§ 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, […]
§ 81-27-6.305. 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 […]
§ 81-27-6.310. Other provisions related to a limited liability trust company
For purposes of the provisions of this chapter other than this subarticle, as the context requires: A manager and the board of managers are considered to be a director and the board of directors, respectively; If there is not a board of managers, a participant is considered to be a director and all of the […]
§ 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 […]