2016 Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 14 - Savings Bank Law
Article 2 - Incorporation and Organization
§ 81-14-67. Grounds for approval or denial of application

MS Code § 81-14-67 (2016) What's This?

(1) After consideration of the findings and recommendation of the commissioner and his oral testimony, if any, and the consideration of such other information and evidence, either written or oral, as has come before it at the public hearing, the board shall approve or disapprove the application within thirty (30) days after the public hearing. The board shall approve the application if it finds that the certificate of incorporation is in compliance with the provisions of this chapter and the rules or regulations promulgated thereunder.

(2) If the board approves the application, the commissioner shall so notify the Secretary of State with a certificate of approval, accompanied by the original of the certificate of incorporation and the two (2) copies.

(3) Upon receipt of the certificate of approval, the original of the certificate of incorporation, and the two (2) copies, the Secretary of State shall, upon the payment by the newly chartered savings bank of the appropriate organization tax and fees, file the certificate of incorporation. He shall certify under his official seal the two (2) copies of the certificate of incorporation, one (1) of which shall be forwarded to the incorporators or their representative, the other shall be forwarded to the office of the commissioner for filing. Upon the recordation of the certificate of incorporation by the Secretary of State, the savings bank shall be a body politic and corporate under the name stated in such certificate, and shall be authorized to begin the savings bank business when duly licensed by the commissioner.

(4) The said certificate of incorporation, or a copy thereof, duly certified by the Secretary of State, or by the register of deeds of the county where the savings bank is located, or by the commissioner, under their respective seals, shall be evidence in all courts, and shall, in all judicial proceedings, be deemed prima facie evidence of the complete organization and incorporation of the savings bank purporting thereby to have been established.

(5) After approval of the application, the commissioner shall supervise and monitor the organization process. He shall ensure that sufficient pledges for deposit accounts or subscriptions for capital stock, as well as insurance of deposit accounts, have been secured by the organizers.

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