§ 81-27-6.405. Authority to act as disbursing agent
The purchasing trust institution may hold the purchase price and any additional funds delivered to it by the selling institution in trust for the selling institution and may act as agent of the selling institution in disbursing those funds in trust by paying the creditors of the selling institution. If the purchasing trust institution acts […]
§ 81-27-6.406. Liquidation of selling state trust company
If the selling trust institution is at any time after the sale of assets voluntarily or involuntarily closed for liquidation by a state or federal regulatory agency, the purchasing trust company shall pay to the receiver of the selling institution the balance of the funds held by it in trust for the selling institution and […]
§ 81-27-6.407. Payment to creditors
Payment to a creditor of the selling institution of the amount to be paid the person under the terms of the contract of agency may be made by the purchasing trust company by opening an agency account in the name of the creditor, crediting the account with the amount to be paid the creditor under […]
§ 81-27-6.408. Sale of assets
The board of a state trust company, with the commissioner’s approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder or participant approval if the commissioner finds: The interests of the state trust company’s clients, depositors, […]
§ 81-27-6.404. Rights of dissenters to mergers
A shareholder, participant, or participant-transferee may dissent from the merger to the extent and by following the procedure provided by the Mississippi Business Corporation Act or rules or regulations adopted under this chapter.
§ 81-27-6.305. Withdrawal or reduction of participant’s contribution to capital
A participant may not receive from a limited liability trust company any part of the participant’s contribution to capital until: All liabilities of the state trust company, except liabilities to participants on account of contribution to capital, have been paid or, if after the withdrawal or reduction, sufficient property of the state trust company will […]
§ 81-27-6.306. Interest in limited liability trust company; transferability of interest
The interest of a participant or participant-transferee in a limited liability trust company is the personal estate of the participant or the participant-transferee and may be transferred as provided by the bylaws or the participation agreement. A transferee of a participant’s interest has the status of a participant-transferee and does not by the transfer become […]
§ 81-27-6.307. Dissolution
A limited liability trust company organized under this article is dissolved on: The expiration of the period fixed for the duration of the limited liability trust company; A vote to dissolve or the execution of a written consent to dissolve by all full liability participants, if any, and a sufficient number of other participants that […]
§ 81-27-6.308. Allocation of profits and losses
The profits and losses of a limited liability trust company may be allocated among the participants and among classes of participants as provided by the participation agreement. Without the prior written approval of the commissioner, the profits and losses must be allocated based on the relative interests of the participants as reflected in the articles […]
§ 81-27-6.309. Distributions
Subject to Section 81-27-4.106, distributions of cash or other assets of a limited liability trust company may be made to the participants as provided by the participation agreement. Without the prior written approval of the commissioner, distributions must be made to the participants based on the relative interests of the participants as reflected in the […]