2016 Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 14 - Savings Bank Law
Article 2 - Incorporation and Organization
§ 81-14-57. Application to organize savings bank

MS Code § 81-14-57 (2016) What's This?

(1) Any five (5) or more natural persons (hereinafter referred to as "incorporators"), a majority of whom shall be domiciled in this state, may make application to organize a savings bank in order to promote the purpose of this chapter. The incorporators shall file with the commissioner a preliminary application to organize a state savings bank in the form to be prescribed by the commissioner, together with the proper nonrefundable application fee.

(2) The application to organize a state savings bank shall be received by the commissioner not less than sixty (60) days prior to the scheduled consideration of the application by the board, and it shall contain:

(a) The original and two (2) copies of the certificate of incorporation, signed by a majority of the original incorporators, which shall not be less than five (5), and properly acknowledged by a person duly authorized by this state to take proof of acknowledgment of deeds;

(b) The names and addresses of the incorporators and the initial members of the board of directors;

(c) Statements of the anticipated receipts, expenditures, earnings and financial condition of the savings bank for its first three (3) years of operation, or such longer period as the commissioner may require;

(d) A showing satisfactory to the board that:

(i) The public convenience and advantage will be served by the establishment of the proposed savings bank;

(ii) There is a reasonable demand and necessity in the community which will be served by the establishment of the proposed savings bank;

(iii) The proposed savings bank will have a reasonable probability of sustaining profitable and beneficial operations within a reasonable time in the community in which the proposed savings bank intends to locate;

(iv) The proposed savings bank will promote healthy and effective competition in the community by the delivery to the public of savings institution services;

(e) The proposed bylaws;

(f) Statements, exhibits, maps and other data which may be prescribed or required by the commissioner, which data shall be sufficiently detailed so as to enable the commissioner to pass upon the criteria set forth in this article.

(3) The application shall be signed by a majority of the original incorporators, which shall not be less than five (5), and shall be properly acknowledged by a person duly authorized by this state to take proof and acknowledgment of deeds.

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