Title 81, Banks and Financial Institutions

No bank chartered and doing business under the laws of this state shall issue bills payable or be liable on rediscounts at any time to a total amount in excess of three times its capital and surplus. However, this limit may be exceeded by a bank with the consent and approval in w…

A bank chartered by the State of Mississippi, may, with the approval of the commissioner, enter into a business combination with another bank, savings bank, savings and loan association or other entity, on such terms and conditions, as may be lawfully agreed upon, adopted and app…

(a) Any banking corporation doing business in this state may purchase, hold and convey real estate for the following purposes and no others:(a) Such real estate as shall be necessary in which to transact the business of any such bank, including with its banking offices, premises …

A state bank may accept drafts or bills of exchange drawn upon it having not more than six (6) months’ sight to run, exclusive of days of grace, which grew out of transactions involving the shipment of goods, provided shipping documents conveying or securing title are attached as…

All banking corporations organized under the laws of the State of Mississippi shall become members of Federal Deposit Insurance Corporation or any other similar agency created by the laws of the United States to insure or guarantee deposits in banks. Such banks are empowered to e…

Banks or banking institutions in any municipality or county or counties in this state may organize and establish clearinghouse associations, composed of such banks and banking institutions as may become members thereof, by voluntary action for the purpose of effecting daily settl…

Clearinghouse associations, by the action of the members thereof, shall have the power to adopt and enact rules, regulations and bylaws providing: (a) for officers and business agents of such clearinghouse association, and for the maintenance of same; (b) for the conduct of the a…

The commissioner of banking and consumer finance may, from time to time, adopt and promulgate rules regulating banking hours, and such rules shall have all the force and effect of law. In addition thereto, the commissioner may permit a bank or bank branches to close for business …

Drive-in teller windows and branch offices in operation on July 1, 1986, shall on such date, and thereafter, be considered branch banks for the purpose of applying the branching provisions of this chapter and are authorized to continue operating as branch banks.

(1) Banks may establish branch banks under the restrictions prescribed in this chapter, but no branch bank may be established unless the parent bank shall have first obtained from the commissioner a certificate that the public convenience and necessity will be promoted by the est…

Subject to the provisions of subsections (2), (3) and (4) of Section 81-7-8, a bank may annex actively operating unit banks as branch banks by exchanging its own increase of common or preferred capital shares, issued for such annexation purpose, for the capital shares of the bank…

No branch bank in this state may be discontinued or abandoned without the consent in writing of the commissioner first obtained. By and with such consent first obtained, branch banks may be moved from one municipality to another within the restrictions provided in this chapter as…

The state comptroller shall formulate rules and regulations for the examination of branch bank systems, including provisions for the simultaneous examination of a parent bank and all of its branches, and such rules and regulations when reduced to writing shall be enforced by him …

National banks are hereby granted the right and authority to establish branches in this state, with the same rights and under the same restrictions as state banks establishing branches. But where federal statutes and regulations impose different restrictions, including minimum ca…

(1) As used in this section, unless the context otherwise requires:(a) “Appropriate regulatory officials” means, for any national bank in Mississippi, the Comptroller of the Currency of the United States; “appropriate regulatory officials” means, for any state bank in Mississippi…

None of the provisions of Sections 81-7-1, 81-7-3, 81-7-7 and 81-7-9 of this chapter shall be mandatory on branch banks heretofore established and in operation on April 2, 1934, nor on the parent bank of such branch banks so far as such branch banks are concerned, but such parent…

(a) The provisions of this chapter apply to branching within the State of Mississippi by:(a) Banks chartered by the State of Mississippi or national banks having their headquarters in the State of Mississippi, and(b) Out-of-state banks which maintain a branch in the State of Miss…

The name of all branch banks in this state shall include the name of the parent bank, followed by the name of the municipality in which the branch is domiciled, followed in turn by the word “branch”, and such name shall be prominently displayed upon the branch bank premises. Wher…

(1) For purposes of this section and Section 81-7-8, “branch bank de novo” or “branching de novo” refers to a branch established by the opening of a new branch bank and includes a branch bank or branch office acquired from another bank without acquiring substantially all of the a…

(1) A bank chartered after October 16, 1985, may neither establish a branch by merger, consolidation or purchase as provided in Section 81-7-7(2)(b) nor become a branch as the result of such a transaction, unless such bank has been in continuous operation as a state or federally …

All parent banks permitted to establish branch banks shall have capital sufficient to meet the requirements of the commissioner and/or other supervising federal regulatory agencies.

(a) For the purposes of this chapter, the following words shall have the following meanings:(a) The term “acquire” means:(i) The merger or consolidation of one bank holding company with another;(ii) The acquisition by a bank holding company of the direct or indirect ownership or …

It is the purpose of this chapter to permit orderly development of banking institutions on a national basis in accordance with the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, Public Law 103-328. It is not the purpose of this chapter to authorize interstat…

(1) An out-of-state bank holding company may establish a bank in Mississippi only by acquiring a Mississippi bank or Mississippi bank holding company upon approval by the commissioner, which approval:(a) Determines that the Mississippi bank sought to be acquired has been in exist…

Any bank holding company which controls a Mississippi bank or a Mississippi bank holding company shall be subject to such laws of this state and such rules of its agencies relating to the acquisition, ownership and operation of banks and bank holding companies as are applicable t…

The department is authorized to enter into cooperative agreements with other bank regulatory agencies to facilitate the regulation of banks and bank holding companies doing business in this state. The department may accept reports of examinations and other records from such other…

When it shall be brought to the attention of the state comptroller that the capital stock of any bank is impaired to such an extent as to render a further continuance of its business hazardous to its creditors, depositors, or the public, he shall immediately request the stockhold…

After the state comptroller has taken charge of an insolvent bank as herein provided, he shall have power and authority, by and with the consent of the chancery court, or of the chancellor in vacation, to whose jurisdiction the affairs of the insolvent bank have been submitted, (…

The comptroller of banks of the State of Mississippi is authorized to reopen any closed bank, with the approval of the chancery court of the county in which the bank is situated, or of the chancellor thereof in vacation, when at least three-fourths of the general depositors and c…

The period in which the state comptroller shall remain the custodian of banks closed as provided in Section 81-9-5 shall not exceed ninety days, and during such period all acts of the state comptroller involving discretion or judgment shall be approved by order of the chancellor,…

At the end of ninety days, if the state comptroller has not sold the assets of the bank as provided in Section 81-9-11 above, the state comptroller shall file a petition in the proper chancery court in a cause to be entitled “In the matter of the receivership of (name of bank).” …

The state comptroller shall forthwith surrender to the receiver possession of all the assets of the bank, including the books and records thereof, and shall render to the receiver a true accounting and report of all transactions concerning assets and liabilities of the bank durin…

The receiver shall furnish bond in such amount and with such sureties as may be fixed by the chancellor, payable to the State of Mississippi, and conditioned for the faithful performance of his duties as receiver of such bank. Such bond may, with consent of the chancellor, be put…

The receiver shall proceed promptly to wind up the affairs of the bank, and in all matters involving discretion or judgment shall obtain the approval of the chancellor in an order entered in the receivership cause which was opened by the state comptroller by the filing of the pet…

By and with the approval of the chancellor all receivers of insolvent banks in this state shall have power to borrow money, in the capacity of receivers, from any individual or corporation, including corporations or other agencies organized under the laws of the United States. Fo…

By and with the approval of the chancellor all receivers of insolvent banks in this state shall have power to sell, for cash or on terms, to any individual or corporation, including corporations or other agencies organized under the laws of the United States, any portion or all o…

Where a bank chartered under the laws of the State of Mississippi has failed, or may hereafter fail, and in the process of liquidation or after reorganization or reopening of such failed bank certain assets are placed in a separate fund for the benefit of creditors of such bank, …

All transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any bank, or of deposits to its credit; all assignments of mortgage, securities on real estate, or of judgments or decrees in its favor; all deposits of money, bullion, or other valuable thi…

The receiver appointed under Section 81-9-17 shall cause notice to be given in such newspaper as the court may direct, once a week for four consecutive weeks, calling on all persons who may have claims against the bank to present the same and make proof thereof upon forms to be f…

The receiver shall make an inventory of all assets and liabilities of the bank which may have been turned over to him by the state comptroller, or of which he may otherwise come into possession, and shall file a transcript of such inventories, certified by him as correct, in the …

From time to time, upon order of the chancellor, the receiver shall pay dividends to such persons as may by right be thereunto entitled, and it shall be the duty of the receiver paying dividends to make every reasonable effort to locate the party or parties entitled thereto.

(1) The receiver shall make such reports of his administration to the chancellor as the chancellor may require, which reports shall be filed in the court file of the receivership cause. Before the receivership cause shall be closed, a final report shall be made of such matters as…

Compensation of the receiver and attorney shall be fixed by the court from time to time, upon a salary basis. In banks with total assets of one million dollars ($1,000,000.00) or more the salary of the receiver shall not exceed three hundred dollars ($300.00) per month and the sa…

Any bank found to be solvent may be liquidated, if desired by the bank, in accordance with this section. (a) It is the purpose of this section to require that the claims of all depositors and creditors as reflected by the books of the bank, be paid, whether proven or not, provide…

Proceedings to accomplish depositor liquidation of banks shall be begun by the filing of a petition in the chancery court of the county in which such bank shall be domiciled within the ninety day period in which the state comptroller remains in charge of the closed bank. Each pet…

If the petition shall be signed and sworn to as aforesaid, and shall pray that the liquidation of the bank shall be conducted by the depositors and that a liquidating corporation be formed for such purpose, the chancellor shall, by decree on such petition, create a liquidating co…