Ask Reggi Your Question Now
Can you summarize 81 MSCO Chapter 5?
Banks and Financial Institutions > General Provisions Relating to Banks and Banking
Short Summary
This legal document contains general regulations related to banks and banking in Mississippi. It governs various entities including banking corporations, executive officers of banking corporations, the Commissioner of Banking and Consumer Finance, state banking corporations, board of directors of banking corporations, state banks, state-chartered banks, and Mississippi chartered or domiciled banks. The document prohibits banking corporations from participating in underwriting syndicates, except for bonds issued by governmental agencies. It also prohibits executive officers of banking corporations from owning stock in private banking houses engaged in underwriting securities. The Commissioner of Banking and Consumer Finance is authorized to promulgate rules and regulations regarding withdrawals of deposits and can declare bank holidays in emergencies. State banking corporations are prohibited from making loans to governmental agencies unless in compliance with legal enactments and regulations. They are also prohibited from transferring funds between accounts without proper authorization and from discounting public certificates and warrants. The board of directors of banking corporations can require employees to file financial statements. Banks have certain obligations regarding check payments and can purchase securities for customers. State banks can utilize automatic data processing computers and related equipment. State-chartered banks have rights and powers similar to national banks. Mississippi chartered or domiciled banks can offer open-end credit accounts at rates and fees permissible in other states. The document also includes historical amendments and cross-references to related laws and regulations. All the provisions of law relating to private corporations operating in this state which are not inconsistent with this chapter or Chapters 1 and 3 of Title 81, Mississippi Code of 1972, or with the proper business of depository institutions, shall be applicable to all state banks. Additionally, the document provides provisions for the liability of directors and officers of banks or bank holding companies, stating that they will not be held personally liable for monetary damages unless they acted in a grossly negligent manner or engaged in intentional tortious conduct, intentional breach of duty of loyalty, or intentional commission of corporate waste. The document also provides protection to directors in relying on information and opinions presented to them in good faith. However, these provisions do not affect the application of common law or any other statute relating to the duties of officers and directors of other corporate entities.
Whom does it apply to?
Banking corporations, executive officers of banking corporations, the Commissioner of Banking and Consumer Finance, state banking corporations, board of directors of banking corporations, state banks, state-chartered banks, and Mississippi chartered or domiciled banks
What does it govern?
General regulations related to banks and banking in Mississippi
What are exemptions?
No specific exemptions are mentioned in this document
What are the Penalties?
No penalties are mentioned in this document
Jurisdiction
Mississippi