79-15-101 - Certificate of authority; necessity of; what constitutes not transacting business.
§ 79-15-101. Certificate of authority; necessity of; what constitutes not transacting business.
No foreign investment trust shall have the right to transact business in this state until it shall have procured a certificate of authority so to do from the secretary of state. No foreign investment trust shall be entitled to procure a certificate of authority under Sections 79-15-101 through 79-15-139 to transact in this state any business which an investment trust organized under the Mississippi Investment Trust Law is not permitted to transact. A foreign investment trust shall not be denied a certificate of authority by reason of the fact that the laws of the state or country under which such foreign investment trust is organized governing its organization and internal affairs differ from the laws of this state, and nothing contained in Sections 79-15-101 through 79-15-139 shall be construed to authorize this state to regulate the organization or the internal affairs of such foreign investment trust.
Without excluding other activities which may not constitute transacting business in this state, a foreign investment trust shall not be considered to be transacting business in this state, for the purposes of Sections 79-15-101 through 79-15-139, by reason of carrying on in this state any one (1) or more of the following activities:
(a) Maintaining or defending any action or suit or any administrative or arbitration proceeding, or effecting the settlement thereof or the settlement of claims or disputes.
(b) Maintaining bank accounts.
(c) Maintaining offices or agencies for the transfer, exchange and registration of its securities, or appointing and maintaining trustees or depositaries with relation to its securities.
(d) Soliciting or procuring orders, whether by mail or through employees or agents or otherwise, where such orders require acceptance without this state before becoming binding contracts.
(e) Transacting any business in interstate commerce.
(f) Conducting an isolated transaction completed within a period of thirty (30) days and not in the course of a number of repeated transactions of like nature.
(g) Investing in or acquiring, in transactions outside of Mississippi, royalties and other non-operating mineral interests, and the execution of division orders, contracts of sale and other instruments incidental to the ownership of such non-operating mineral interests.
Sources: Laws, 1978, ch. 463, § 2, eff from and after July 1, 1978.