§ 81-9-55. Vacancies and removal of directors
Vacancies among directors shall be filled by the chancellor on ex parte hearing in term time, or in vacation, but the choice of any four remaining directors shall be the choice of the chancellor, except for good cause shown. Removal of directors shall be in the discretion of the chancellor, in term time or in […]
§ 81-9-57. Officers of the corporation
The directors shall choose from among themselves a president and a vice-president of the corporation. They shall also employ a liquidator who shall be ex officio secretary-treasurer of the corporation, and who need not be a depositor in the bank being liquidated by the corporation. No officer, except the liquidator, shall be entitled to compensation […]
§ 81-9-39. Compensation and expenses of receiver and attorney
Compensation of the receiver and attorney shall be fixed by the court from time to time, upon a salary basis. In banks with total assets of one million dollars ($1,000,000.00) or more the salary of the receiver shall not exceed three hundred dollars ($300.00) per month and the salary of the attorney shall not exceed […]
§ 81-9-41. Liquidation of solvent bank
Any bank found to be solvent may be liquidated, if desired by the bank, in accordance with this section. It is the purpose of this section to require that the claims of all depositors and creditors as reflected by the books of the bank, be paid, whether proven or not, provided they are called for […]
§ 81-9-43. Procedure to obtain depositors’ liquidation
Proceedings to accomplish depositor liquidation of banks shall be begun by the filing of a petition in the chancery court of the county in which such bank shall be domiciled within the ninety day period in which the state comptroller remains in charge of the closed bank. Each petition shall be signed by depositors owning […]
§ 81-9-45. Petition and decree thereon
If the petition shall be signed and sworn to as aforesaid, and shall pray that the liquidation of the bank shall be conducted by the depositors and that a liquidating corporation be formed for such purpose, the chancellor shall, by decree on such petition, create a liquidating corporation, not for pecuniary gain, and without capital […]
§ 81-9-47. Effect of decree
The signing of the decree shall divest the state comptroller and the department of bank supervision of all title to the assets of the bank and of all control of the liquidation thereof, and the state comptroller and the department shall be relieved of future liability thereto, except for proper delivery of the assets of […]
§ 81-9-49. General powers of liquidating corporation
Liquidating corporations created under the authority of this chapter shall be bodies corporate and politic, with power to sue and be sued by their respective corporate names. No action shall be begun against any such corporation except in the county in which it is domiciled. The corporation shall have as its seal the seal of […]
§ 81-9-51. Double liability of certain stockholders released
Such corporation shall have power to bring suits to enforce any liability of directors or officers of the bank, but the double liability of stockholders, as provided in Section 81-5-27, by the turning over of the liquidation by the depositors as herein provided, shall be released as to all stockholders of any such bank. However, […]
§ 81-9-21. Bond of receiver
The receiver shall furnish bond in such amount and with such sureties as may be fixed by the chancellor, payable to the State of Mississippi, and conditioned for the faithful performance of his duties as receiver of such bank. Such bond may, with consent of the chancellor, be put in action by anyone aggrieved by […]