81-15-7 - Number of incorporators required; general provisions.
§ 81-15-7. Number of incorporators required; general provisions.
Five or more natural persons may unite to form an agricultural credit corporation, the capital stock of which shall be paid in cash and shall not be for less amount than $10,000.00.
Any one or more state banks, any one or more national banks, or any one or more state and national banks may form, or unite to form, an agricultural credit corporation under the provisions hereof as a separate and distinct crediting institution. The capital stock of any such corporation shall not be for a less amount than $10,000.00, which must be paid up in cash. Any bank desiring to form an agricultural credit corporation, or any bank desiring to subscribe to stock in any agricultural credit corporation formed under the provisions hereof is hereby authorized and empowered to subscribe for any such stock, using any money that may be available, and not required by the banking law to be set aside for surplus account, to pay therefor; and for the same purpose, any bank organized under the laws of Mississippi is hereby authorized and empowered to borrow money.
No organization formed under the provisions hereof shall be subject to the control, management, or supervision of the department of bank supervision.
The directors of any national farm loan association chartered under the provisions of the Federal Farm Loan Act and doing business in this state may organize an agricultural credit cooperative association on an accumulative capital stock plan similar to the method provided for national farm loan associations in the Federal Farm Loan Act, and do business with the members of said national farm loan association, or with other qualified persons. The directors of said association shall hold office until the first annual meeting, when the directors shall be elected by the members from among their number.
Ten or more persons engaged in producing, or producing and marketing, staple agricultural products, or live stock, may unite to form an agricultural credit cooperative association, with or without capital stock, and, if with capital stock, either on the paid up cash plan or on an accumulative plan, said capital stock increasing with and in the proportion as its loans increase, as provided by the bylaws.
Any agricultural credit cooperative association organized hereunder may provide that capital stock shall be paid in cash or that it may be payable out of the loan when made by said association to a member.
Sources: Codes, 1930, § 6483; 1942, § 4925; Laws, 1924, ch. 272.