81-5-29 - Corporations may be formed to purchase, hold and own bank assets. - Mississippi Statutes

§ 81-5-29. Corporations may be formed to purchase, hold and own bank assets.
 

Corporations may be formed to purchase, hold and own bank assets. By and with the consent and approval of the state comptroller, corporations may be formed in this state for the purpose of purchasing, holding, owning, dealing in, lending on and borrowing on assets of banks, either open or in liquidation. By and with the consent and approval of the state comptroller, banks and receivers of banks may purchase any stock issued by such corporations, which shall have all the general corporate powers of corporations created under the general corporation laws of this state. By and with the consent and approval of the state comptroller, banks may purchase and deal in any obligations of indebtedness issued by such corporations. In addition to general power to issue stock and borrow money such corporation shall have specific power to issue stocks, common or preferred, to all agencies of the federal government, and to borrow money from and pledge assets to all such agencies. The state comptroller shall have general supervision of the organization, operation and business of such corporation, and may issue and enforce regulations with reference thereto. The name of all such corporations shall include the words "bank securities corporation." 
 

Sources: Codes, 1942, § 5196; Laws,  1934, ch. 146; Laws, 1966, ch. 247, § 1, eff from and after passage (approved May 6, 1966).