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Mississippi Code Title 81. Banks and Financial Institutions § 81-3-7

Current as of January 01, 2025 | Updated by Findlaw Staff

The articles of incorporation of every banking corporation shall be signed and acknowledged before an officer authorized by the laws of this state to take acknowledgments and shall specify:

(a) The name assumed by such corporation which shall be in no material respect similar to the name of any other corporation organized under the laws of this state.

(b) The county and city, town or village where such corporation will be domiciled and conduct its business.

(c) The nature of its business, whether that of a commercial bank, savings bank, trust company or any combination thereof.

(d) That the amount of capital stock shall be divided into shares of not less than One Dollar ($1.00) each.

(e) The names and places of residence of the stockholders and the number of shares held by each of them.

(f) The period for which the corporation is organized which shall not exceed ninety-nine (99) years, but which may be renewed for additional periods of ninety-nine (99) years each, as set out in Section 81-3-15.

(g) The articles of incorporation shall be executed in triplicate, and after the proper incorporation fee has been paid, and the articles approved by the Secretary of State, the State Comptroller, the Attorney General and the Governor, one (1) copy shall be filed in the office of the Secretary of State and recorded there as required by law; one (1) copy in the office of the Department of Bank Supervision and one (1) copy filed for record in the office of the chancery clerk of the county in which the banking corporation is domiciled, and then returned to said banking corporation and kept in its files.

Every banking corporation shall adopt appropriate bylaws to govern its operation, which shall harmonize with the provisions of its articles of incorporation and the laws of the state. Every banking corporation shall designate a person to serve as president and a person to serve as cashier.

When the period of existence of a banking corporation heretofore created for a period of fifty (50) years shall expire, if such banking corporation shall continue to do business thereafter for a period of ninety (90) days, the same shall operate as an acceptance of an extension of the life of such banking corporation to a full period of ninety-nine (99) years from the date of the original charter thereof, and such banking corporation shall continue in existence as a de jure corporation as fully and completely as if the charter thereof had been thus amended prior to the end of the original period of fifty (50) years.

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Cite this article: FindLaw.com - Mississippi Code Title 81. Banks and Financial Institutions § 81-3-7 - last updated January 01, 2025 | https://codes.findlaw.com/ms/title-81-banks-and-financial-institutions/ms-code-sect-81-3-7/

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