83-30-59 - Injunction - liquidation - receivership of domestic society. - Mississippi Statutes

§ 83-30-59. Injunction - liquidation - receivership of domestic society.
 

(1)  When the commissioner upon investigation finds that a domestic society: 

(a) Has exceeded its powers; 

(b) Has failed to comply with any provision of this chapter; 

(c) Is not fulfilling its contracts in good faith; 

(d) Has a membership of less than four hundred (400) after an existence of one (1) year or more; or 

(e) Is conducting business fraudulently or in a manner hazardous to its members, creditors or the public; 
 

the commissioner shall notify the society of such deficiency or deficiencies and state in writing the reasons for his or her dissatisfaction. The commissioner shall simultaneously issue a written notice to the society requiring that the deficiency or deficiencies which exist be corrected. After such notice the society shall have a thirty-day period in which to comply with the commissioner's request for correction, and if the society fails to comply, the commissioner shall take such action as is necessary and appropriate under Chapter 24 of Title 83. 

(2)  The commissioner may take such action as is necessary and appropriate under this section as respects a domestic society which shall voluntarily determine to discontinue business. 
 

Sources: Laws, 2001, ch. 362, § 30, eff from and after July 1, 2001.