§ 81-17-1. Title

This chapter may be known and referred to as the “Farmers’ Credit Association Law.”

§ 81-17-11. Powers

Each association incorporated under this chapter, in addition to the powers granted by the Mississippi statutes to corporations, shall have the following powers: To engage in any one or more of the activities named in Sections 81-17-3 and 81-17-5. To contract and be contracted with, to sue and be sued. To borrow money from any […]

§ 81-17-13. Membership

Any person, partnership, or corporation, may become a member of any one, or more, associations. Every applicant for membership must become a borrower to entitle him to be admitted as a member. Each applicant must sign a writing, in the form of a recordable instrument, declaring himself to be a member of the association to […]

§ 81-17-15. Articles of association

Each association formed under this chapter must prepare and file articles of association, setting forth: The name of the association; The purpose for which it is formed; The place where its principal business will be transacted; The term for which it is to exist, not exceeding fifty (50) years; The number of directors thereof, which […]

§ 81-17-17. Amendments to articles of association

Any amendment to the articles of association must first be approved by a vote of not less than two-thirds of all of the members of the board of directors. Such proposed amendment shall then be submitted to either a regular or a special meeting of the members of the association, and its adoption shall require […]

§ 81-17-19. Organization

The charter to organize any association under this chapter may be applied for by three proposed members of such association, such application to be made in the manner and form as prescribed by the chapter on corporations, when, and whereupon, such charter may be granted by the state.

§ 81-17-21. Bylaws

Said associations may make and adopt any and all bylaws, not in conflict with the laws of the State of Mississippi, for the governing and control of its affairs. Such bylaws shall provide for such officers as may be necessary for the operation of said association, and name the time for annual meetings of stockholders […]

§ 81-17-23. Surplus and sinking funds invested

The associations shall have power to invest and reinvest the surplus and sinking funds as may accumulate in its hands from time to time for the use and benefit of its members and stockholders.

§ 81-17-25. Tax exemption

So long as said associations shall be kept mutual, and shall lend only to members, they shall be exempt from all forms of taxation; that is, from state, county, municipal, levee board and public improvement taxes, excepting ad valorem taxation of motor vehicles owned by said associations.

§ 81-17-3. Declaration of policy

It is the purpose of this chapter to promote, encourage and assist the united action of the farmers of the state, through co-operative methods in obtaining necessary moneys and credits for the members of the associations contemplated herein during a longer period of time and at a lower rate of interest than is usually obtainable […]

§ 81-17-5. Definitions

The terms used in this chapter, in addition to their common use and meaning are also defined as follows: The term “agricultural products” shall include horticultural, viticultural, dairy, live stock, poultry, bee, fowl, and any other farm products; The term “member” shall include actual members of associations without capital stock, and holders of common stock […]

§ 81-17-7. Who may organize

Ten or more persons, a majority of whom are residents of this state, engaged in the production of any of the products named in Section 81-17-5 may form an association, with or without capital stock, under the provisions hereof.

§ 81-17-9. Purposes

An association may be organized hereunder to engage in any one or more of the activities mentioned above or in financing those engaged in any one or more of such activities, or engaged in doing both.