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Can you summarize MSCO 81-5-28?
General Provisions > Bank holding companies; definitions; control of banks.
Short Summary
This section of the Mississippi Code 1972 governs bank holding companies, their definitions, and the control of banks. It defines key terms such as ‘bank,’ ‘bank holding company,’ ‘company,’ and ‘control.’ According to the section, a bank holding company is any company that meets the definition under the Federal Bank Holding Company Act of 1956. The Mississippi Commissioner of Banking and Consumer Finance has the power to enforce the prohibition of bank holding companies controlling banks. The section also states that companies that are not bank holding companies cannot control a bank. The Commissioner has the authority to seek injunctions, issue cease and desist orders, impose administrative fines or penalties, and use other remedies provided by law to enforce these prohibitions. The section references relevant federal acts and provides cross-references to other sections of the Mississippi Code. Overall, this section establishes regulations and enforcement mechanisms to ensure proper control and governance of banks by bank holding companies in Mississippi.
Whom does it apply to?
Bank holding companies, banks
What does it govern?
Bank holding companies; definitions; control of banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Administrative fines or penalties
Jurisdiction
Mississippi