Title 79, Corporations, Associations, and Partnerships

Whenever a foreign investment trust which is authorized to transact business in this state shall change its name to one under which a certificate of authority would not be granted to it on application therefor, the certificate of authority of such foreign investment trust shall b…

(a) A foreign investment trust, in order to procure a certificate of authority to transact business in this state, shall make application therefor to the Secretary of State, which application shall set forth:(a) The name of the foreign investment trust and the state or country un…

(1) The beneficial ownership of an investment trust shall be evidenced by certificates issued by the trustees in units of value to be provided by the trust instrument. No investment trust shall issue certificates of beneficial interest except for money, labor done, or services re…

Duplicate originals of the application of the foreign investment trust for a certificate of authority shall be delivered to the secretary of state, together with a copy of its declaration of trust and all amendments thereto, duly authenticated by the proper officer where its decl…

Upon the issuance of a certificate of authority by the secretary of state, the foreign investment trust shall be authorized to transact business in this state for those purposes set forth in its application, subject, however, to the right of this state to suspend or to revoke suc…

Whenever the declaration of trust of a foreign investment trust authorized to transact business in this state is amended, such foreign investment trust shall, within sixty (60) days after such amendment becomes effective, file in the office of the secretary of state a copy of suc…

A foreign investment trust authorized to transact business in this state shall procure an amended certificate of authority in the event it changes its name, or desires to pursue in this state other or additional purposes than those set forth in its prior application for a certifi…

(a) A foreign investment trust authorized to transact business in this state may withdraw from this state upon procuring from the secretary of state a certificate of withdrawal. In order to procure such certificate of withdrawal, such foreign investment trust shall deliver to the…

(a) Duplicate originals of such application for withdrawal shall be delivered to the secretary of state. If the secretary of state finds that such application conforms to the provisions of Section 79-15-125, he shall, when all fees and sales taxes have been paid as by law prescri…

(a) The certificate of authority of a foreign investment trust to transact business in this state may be revoked by the Secretary of State upon the conditions prescribed in this section when:(a) The foreign investment trust has failed to pay any fees prescribed by Sections 79-15-…

No holder of a fully paid certificate of beneficial interest in an investment trust shall be personally or individually liable in any manner whatever for any debts, acts, omissions, or obligations incurred by the trustees or by the investment trust. It is expressly declared to be…

(a) Upon revoking any such certificate of authority, the Secretary of State shall:(a) Issue a certificate of revocation in duplicate.(b) File one (1) of such certificates in his office.(c) Mail to such foreign investment trust as provided in Section 79-35-13 a notice of such revo…

No foreign investment trust transacting business in this state without a certificate of authority shall be permitted to maintain any action, suit or proceeding in any court of this state. Nor shall any action, suit or proceeding be maintained in any court of this state by any suc…

(a) The Secretary of State shall charge and collect from foreign investment trust for:(a) The fees required by Section 79-35-3.(b) Filing an application of a foreign investment trust for a certificate of authority to transact business in this state and issuing a certificate of au…

All fees and charges to be collected by the secretary of state under the provisions of Sections 79-15-101 through 79-15-139 including the assessment and collection thereof of all penalties shall be paid into the general funds of the state treasury, less ten percent (10%) as recei…

Foreign investment trusts which are transacting business in this state at the time Sections 79-15-101 through 79-15-139 take effect, for a purpose or purposes for which a foreign investment trust might secure such authority under Sections 79-15-101 through 79-15-139, shall, subje…

The declaration of trust shall provide for the annual election of successor trustees by the holders of certificates of beneficial interest, and shall further provide for the election of successor trustees by the holder of beneficial interest in the event of the death, resignation…

(1) The declaration of trust shall provide that it can be amended only by the affirmative vote of the holders of at least two thirds (⅔) of the amount of the then outstanding certificates of beneficial interest. If the declaration of trust shall provide that an amendment to the d…

The declaration of trust shall be signed and acknowledged by the initial trustees and recorded in the office of the clerk of the chancery court in the county in which the principal place of business of the investment trust is located, and also with the Secretary of State of Missi…

(1) An investment trust shall not be deemed invalid as violating the rule against perpetuities or any law or statute against suspension of the powers of alienation. Such trust may continue for an indefinite period or for such time as may be necessary for the accomplishment of the…

(1) An investment trust may sue or be sued as a separate and distinct entity, under the name set forth in the declaration of trust, and it shall not be necessary to join the trustees individually or the holders of certificates of beneficial interest as parties plaintiff or defend…

The income of an investment trust shall be taxed as if the investment trust were a business corporation with the exception of the dividend deduction allowed an investment trust under Section 27-7-17. An investment trust shall be deemed a domestic corporation for purposes of the c…

This chapter shall not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before May 15, 1962.

The provisions of the Investment Securities chapter and other appropriate provisions of the Mississippi Uniform Commercial Code, and the provisions of the Mississippi Blue Sky Laws, Sections 75-71-1 through 75-71-57, Mississippi Code of 1972, and the regulations and rules adopted…

(1) An “investment trust” is an express trust created by a written declaration of trust whereby three (3) or more trustees agree to hold and manage in trust property conveyed or to be conveyed to them as trustees for the benefit of such persons as may be or become holders of tran…

(1) An investment trust may be established by a declaration of trust, duly executed by three or more trustees, for any lawful purpose including, but not limited to, acquiring, managing, improving, leasing, dealing in, selling, or otherwise alienating, mortgaging, or otherwise enc…

(a) The declaration of trust of an investment trust shall contain:(a) The name under which the trust shall conduct its business, which name shall include the words “investment trust” but shall not include the words “trust company.”(b) An express statement that the trust is formed…

(1) The trustees shall hold the legal title to all property at any time belonging to the investment trust, and shall have complete control over the management, operation, disposition, investment and reinvestment of such property and complete control of the management of the busin…