Mississippi · Snapshot Mississippi Code Release 78 (2020-07), retrieved 2026-09-17

Miss. Code Ann. § 81-27-6.304: Management of limited liability trust company.

(a) Management of a limited liability trust company is vested in the participants in proportion to each participant’s contribution to capital, as adjusted periodically to properly reflect any additional contribution. The articles of association may provide that management of a limited liability trust company is vested in a board of managers to be elected annually by the participants as prescribed by the bylaws.
(b) Participants of a limited liability trust company may not retain management and must elect a board of managers if:
(1) Any participant is disqualified from serving as a managing participant under Section 81-27-6.203;
(2) The limited liability trust company has fewer than five (5) or more than twenty-five (25) participants; or
(3) Any participant has been removed by the commissioner under Subarticle A of Article 6 of this chapter.
(c) The articles of association, bylaws, and participation agreement of a limited liability trust company may use the terms “director” and “board” instead of “manager” and “board of managers,” respectively.

Where this section sits in the code

Title 81. Banks and Financial Institutions
Chapter 27. Multistate, State and Limited Liability Trust Institutions
Article 6. Additional Definitions; Ownership; Governance; Mergers.
Subarticle D. Special Provisions for Limited Liability Trust Companies.

(b) Participants of a limited liability trust company may not retain management and must elect a board of managers if:

(1) Any participant is disqualified from serving as a managing participant under Section 81-27-6.203;

(2) The limited liability trust company has fewer than five (5) or more than twenty-five (25) participants; or

(3) Any participant has been removed by the commissioner under Subarticle A of Article 6 of this chapter.

(c) The articles of association, bylaws, and participation agreement of a limited liability trust company may use the terms “director” and “board” instead of “manager” and “board of managers,” respectively.

Collected 2026-10-27T05:54:28Z. Source file · JSON

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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

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