§ 81-27-4.103. Certificate to incorporate and organize
Before any trust company may be organized and formed, the prospective incorporators shall give notice to the commissioner of their desire to engage in trust activities and apply for a certificate of authority to incorporate, and shall at the time file with the commissioner a copy of the proposed articles of incorporation, duly sworn to […]
§ 81-27-4.104. Investigation for state trust company charter
The commissioner shall investigate the proof that one or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company. In making such a determination, the commissioner shall (i) examine the business plan which shall be submitted as part […]
§ 81-27-4.105. Issuance of charter
A state trust company may not engage in the trust business until it receives its charter from the commissioner. The commissioner may not deliver the charter until the state trust company has: Received cash or marketable securities in at least the full amount of required capital from subscriptions for the issuance of shares or participation […]
§ 81-27-4.106. Required capital
The commissioner may not issue a charter to a state trust company having required capital of less than Two Million Dollars ($2,000,000.00) except as provided in subsection (b) of this section. The commissioner may require additional capital for a proposed or existing state trust company or, on application in the exercise of discretion consistent with […]
§ 81-27-4.107. Application of laws relating to general business corporations
The Mississippi Business Corporation Act applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that: A reference to the Secretary of State means the commissioner unless the context requires otherwise; and The right of shareholders or participants to cumulative voting in the […]