81-3-17 - Ownership by holding company.
§ 81-3-17. Ownership by holding company.
(1) Subject to the prohibitions provided in Section 81-5-28, Mississippi Code of 1972, but notwithstanding any other provision of law, any bank may simultaneously with its incorporation provide for its ownership by a holding company.
(2) Subject to the prohibitions provided in Section 81-5-28, Mississippi Code of 1972, but notwithstanding any other provision of law, any bank may reorganize its ownership to provide for ownership by a holding company upon adoption of a plan of reorganization by a favorable vote of not less than two-thirds (2/3) of the members of the board of directors of the bank and approval of such plan of reorganization by the holders of not less than a majority of the issued and outstanding shares of stock of the bank. The plan of reorganization shall provide that (a) the resulting ownership shall be vested in a Mississippi corporation; (b) all stockholders of the stock bank shall have the right to exchange shares; (c) the exchange of stock shall not be subject to state or federal income taxation; (d) stockholders not wishing to exchange shares shall be entitled to dissenters' rights as provided under Section 79-4-13.01 et seq., Mississippi Code of 1972; and (e) the plan of reorganization is fair and equitable to all stockholders.
Sources: Laws, 1997, ch. 542, § 10, eff from and after passage (approved April 10, 1997).