Title 81, Banks and Financial Institutions

No organization hereby authorized shall, without the approval of the Federal Farm Loan Board, discount any note or other obligation, upon which the original borrower has been charged a rate of interest exceeding by more than one and one-half percent per annum the discount rate of…

No organization provided for herein shall have power to use or invest more than twenty percent of its capital stock for organization, current expenses, rent, personal or real property necessary for its use in conducting its business, or for providing warehouses or warehouse facil…

No officer, director, nor stockholder of any organization doing business hereunder shall be individually or personally liable for the debts of said association or corporation.

Organizations provided for hereunder shall have all the usual powers of corporations, and to sue and be sued both in law and in equity.

Any organization herein provided for may acquire, purchase, own, or lease, and control and operate suitable warehouses for the safe storing of such agricultural products as may be produced by its borrowers, or by its members; and whenever it is deemed expedient to utilize the Uni…

Any organization herein provided for shall have power to contract with any existent warehouse, whether under control of the United States Warehouse Act or whether under the control of any law of Mississippi for storage therein of agricultural products produced by borrowers or mem…

All money loaned by any organization provided for herein shall be exempt from taxation.

The purpose of this chapter is to promote the welfare of agriculture and to provide ways and means by which the credit facilities of the Federal Intermediate Credit Bank, now established at New Orleans, Louisiana, may be available to the agricultural and live stock interests of t…

Any corporation, or cooperative association, organized under the laws of this state, having paid up capital of $10,000.00, or more, and in the business of making advances for agricultural purposes shall have power to do business hereunder by amending its charter and by submitting…

The word “organization” as used herein shall be construed to mean “agricultural credit corporation” or “agricultural credit cooperative association.”

Five or more natural persons may unite to form an agricultural credit corporation, the capital stock of which shall be paid in cash and shall not be for less amount than $10,000.00. Any one or more state banks, any one or more national banks, or any one or more state and national…

Those desiring to organize hereunder shall subscribe to, and duly acknowledge, articles of association and bylaws. The articles of association shall set forth the name of the organization which shall include the words “agricultural credit”; the principal place of business; the te…