Conservatorship

Voluntary dissolution and liquidation

§ 81-27-8.001. Required vote of shareholders or participants - A state trust company may go into voluntary liquidation and...

§ 81-27-8.002. Corporate procedure - Shareholder or participant action to liquidate a state trust company...

§ 81-27-8.003. Authority to liquidate; publication - If the commissioner shall approve the liquidation, the commissioner shall...

§ 81-27-8.004. Examination and reports - When any state trust company shall be in process of...

§ 81-27-8.005. Unclaimed property - All unclaimed property remaining in the hands of a liquidated...

§ 81-27-8.006. Sell or transfer of property - Whenever the commissioner shall approve it, any state trust company...

Involuntary Dissolution and Liquidation

§ 81-27-8.101. When commissioner may take charge - The commissioner may forthwith take possession of the business and...

§ 81-27-8.102. Directors may act - Any state trust company may place its assets and business...

§ 81-27-8.103. Notice of seizure; bar to attachment - When the commissioner, or duly appointed agent, shall take possession...

§ 81-27-8.104. Notice to trust institutions, corporations and others holding assets; liens not to accrue - Upon taking possession of the assets and business of any...

§ 81-27-8.105. Permission to resume business - After the commissioner has taken possession of any state trust...

§ 81-27-8.106. Remedy for seizure; answer to notice, injunction; and appeal - Whenever any state trust company, of whose assets and business...

§ 81-27-8.107. Collection of debts and claims; commissioner succeeds to all property of the state trust company - Upon taking possession of the assets and business of any...

§ 81-27-8.108. Bond of the commissioner; surety; condition; minimum penalty - Upon taking possession of any state trust company, the commissioner,...

§ 81-27-8.109. Inventory - Within thirty (30) days after the filing of the notice...

§ 81-27-8.110. Notice and time for filing claims - Notice shall be given by advertisement once a week for...

§ 81-27-8.111. Power to reject claims; notice; affidavit of service; action on claims - If the commissioner, or a duly appointed agent, doubts the...

§ 81-27-8.112. List of claims presented and deposits; copies; proviso - Upon the expiration of the time fixed for presentation of...

§ 81-27-8.113. Declaration of dividends; order of preference in distribution - At any time after the expiration of the date fixed...

§ 81-27-8.114. Deposit of funds collected - All funds collected by the commissioner, in liquidating any state...

§ 81-27-8.115. Employment of counsel; accountants; and other experts; compensation - The commissioner, for the purpose of liquidating state trust companies...

§ 81-27-8.116. Unclaimed dividends held in trust - Any unclaimed dividends remaining in the hands of the commissioner...

§ 81-27-8.117. Action by the commissioner following full settlement - Whenever the commissioner shall have paid all the expenses of...

§ 81-27-8.118. Annual report of the commissioner; items included - The commissioner shall file, as a part of an annual...

§ 81-27-8.119. Compensation of the commissioner - The commissioner, for services rendered in connection with the liquidation...

§ 81-27-8.120. Exclusive method of liquidation - No state trust company created before July 1, 1998, shall...

§ 81-27-8.121. Disposition of books and records - All books, papers and records of a state trust company...

§ 81-27-8.122. Destruction of books and records - After the expiration of five (5) years from the date...

§ 81-27-8.123. Trust terminated on insolvency of state trust company - Whenever any state trust company created under the laws of...

§ 81-27-8.124. Petition for new trustee - In all cases of insolvency and liquidation provided in this...

§ 81-27-8.125. Publication and notice - Such notice shall be published in the manner required by...

§ 81-27-8.126. Appointment where no objection made - If, upon the day fixed in the notice, no person...

§ 81-27-8.127. Hearing upon objection - If objections are made to the appointment of a new...

§ 81-27-8.128. Registration of final order - The final order of appointment of a new trustee shall...

§ 81-27-8.129. Petition and order applicable to all instruments - The petition and the order appointing a new trustee may...

§ 81-27-8.130. Additional remedy - Sections 81-27-8.124 and 81-27-8.129 shall be in addition to and...

§ 81-27-8.131. Report to the Secretary of State - The commissioner shall on or before the first day of...

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Mississippi Code Title 81 - Banks and Financial Institutions Chapter 27 - Multistate, State and Limited Liability Trust Institutions

Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 27 - Multistate, State and Limited Liability Trust Institutions