81-5-28 - Bank holding companies; definitions; control of banks.
§ 81-5-28. Bank holding companies; definitions; control of banks.
(1) As used in this section, unless the context clearly requires otherwise:
(a) "Bank" means any company that accepts deposits in Mississippi that are insured under the provisions of the Federal Deposit Insurance Act, 12 U.S.C. 1811 et seq., as amended; provided, however, that the term "bank" shall not include a company engaged solely in the trust business, all or substantially all of the deposits of which are in trust funds and are received in a bona fide fiduciary capacity.
(b) "Bank holding company" means any company which is a bank holding company under the provisions of the Federal Bank Holding Company Act of 1956, 12 U.S.C. 1841 et seq., as amended.
(c) "Company" has the meaning assigned in Section 2(b) of the Federal Bank Holding Company Act of 1956, 12 U.S.C. 1841(b), as amended.
(d) "Control" has the meaning assigned in Sections 2(a)(2) and (3) of the Federal Bank Holding Company Act of 1956, 12 U.S.C. 1841(a)(2) and (3), as amended, except that the reference therein to "the board" shall be deemed to refer to the Mississippi Commissioner of Banking and Consumer Finance.
(2) No bank holding company shall control a bank unless the bank is a bank as defined in Section 2(c) of the Federal Bank Holding Company Act of 1956, 12 U.S.C. 1841(c), as amended.
(3) No company that is not a bank holding company shall control a bank.
(4) The Mississippi Commissioner of Banking and Consumer Finance shall have the power to enforce the prohibitions of this section by seeking to enjoin any violation, by issuing cease and desist orders, by imposing administrative fines or penalties, and by any other remedies that are provided by law.
Sources: Laws, 1985, ch. 329, eff from and after passage (approved March 15, 1985).