Title 81, Banks and Financial Institutions

All the provisions of law relating to private corporations operating in this state which are not inconsistent with this chapter, or with the proper business of depository institutions, shall be applicable to all state savings banks.

(1) Nothing in this chapter shall be construed to invalidate any charter that was valid prior to the enactment of this chapter. Any savings bank chartered pursuant to this chapter shall use the letters “SSB” in its legal name. (2) Except as provided in subsection (1), no person o…

(1) Any five (5) or more natural persons (hereinafter referred to as “incorporators”), a majority of whom shall be domiciled in this state, may make application to organize a savings bank in order to promote the purpose of this chapter. The incorporators shall file with the commi…

(1) The certificate of incorporation of a proposed mutual savings bank shall set forth:(a) The name of the savings bank which shall not closely resemble the name of an existing depository institution doing business under the laws of this state so as to mislead the public;(b) The …

Upon receipt of an application to organize and establish a savings bank, the commissioner shall examine or cause to be examined all the relevant facts connected with the formation of the proposed savings bank. If it appears to the commissioner that the proposed savings bank has c…

(1) The commissioner may recommend approval of an application to form a mutual savings bank only when all of the following criteria are met:(a) The proposed savings bank has an operational expense fund from which to pay organizational and incorporation expenses in an amount deter…

(1) If the commissioner does not have the completed application within one hundred twenty (120) days of the filing of the preliminary application, the application shall be returned to the applicants. (2) When the commissioner has completed his examination and investigation of the…

(1) After consideration of the findings and recommendation of the commissioner and his oral testimony, if any, and the consideration of such other information and evidence, either written or oral, as has come before it at the public hearing, the board shall approve or disapprove …

The final decision of the board may be appealed by an applicant for a charter in accordance with Section 81-14-175.

All state savings banks must obtain and maintain insurance on all members’ and customers’ deposit accounts from an insurance corporation created by an act of Congress. Prior to the licensing of a savings bank, a certificate of incorporation duly recorded under the provisions of S…

All state savings banks must qualify for and maintain eligibility for the bad debt reserve under Section 7701(a)(19) of the Internal Revenue Code of 1968 and any amendments thereto.

A newly chartered savings bank shall commence business within one (1) year after the date upon which its corporate existence was begun. A savings bank which does not commence business within such time shall forfeit its corporate existence, unless the commissioner, upon written re…

(a) A newly chartered savings bank shall be entitled to a license fee to operate upon payment to the department of the appropriate license fee as prescribed by the commissioner and upon evidence presented to the commissioner of the following:(a) Capable, efficient and equitable m…

Any amendment to the certificate of incorporation of a state savings bank shall be made at any annual or special meeting of such savings bank upon approval by a majority of votes or shares cast by members or stockholders present in person or by proxy at such meeting. Any amendmen…

Every stock savings bank organized and operated under the provisions of this chapter shall at all times keep a current list of the names of all its stockholders. Whenever called upon by the commissioner, a stock savings bank shall file in the office of the commissioner a correct …

(1) Any state savings bank may apply to the commissioner for permission to establish a branch office. The application shall be in such form as may be prescribed by the commissioner and shall be approved or denied by the commissioner within one hundred twenty (120) days of filing.…

The board of directors of a state savings bank may change the location of a branch office or the principal office of the savings bank with the prior written approval of the commissioner. The commissioner may request, and the savings bank shall provide, such information as the com…

The commissioner may, for good cause and after a hearing, order the closing of a branch office. Such order shall be made in writing to the savings bank and shall fix a reasonable time to close the branch office.

No branch office in this state may be discontinued or abandoned without the consent in writing of the commissioner first obtained.

A state savings bank may open or close a loan production office with the prior written approval of the commissioner. The commissioner may request, and the savings bank shall provide, such information as the commissioner determines necessary to evaluate the request.

Any state or federal thrift institution or state or national bank may apply for conversion into a state-chartered savings bank upon the affirmative vote of fifty-one percent (51%) or more of the total number of votes of the members eligible to be cast or an affirmative vote of si…

(a) Any state savings bank, stock or mutual, organized and operated under the provisions of this chapter, may convert to a federal charter in accordance with the provisions of the laws and regulations of the United States and with the same force and effect as though originally in…

(1) In the event of a state charter to federal charter conversion, when the form of ownership will also simultaneously be changed from stock to mutual, or from mutual to stock, the conversion shall proceed initially as if it involves only a charter conversion under Section 81-14-…

(1) Any mutual savings bank may convert from mutual to the stock form of ownership as provided in this section. (2) A mutual savings bank may apply to the commissioner for permission to convert to a stock savings bank and for certification of appropriate amendments to the savings…

(a) Any stock savings bank organized and operating under the provisions of this chapter may, subject to the approval of the commissioner, convert to a mutual savings bank under the provisions of this section. The commissioner may promulgate rules and regulations governing the con…

(a) Any two (2) or more mutual savings banks, or any two (2) or more stock savings banks, organized and operating, may merge or consolidate into a single savings bank. The procedure to merge shall be as follows:(a) The directors, or a majority of them, of such savings banks may, …

(1) Any two (2) or more state mutual savings banks may merge to form a single state stock savings bank in separate merger-conversion proceedings or in simultaneous merger-conversion proceedings. (2) Any two (2) or more state stock savings banks may merge to form a single state mu…

(1) Any two (2) or more savings banks, when one or more is mutually owned and one or more is stock owned, may merge to form either a mutual or stock savings bank in separate conversion-merger proceedings and in simultaneous conversion-merger proceedings. (2) The commissioner may …

(1) Any combination of associations and state savings banks may merge to form either an association or state savings bank. (2) The commissioner shall promulgate rules and regulations to facilitate the merger of associations and state savings banks.

(1) Any two (2) or more depository institutions, when one or more is a state savings bank and one or more is a federal depository institution operating in Mississippi, may merge under either a state savings bank charter or a federal charter. (2) The commissioner shall promulgate …

(a) At any annual or special meeting called for such purpose, a savings bank may, by an affirmative vote in person or by proxy of at least two-thirds (⅔) of the total number of shares or votes which all members or stockholders of the association are entitled to cast, resolve to d…

(1) The commissioner shall promulgate rules and regulations governing the dissolution and liquidation of state savings banks. (2) Upon completion of liquidation, the liquidators shall file with the commissioner a final report and accounting of the liquidation. The approval of the…

No savings bank shall declare or pay any dividend upon its common stock unless such savings bank has received written approval by the Commissioner of Banking and Consumer Finance. Directors declaring a dividend in violation of the provisions of this section shall be personally li…

(1) Notwithstanding any other provision of this chapter, in order to protect the public, the commissioner, upon making a finding that a state savings bank is unable to operate in a safe and sound manner, may authorize or require a short form merger and conversion of the state sav…

(1) Article 2 of this chapter shall not apply to applications for permission to organize an interim state savings bank so long as the application is approved by the commissioner. (2) Preliminary approval of an application for permission to organize an interim state savings bank s…

The commissioner is empowered and directed to perform the duties and exercise the powers as to savings banks organized or operated under this chapter, except as otherwise provided herein.

(1) The commissioner shall have the authority to promulgate rules, instructions and regulations necessary to the discharge of his duties and powers for the supervision and regulation of savings banks and for the protection of the public investment in savings banks. (2) Without li…

(1) If at any time the commissioner deems it prudent, it shall be his duty to examine and investigate everything relating to the business of a state savings bank, or a holding company thereof, and to appoint a suitable and competent person to make such investigation. The investig…

(1) Every state savings bank, including savings banks in the process of voluntary liquidation, or a holding company thereof, shall pay into the office of the commissioner an annual supervisory fee and fees for various activities in the same amounts and in the same manner as charg…

(1) If, in the opinion of the commissioner an examination conducted under the provisions of Section 81-14-155 fails to disclose the complete financial condition of a savings bank, he may in order to ascertain its complete financial condition:(a) Make an extended audit or examinat…

(1) The commissioner and his agents:(a) Shall have free access to all books and records of a savings bank, or a service corporation or holding company thereof, that relate to its business, and the books and records kept by any officer, agent or employee relating to the business o…

(1) The commissioner may direct the making of test appraisals of real estate and other collateral securing loans made by savings banks doing business in this state, employ competent appraisers, or prescribe a list from which competent appraisers may be selected, for the making of…

(1) Except as provided by subsection (3) of this section, a savings bank, or any director, officer, employee or representative thereof, shall not grant, directly or indirectly, to the commissioner or to any employee of the department, or to their spouses, any loan or gratuity. (2…

(1) The following records or information of the board, the commissioner, or the agent(s) of either, shall be confidential and shall not be disclosed:(a) Information obtained or compiled in preparation of, or anticipation of, or during an examination, audit or investigation of any…

The commissioner shall call upon each state savings bank for the reports required in this section. Such calls shall be made by the commissioner in writing by letter or other similar means of written communications for the same dates and as often as calls are issued by the appropr…