79-11-55 - Applicability of Sections 79-11-51 and 79-11-53 when contrary to articles of organization. - Mississippi Statutes

§ 79-11-55. Applicability of Sections 79-11-51 and 79-11-53 when contrary to articles of organization.
 

The provisions of Sections 79-11-51 and 79-11-53 shall not apply to any corporation to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the articles of organization or other instrument governing such corporation or governing the administration of charitable funds held by it and that the same may not properly be changed to conform to such sections. The corporation shall not be liable to anyone for any payments made under Section 79-11-53 prior to such determination. 
 

Sources: Codes, 1942, § 672-223; Laws,  1972, ch. 440, § 3, eff from and after passage (approved May 4, 1972).