GroundRules
Miss. Code Ann. § 81-27-5.102: Transactions in state trust company shares or participation shares.
Where this section sits in the code
- Title 81. Banks and Financial Institutions
- Chapter 27. Multistate, State and Limited Liability Trust Institutions
- Article 5. Investments, Loans and Deposits.
- Subarticle B. State Trust Company Investments.
(a) A state trust company may acquire its own shares or participation shares if:
(1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares or participation shares under regulatory accounting principles; or
(2) The state trust company obtains the prior written approval of the commissioner.
(b) A state trust company may acquire a lien upon its own shares or participation shares if:
(1) The aggregate amount of indebtedness so secured is less than the amount of the state trust company’s undivided profits; or
(2) The state trust company obtains the prior written approval of the commissioner.
(c) Except with the prior written approval of the commissioner:
(1) The state trust company may not hold its own shares or participation shares as treasury stock for more than two (2) years; and
(2) A lien acquired under this section may not by its original terms extend for more than two (2) years.
Collected 2026-10-27T05:54:28Z. Source file · JSON
Compilation CC BY 4.0, Open US Law (Vaquill AI). GroundRules uses only the releases published under CC BY 4.0: from v2026.09 the compilation is licensed CC BY-NC 4.0, and GroundRules does not use those releases. Each affected row names its release in its vintage label. GroundRules parsed and filtered the compilation to retain enacted text. Source · License
Mississippi electronic product files were republished by Public.Resource.Org under a public-domain dedication. GroundRules uses enacted text from Release 78 only as a labeled supplement to the newer Open US Law rows. Source