81-5-101 - Dissolution of solvent banks.
§ 81-5-101. Dissolution of solvent banks.
When the owners of two-thirds of the capital stock of any solvent corporation engaged in a banking business shall have determined and voted to dissolve the corporation, they shall proceed in the following manner, to-wit:
(a) The corporation shall advise the department of bank supervision by registered mail, over the signature of the board of directors of said corporation, of their intention to liquidate, accompanied by a certified copy of the minutes of the stockholders meeting authorizing the liquidation, and shall cause notice to be published once each week for three consecutive weeks in some newspaper published within the county in which the corporation is domiciled, giving the date of the proposed liquidation, and calling on all creditors and depositors to present for payment their claims against such corporation not later than sixty days after said date of liquidation. With said notice to the department of bank supervision the corporation shall file a detailed statement of its assets and liabilities.
(b) The stockholders of the corporation shall, by and with the approval of the state comptroller appoint a special agent who shall have charge of said liquidation and shall be responsible to the creditors and stockholders of such corporation and to the department of bank supervision for the proper liquidation of the affairs of the corporation. The special agent shall furnish bond to be approved by the state comptroller for the faithful performance of his duties as special agent and shall receive as salary not more than $200.00 per month out of the assets of the liquidating bank while actively engaged in the liquidation of the affairs of the bank and shall be at all times under the supervision of the department of bank supervision. The certificate of appointment of the special agent shall be filed in the office of the department of bank supervision, and a certified copy filed in the office of the chancery clerk of the county in which the bank is domiciled.
(c) Upon the date set for the liquidation of the bank as per published notice the special agent shall take charge and file with the department of bank supervision a sworn detailed statement of the assets and liabilities of the bank as shown by the books of the same, a certified copy to be filed in the office of the chancery clerk of said county. He shall proceed to pay in full as presented all claims of creditors and depositors and shown by the books of the bank and all claims which may be proven against the bank.
(d) A sufficient bond to be approved by the state comptroller in such amount as he may require shall be furnished by the stockholders of the bank made and conditioned to insure the payment of all liabilities as shown by the books of the bank and all proven claims against the bank. The said bond shall be filed in the office of the department of bank supervision. Suit may be brought upon this bond by any creditor claimant, and such suit shall be filed in the chancery court of the county in which the corporation is domiciled. No suit may be brought upon such bond except within four months after date of liquidation as provided in paragraph (a) of this section. When any such suit shall be brought on said bond, notice shall be given by publication in a newspaper published in the county of the domicile of the bank, requiring all creditors and claimants to intervene in order to determine in one proceeding all claims of creditors.
(e) At the expiration of sixty days from the date of the liquidation as provided in paragraph (a) of this section, the special agent shall file with the department of bank supervision a detailed report of all his proceedings, collections and disbursements and list of all assets remaining and of all liabilities still unpaid or unclaimed, a certified copy of which shall be filed in the office of the chancery clerk of the county. A list of all unclaimed deposits or creditors as shown by the books together with the amounts due them, shall be delivered in cash, to the department of bank supervision to be deposited by the state comptroller in some bank subject to their order for payment upon presentation of claims by said depositors or creditors. The remaining assets of the bank may be distributed among the stockholders, provided the stockholders shall make sufficient bond approved by the state comptroller in amounts of the capital, surplus and undivided profits of the banks, payable to the State of Mississippi, said bond to expire four months from the date of liquidation as provided in paragraph (a) of this section, if no claim or suit has been filed against such bond. At the expiration of this bond the state comptroller shall give notice by publication for three consecutive weeks in some local or county newspaper of the expiration of said bond, and the said bond shall be relieved from further liability, and the stockholders of the corporation shall be relieved from further liability as stockholders of such corporation.
Sources: Codes, 1942, § 5225; Laws, 1934, ch. 146.