75-89-23 - Judicial measures to prevent, enjoin, and prosecute violations of Mississippi or other state's Commodity Act; special remedies; administrator need not post bond. - Mississippi Statutes

§ 75-89-23. Judicial measures to prevent, enjoin, and prosecute violations of Mississippi or other state's Commodity Act; special remedies; administrator need not post bond.
 

(1) (a)  Upon a proper showing by the administrator that a person has violated, or is about to violate, any provision of this chapter or any rule or order of the administrator, the court may grant appropriate legal or equitable remedies. 

(b) Upon a showing of violation of this chapter or a rule or order of the administrator, the court, in addition to traditional legal and equitable remedies, including temporary restraining orders, permanent or temporary prohibitory or mandatory injunctions, and writs of prohibition or mandamus, may grant the following special remedies: 

(i) Disgorgement; 

(ii) Declaratory judgment; 

(iii) Restitution to investors wishing restitution; and 

(iv) Appointment of a receiver or conservator for the defendant or the defendant's assets. 

(c) Appropriate remedies when the defendant is shown only about to violate this chapter or a rule or order of the administrator shall be limited to: 

(i) A temporary restraining order; 

(ii) A temporary or permanent injunction; 

(iii) A writ of prohibition or mandamus; or 

(iv) An order appointing a receiver or conservator for the defendant or the defendant's assets. 

(d) Upon a proper showing by the administrator or commodity agency of another state that a person, other than a government or governmental agency or instrumentality, has violated, or is about to violate, any provision of the commodity code of that state or any rule or order of the administrator or commodity agency of that state, the Chancery Court of the First Judicial District of Hinds County, Mississippi, may grant appropriate legal and equitable remedies. 

(e) Upon showing of a violation of the commodity act of another state or a rule or order of the administrator or commodity agency of another state, the court, in addition to traditional legal or equitable remedies including temporary restraining orders, permanent or temporary prohibitory or mandatory injunctions and writs of prohibition or mandamus, may grant the following special remedies: 

(i) Disgorgement; and 

(ii) Appointment of a receiver, conservator or ancillary receiver or conservator for the defendant or the defendant's assets located in this state. 

(f) Appropriate remedies when the defendant is shown only about to violate the commodity act of another state or a rule or order of the administrator or commodity agency of another state shall be limited to: 

(i) A temporary restraining order; 

(ii) A temporary or permanent injunction; 

(iii) A writ of prohibition or mandamus; and 

(iv) An order appointing a receiver, conservator or ancillary receiver or conservator for the defendant or the defendant's assets located in this state. 

(2)  The court shall not require the administrator to post a bond in any official action under this chapter. 
 

Sources: Laws,  1993, ch. 319, § 12, eff from and after July 1, 1993.