§ 81-27-6.304. Management of limited liability trust company
Management of a limited liability trust company is vested in the participants in proportion to each participant’s contribution to capital, as adjusted periodically to properly reflect any additional contribution. The articles of association may provide that management of a limited liability trust company is vested in a board of managers to be elected annually by […]
§ 81-27-6.203. Board of directors, managers or managing participants
The board of a state trust company must consist of not fewer than five (5) or more than twenty-five (25) directors, managers, or managing participants, the majority of whom must be residents of this state. Except for a limited liability trust company in which management has been retained by its participants, the principal executive officer […]
§ 81-27-6.204. Required board meetings
The board of a state trust company shall hold at least one (1) regular meeting each quarter. At each regular meeting the board shall review and approve the minutes of the prior meeting and review the operations, activities, and financial condition of the state trust company. The board may designate committees from among its members […]
§ 81-27-6.205. Officers
The board shall annually appoint the officers of the state trust company, who serve at the pleasure of the board. The state trust company must have a principal executive officer primarily responsible for the execution of board policies and operation of the state trust company and an officer responsible for the maintenance and storage of […]
§ 81-27-6.102. Application regarding acquisition of control
The proposed transferee seeking approval to acquire control of a state trust company or a person that controls a state trust company must file with the commissioner: An application in the form prescribed by the commissioner; The filing fee required by statute, rule or regulation; All information required by rule or that the commissioner requires […]
§ 81-27-6.103. Hearing and decision on acquisition of control
Not later than the sixtieth day after the date the notice is published, the commissioner shall approve the application or set the application for hearing. If the commissioner sets a hearing, the commissioner shall conduct a hearing and one or more prehearing conferences and opportunities for discovery as the commissioner considers advisable and consistent with […]
§ 81-27-6.104. Appeal from adverse decision
If a hearing has been held, the commissioner has entered an order denying the application, and the order has become final, the proposed transferee may appeal the final order to the Chancery Court of the First Judicial District of Hinds County, Mississippi. The filing of an appeal under this section does not stay the order […]
§ 81-27-6.105. Objection to other transfer
This subarticle may not be construed to prevent the commissioner from investigating, commenting on, or seeking to enjoin or set aside a transfer of voting securities that evidence a direct or indirect interest in a state trust company, regardless of whether the transfer is included within this subarticle, if the commissioner considers the transfer to […]
§ 81-27-6.106. Civil enforcement; criminal penalties
The commissioner may bring any appropriate civil action against any person who the commissioner believes has committed or is about to commit a violation of this subarticle or a rule, regulation or order of the commissioner pertaining to this subarticle. A person who knowingly fails or refuses to file the application required by Section 81-27-6.102 […]
§ 81-27-6.201. Voting securities held by state trust company
Voting securities of a state trust company held by the state trust company in a fiduciary capacity under a will or trust, whether registered in its own name or in the name of its nominee, may not be voted in the election of directors or managers or on a matter affecting the compensation of directors, […]