81-5-31 - Voting trusts prohibited. - Mississippi Statutes

§ 81-5-31. Voting trusts prohibited.
 

The transfer of any part of the stock of a state bank to trustees solely or primarily that they may vote the same at annual elections and stockholders' meetings - "voting trusts" as they are generally known - is expressly prohibited. A violation of this section by any bank or banks shall constitute a breach of law, and subject any such bank or banks to liquidation and forfeiture of their respective charters; provided, however, that this section shall not apply to any stock owned by an agency of the federal government. 
 

Sources: Codes, 1942, § 5197; Laws,  1934, ch. 146; Laws, 1966, ch. 248, § 1, eff from and after passage (approved April 11, 1966).