STATE STATUTES & CODES

MISSISSIPPI STATUTES AND CODES

Chapter 12 - Savings Associations Law.

• 81-12-1 - Citation of chapter.
• 81-12-3 - Definitions.
• 81-12-4 - Private corporation laws; application to savings and loan associations.
• 81-12-5 - Repealed.
• 81-12-6 - Department of Savings Institutions and Savings Institution Board abolished; transfer of powers, duties, etc. to other agencies.
• 81-12-7 - Rights, powers, privileges and duties of board.
• 81-12-9 - Determinations of commissioner final; judicial review.
• 81-12-11 - Duties of department.
• 81-12-13 - and 81-12-15. Repealed.
• 81-12-17 - Interests in savings institutions prohibited; confidentiality of information.
• 81-12-19 - Repealed.
• 81-12-21 - Transfer of books and records; continuation of actions.
• 81-12-23 - Commissioner; supervisory and enforcement powers; approvals, orders and instructions.
• 81-12-24 - Removal of officers and directors.
• 81-12-25 - Incorporation; petition; fee; articles; bylaws; exhibits.
• 81-12-27 - Incorporation; examination and investigation of petition.
• 81-12-29 - Incorporation; notice of petition; filing notice of opposition; hearing.
• 81-12-31 - Incorporation; meeting of board to consider petition; cross-examination of and compelling attendance of witnesses; disposition of petition.
• 81-12-33 - Incorporation; proceedings upon approval of incorporation; commencement of corporate existence.
• 81-12-35 - Organization of mutual association; subscription by incorporators; bond; expense fund; organization meeting.
• 81-12-37 - Capital stock association; minimum required capital; paid-in surplus; determining and maintaining adequate net worth.
• 81-12-39 - Capital stock association; statement of compliance; issuance of certificate of authorization; organization meeting.
• 81-12-41 - Name of association; enjoining violations; penalty.
• 81-12-43 - Change of name or location of home office; hearing.
• 81-12-45 - Forfeiture of corporate existence; new corporations; extension of time within which to commence business.
• 81-12-47 - Insurance accounts; liquidation of noncomplying existing associations; false representation as to insurance; penalty; injunction.
• 81-12-49 - Powers of associations.
• 81-12-51 - Additional powers of capital stock associations.
• 81-12-53 - Conversion of association organized under state law into federal association.
• 81-12-55 - Conversion of federal association into association organized under state law.
• 81-12-57 - Conversion of association organized under state law or of federal association into capital stock association.
• 81-12-59 - Conversion of association organized under state law or of federal association into capital stock association; hearing on plan of conversion; notice; costs.
• 81-12-61 - Conversion of capital stock association organized under state law into federal association.
• 81-12-63 - Conversion prohibited; exceptions.
• 81-12-65 - Reorganization, merger and consolidation of associations.
• 81-12-66 - Ownership by holding company.
• 81-12-67 - Acquisition of controlling interest in capital stock association; certificate of approval; definitions; restrictions on ownership or control; reports; examinations.
• 81-12-69 - Termination of association; liquidation of assets; surrender of charter.
• 81-12-71 - Annual meeting of members of association; voting; quorum.
• 81-12-73 - Annual meeting of stockholders of capital stock associations; notice; voting; quorum.
• 81-12-75 - Membership fees prohibited.
• 81-12-77 - Inspection of books and records of association; confidential nature of certain books and records; access by members; procedure for members to communicate with other members with reference t
• 81-12-79 - Call reports.
• 81-12-81 - Board of directors to direct business of association; number and qualifications of members; oath; procedure for filling vacancies.
• 81-12-83 - Board of directors to manage business and exercise powers of capital stock association; election of members; term of office; qualifications; oath; vacancies.
• 81-12-85 - Bonding of association's officers, attorneys, employees, agents and directors.
• 81-12-87 - Fiduciary relationship of directors and officers; disclosure of personal interests; restrictions governing conduct; penalty.
• 81-12-89 - Deposit of association funds; approval by directors.
• 81-12-91 - Indemnification of director, officer or employee for expenses of action to which he is made a party by reason of his position.
• 81-12-93 - Management contracts.
• 81-12-95 - Records; minutes of meetings; business transactions.
• 81-12-97 - Records; branch offices; agents.
• 81-12-99 - Records; maintenance by means of data processing services.
• 81-12-101 - Records; forms and accounting principles; closing of books; description of assets.
• 81-12-103 - Records; overvaluation of assets.
• 81-12-105 - Records; real estate investments; appraisal.
• 81-12-107 - Records; loan and investment.
• 81-12-109 - Records; membership and stockholder.
• 81-12-111 - Records; reproduction by photostatic, photographic or microfilming process.
• 81-12-113 - Reserves.
• 81-12-115 - Savings liability of association to equal aggregate amount of savings accounts plus earnings; additions to accounts; responsibility of members for losses; assessment of accounts; declarati
• 81-12-117 - Savings accounts.
• 81-12-119 - Savings accounts; execution of contract by holder.
• 81-12-121 - Savings accounts; evidence of ownership.
• 81-12-123 - Savings accounts; lost or destroyed account books or certificates.
• 81-12-125 - Savings accounts; inducements to open.
• 81-12-127 - Savings accounts; adverse claims to accounts.
• 81-12-129 - Savings plans at educational institutions.
• 81-12-131 - Payroll savings plans.
• 81-12-133 - Attorneys authorized to make withdrawals; revocation of authority.
• 81-12-135 - Savings accounts issued to minors or persons under disability; payment of withdrawals; powers of parent or guardian; withdrawals on death of holder.
• 81-12-137 - Accounts in the name of two (2) or more persons.
• 81-12-139 - Accounts of administrators, executors, guardians, trustees, and other fiduciaries.
• 81-12-141 - Accounts of deceased nonresidents.
• 81-12-143 - Payments to successors without administration.
• 81-12-145 - Accounts payable at death.
• 81-12-147 - Savings accounts as legal investments and as security for bonds.
• 81-12-149 - Payment of earnings on savings accounts.
• 81-12-151 - Withdrawals by savings account holders.
• 81-12-153 - Redemptions.
• 81-12-155 - Securities in which associations may invest.
• 81-12-157 - Association may not invest in security or grant loan when liquid assets are less than five percent of savings liability.
• 81-12-159 - Loans and other investments in which associations may invest.
• 81-12-161 - Real estate loans to be written on approved loan plans.
• 81-12-163 - Borrower's right to select attorney and obtain insurance in connection with loan; rules and regulations governing fire, casualty and title insurance.
• 81-12-165 - Payment of expenses in connection with closing of loan; borrower to pay only his own attorney's fee; notice of right to select attorney; right of association to require title insurance.
• 81-12-167 - Late payment charges.
• 81-12-169 - Reinstatement of loan prior to foreclosure sale.
• 81-12-171 - Right of association to deal with successor in interest of real estate securing loan.
• 81-12-173 - Right to act to avoid loss.
• 81-12-175 - Branch offices.
• 81-12-176 - Branch offices; additional types of offices.
• 81-12-177 - Annual report; annual audit; additional reports and examinations; access to books and papers.
• 81-12-178 - Public availability of federal evaluations of banks.
• 81-12-179 - Order of discontinuance of violation; enforcement in chancery court.
• 81-12-181 - Appointment of conservator; powers and privileges; directors, officers and employees to remain; effect on deposits, withdrawals and loans.
• 81-12-183 - Appointment of receiver; powers of receiver; directors, officers and attorneys authorized to contest appointment; surrender of charter.
• 81-12-184 - Supervisory merger.
• 81-12-185 - Restrictions on appointment of conservator or receiver.
• 81-12-187 - Foreign associations; definition; conditions for doing business in state; injunction against foreign association doing business without approval.
• 81-12-189 - Foreign associations; activities of federal associations and certain foreign associations not constituting doing of business within state; subjectivity to suit.
• 81-12-191 - Federal associations domiciled in state.
• 81-12-193 - Fees.
• 81-12-195 - Offering and sale of savings accounts exempt from securities regulations.
• 81-12-197 - Acknowledgment or proof of written instrument in which association interested; membership or employee status of public officer taking as affecting validity.
• 81-12-199 - Untrue, false and malicious statements calculated to injure reputation or business of certain savings associations; penalty for making.
• 81-12-201 - Advertising for deposits prohibited; exception as to certain state and federal banks, credit unions and associations.
• 81-12-203 - Applicability of chapter to previously incorporated savings associations; enforceability of obligations of such associations.
• 81-12-205 - Appeal from final rule, regulation or order of commissioner or board.
• 81-12-207 - Solicitation of deposits by association or its representatives without complying with provisions of chapter; penalty.
• 81-12-209 - Repealed.
• 81-12-211 - Unsafe or unfair practice; notice of charges.
• 81-12-213 - Association in violation of provisions or cease and desist order; civil penalty.
• 81-12-215 - Director, officer or employee violation of provisions or cease and desist order; civil penalty.
• 81-12-217 - Commissioner to issue supervisory control for association.
• 81-12-219 - Appeal of cease and desist order.
• 81-12-221 - Reimbursement of fines or penalties.
• 81-12-223 - Cumulative fines and penalties.
• 81-12-225 - Credit allowed; discretion of commissioner.
• 81-12-227 - Amount of liability to association for loans.
• 81-12-229 - Commissioner to furnish copy of call reports; fee; failure or refusal; misdemeanor.

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