§ 81-27-5.102. Transactions in state trust company shares or participation shares
A state trust company may acquire its own shares or participation shares if: The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares or participation shares under regulatory accounting principles; or The state trust company obtains the prior written approval of the commissioner. A state trust company may acquire […]
§ 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 […]
§ 81-27-4.108. Commissioner hearings; appeals
This section does not grant a right to hearing to a person that is not otherwise granted by governing law. The commissioner may convene a hearing to receive evidence and argument regarding any matter before the commissioner for decision or review under this chapter. The hearing shall be conducted in the same manner as other […]
§ 81-27-4.201. Amendment of state trust company articles of association
A state trust company that has been granted a charter under Section 81-27-4.105 or a predecessor statute may amend or restate its articles of association for any lawful purpose, including the creation of authorized but unissued shares or participation shares in one or more classes or series. An amendment authorizing the issuance of shares or […]
§ 81-27-4.202. Establishing a series of shares or participation shares
If the articles of association expressly give the board authority to establish series and determine the preferences, limitations, and relative rights of each series, the board may do so only on compliance with this section and any rules adopted under this article. A series of shares or participation shares may be established in the manner […]
§ 81-27-4.101. Organization and powers of state trust company
Subject to the other provisions of this article, one or more persons may organize and charter a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state. Subject to Section 81-27-4.107, a state trust company may exercise the powers of […]
§ 81-27-4.102. Articles of association of state trust company
The articles of association of a state trust company must be signed and acknowledged by each organizer and must contain: The name of the state trust company; The period of its duration, which may be perpetual; The powers of the state trust company, which may be stated as: All powers granted to a state trust […]