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Can you summarize 81 MSCO Chapter 9?
Banks and Financial Institutions > Insolvent Banks
Short Summary
The legal documents provided cover a wide range of topics related to insolvent banks in Mississippi. They govern the restoration of impaired capital stock, transfers made in contemplation of insolvency, the process of closing insolvent banks, the conservation of assets and title, the sale of assets, the reopening of closed banks, the limitation on the custodial period, the appointment of a receiver, the surrender of assets, the bond requirements and compensation for directors, the appointment of the Federal Deposit Insurance Corporation as a receiver, the priority of claims for payment, the liquidation process of solvent banks, the depositors’ liquidation, the formation of a liquidating corporation, the exercise of discretion, the sale of assets by a liquidating corporation, the double liability of stockholders, and the compensation and expenses of receivers and attorneys. These documents apply to banks, stockholders, state comptroller of banks, depositors, creditors, receivers, directors, liquidating corporations, and individuals or entities involved in transactions with insolvent banks. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks in Mississippi, stockholders, state comptroller of banks, depositors, creditors, receivers, directors, liquidating corporations, and individuals or entities involved in transactions with insolvent banks.
What does it govern?
The restoration of impaired capital stock of banks in Mississippi, transfers made by banks and other acts in contemplation of insolvency, the process of closing insolvent banks, the conservation of assets and title in the context of insolvent banks, the sale of assets of insolvent banks, the reopening of closed banks under certain conditions, the limitation on the custodial period for closed banks, the appointment of a receiver for insolvent banks, the surrender of assets to a receiver, the bond requirements and compensation for directors of insolvent banks, the appointment of the Federal Deposit Insurance Corporation or similar corporation as a receiver for insolvent banks, the priority of claims for payment against insolvent banks during liquidation or upon execution of a purchase of assets and assumption of liabilities, the liquidation process of solvent banks, the depositors' liquidation of insolvent banks, the formation of a liquidating corporation, the exercise of discretion by a corporation being liquidated without court approval, the sale of assets of insolvent banks by a liquidating corporation to an active and operating bank, the double liability of stockholders in insolvent banks, and the compensation and expenses of receivers and attorneys involved in the receivership of insolvent banks.
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Mississippi