81-3-9 - Number of directors; payment for capital stock; increases in authorized but unissued capital stock. - Mississippi Statutes

§ 81-3-9. Number of directors; payment for capital stock; increases in authorized but unissued capital stock.
 

Every banking corporation shall have at least five (5) directors, and before transacting any business its entire capital stock shall be paid in full in cash except as herein otherwise provided. 
 

Any banking corporation, with the approval of the state comptroller, by amendment to its articles of incorporation approved by the affirmative vote of stockholders owning two-thirds (2/3) of the capital stock of the banking corporation entitled to vote, at a meeting setting forth the purpose thereof, may authorize an increase in the capital stock of the banking corporation in the category of authorized but unissued capital stock, either with or without preemptive rights, provided that the total authorized amount of such authorized but unissued capital stock shall not exceed fifteen percent (15%) of the amount issued and outstanding capital stock of such banking corporation entitled to vote on the amendment authorizing such authorized but unissued capital stock. Authorized but unissued capital stock may be issued, from time to time, as stock dividends or for such other purposes and considerations as may be approved by the stockholders, the board of directors of the banking corporation and by the state comptroller. 
 

Sources: Codes, 1942, § 5158; Laws,  1934, ch. 146; Laws, 1979, ch. 407, eff from and after July 1, 1979.