Title 81, Banks and Financial Institutions

(a) No company shall act as a fiduciary in this state except:(1) A state trust company;(2) A state bank;(3) A savings association organized under the laws of this state and authorized to act as a fiduciary pursuant to Section 81-12-1 et seq. or Section 81-14-1 et seq.;(4) A natio…

(a) Notwithstanding any other provision of this chapter, a company does not engage in the trust business or in any other business in a manner requiring a charter, license or registration under this chapter or in an unauthorized trust activity by:(a) Acting in a manner authorized …

(a) A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of such state or foreign country, at an office established and maintained pursuant to this chapter…

An out-of-state trust institution which establishes or maintains one or more offices in this state under this chapter may conduct any activity at each such office which would be authorized under the laws of this state for a state trust institution to conduct at such an office.

A state trust company or out-of-state trust institution may register any name with the commissioner in connection with establishing a principal office, trust office or representative trust office in this state pursuant to this chapter, except that the commissioner may determine t…

(a) A state trust company or a state bank may:(a) Perform any act as a fiduciary;(b) Engage in any trust business;(c) Exercise any incidental power that is reasonably necessary to enable it to fully exercise, according to commonly accepted fiduciary customs and usages, a power co…

(a) A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this chapter and at a branch. (b) A state trust institution may not act as a fiduciary but may otherwise engage in a trust business at a representative trust o…

(a) Each state trust company must have and continuously maintain a principal office in this state. (b) Each executive officer at the principal office is an agent of the state trust company for service of process. (c) A state trust company may change its principal office to any lo…

(a) A state trust institution may establish or acquire and maintain trust offices or representative trust offices anywhere in this state. A state trust institution desiring to establish or acquire and maintain such an office shall file a written notice with the commissioner setti…

(a) A state bank, a state trust company or a savings association chartered under the laws of this state may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. Such a trust institution desi…

An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business at an office in this state only if it maintains (i) a trust office in this state as permitted by this subarticle or (ii) a branch in this state.

(a) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this subarticle may establish and maintain a new trust office in this state. (b) Until January 1, 1999, an out-of-state trust institution may not establish …

(a) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this subarticle may acquire and maintain a trust office in this state. (b) Until January 1, 1999, no out-of-state trust institution may maintain a trust off…

An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this subarticle shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the …

(a) No trust office of an out-of-state trust institution may be acquired or established in this state under this subarticle unless:(1) The out-of-state trust institution shall have confirmed in writing to the commissioner that for as long as it maintains a trust office in this st…

An out-of-state trust institution that maintains a trust office in this state under this subarticle may establish or acquire additional trust offices or representative trust offices in this state to the same extent that a state trust institution may establish or acquire additiona…

(a) An out-of-state trust institution may not act as a fiduciary, but may otherwise engage in a trust business, at a representative trust office as permitted by this subarticle. (b) Subject to the requirements contained in this subarticle, an out-of-state trust institution may es…

(a) An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution not maintaining a trust office in this state and desiring to establish or acquire and maintain a representative trust office …

(a) To the extent consistent with subsection (c) of this section, the commissioner may make such examinations of any office established and maintained in this state pursuant to this article by an out-of-state trust institution as the commissioner may deem necessary to determine w…

(a) After notice and opportunity for hearing,(a) The commissioner may determine:(1) That an office maintained by an out-of-state trust institution in this state is being operated in violation of any provision of the laws of this state or in an unsafe and unsound manner; or(2) Tha…

Each out-of-state trust institution that maintains an office in this state pursuant to this article, or the home state regulator of such trust institution, shall give at least thirty (30) days’ prior written notice (or, in the case of an emergency transaction, such shorter notice…

(a) Articles 3, 4 and 5 of this chapter may be cited as the State Trust Institution Charter Modernization Act. (b) The express purposes of Articles 3, 4 and 5 of this chapter are to:(1) Provide for the chartering of trust companies and to permit trust companies to act as fiduciar…

Definitions contained in Sections 81-27-1.002 and 81-27-6.001 shall apply to Articles 3, 4 and 5 of this chapter unless the context otherwise requires.

Any person residing in this state may designate any trust institution to act as a fiduciary on behalf of such person.

Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either (i) this state, (ii) a state where affected clients reside or (iii) the state where such trust institution has its principal office as th…

Any trust institution that maintains a trust office or representative trust office in this state and its affected clients may designate either (i) this state, (ii) a state where affected clients reside or (iii) the state where such trust institution has its principal office as th…

(a) Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management or administrative function if such person exercises reasonable care, judgment and caution in:(1) Selecting the delegate, taking into account the deleg…

(a) Any person acting as a trustee or in any other fiduciary capacity under Section 81-27-3.201 may hire and compensate, as a delegate, an affiliate of such person if:(1) Authorized by a trust or fiduciary instrument;(2) Authorized by court order;(3) Authorized in writing by each…

The compensation arrangement between a client and any person acting as a trustee or as any other fiduciary pursuant to this chapter shall be at arm’s length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.

(a) Any company, proposing to act as a trustee or in any other fiduciary capacity pursuant to a written agreement to be entered into with a prospective client after July 1, 1998, which company has any potential or actual conflict of interest which may reasonably be expected to ha…

(a) Subject to the provisions of this section, a trust institution may purchase assets of a state trust company or trust-related assets of another trust institution, including the right to control accounts established with the trust institution. Except as otherwise expressly prov…

(a) Subject to the other provisions of this article, one or more persons may organize and charter a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state. (b) Subject to Section 81-27-4.107, a st…

(a) The articles of association of a state trust company must be signed and acknowledged by each organizer and must contain:(a) The name of the state trust company;(b) The period of its duration, which may be perpetual;(c) The powers of the state trust company, which may be state…

(a) Before any trust company may be organized and formed, the prospective incorporators shall give notice to the commissioner of their desire to engage in trust activities and apply for a certificate of authority to incorporate, and shall at the time file with the commissioner a …

(a) The commissioner shall investigate the proof that one or more viable markets exist within or outside of this state that may be served in a profitable manner by the establishment of the proposed state trust company. In making such a determination, the commissioner shall (i) ex…

(1) A state trust company may not engage in the trust business until it receives its charter from the commissioner. The commissioner may not deliver the charter until the state trust company has:(1) Received cash or marketable securities in at least the full amount of required ca…

(a) The commissioner may not issue a charter to a state trust company having required capital of less than Two Million Dollars ($2,000,000.00) except as provided in subsection (b) of this section. (b) The commissioner may require additional capital for a proposed or existing stat…

(a) The Mississippi Business Corporation Act applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that:(1) A reference to the Secretary of State means the commissioner unless the context requires otherwise; …

(a) This section does not grant a right to hearing to a person that is not otherwise granted by governing law. (b) The commissioner may convene a hearing to receive evidence and argument regarding any matter before the commissioner for decision or review under this chapter. The h…

(a) A state trust company that has been granted a charter under Section 81-27-4.105 or a predecessor statute may amend or restate its articles of association for any lawful purpose, including the creation of authorized but unissued shares or participation shares in one or more cl…

(a) If the articles of association expressly give the board authority to establish series and determine the preferences, limitations, and relative rights of each series, the board may do so only on compliance with this section and any rules adopted under this article. (b) A serie…

(a) A state trust company may not reduce or increase its outstanding capital through dividend, redemption, issuance of shares or participation shares, or otherwise, without the prior approval of the commissioner, except as permitted by this section or rules adopted under this art…

(a) With the prior written approval of the commissioner, any state trust company may, at any time, through action of its board, and without requiring action of its shareholders or participants, issue and sell its capital notes or debentures, which must be subordinate to the claim…

(a) A private trust company engaging in the trust business in this state shall comply with each and every provision of this chapter applicable to a trust company unless expressly exempted therefrom in writing by the commissioner pursuant to this section, by rule or regulation ado…

(a) Application.(1) A private trust company requesting an exemption from the provisions of this chapter pursuant to Section 81-27-4.301 shall file an application with the commissioner containing the following:(A) A nonrefundable application fee as set by the commissioner;(B) A de…

(a) A private trust company may terminate its status as a private trust company and commence transacting business with the general public. A private trust company desiring to commence transacting business with the general public shall file a notice on a form prescribed by the com…