§ 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, […]
§ 81-27-6.401. Merger authority
With the prior written approval of the commissioner, a state trust company may merge or consolidate with another person to the same extent as a business corporation under the Mississippi Business Corporation Act, subject to this subarticle. Implementation of the plan of merger by the parties and approval of the board, shareholders, participants, or owners […]
§ 81-27-6.402. Merger application
The original articles of merger, a number of copies of the articles of merger equal to the number of surviving, new, and acquiring entities, and an application in the form required by the commissioner must be filed with the commissioner. The commissioner shall investigate the condition of the merging parties. The commissioner may require the […]
§ 81-27-6.403. Approval of commissioner
If the commissioner approves the merger and finds that all required filing fees and investigative costs have been paid, the commissioner shall: Endorse the face of the original and each copy with the date of approval and the word “Approved”; File the original in the department’s records; and Deliver a certified copy of the articles […]
§ 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.