81-5-9 - Banks shall become members of the Federal Deposit Insurance Corporation.
§ 81-5-9. Banks shall become members of the Federal Deposit Insurance Corporation.
All banking corporations organized under the laws of the State of Mississippi shall become members of Federal Deposit Insurance Corporation or any other similar agency created by the laws of the United States to insure or guarantee deposits in banks. Such banks are empowered to enter into such contracts, incur such obligations and generally to do and perform all such acts and things as may be necessary or appropriate in order to take advantage of all memberships, grants, rights, or privileges which may at any time be available to banking institutions or their depositors, creditors, or stockholders by virtue of the act of Congress, and amendments thereto, providing for the establishment of Federal Deposit Insurance Corporation and the insurance of deposits in banks, or any other act, resolution or amendment passed by Congress to aid, regulate or safeguard banking institutions and their depositors, including any substitutions therefor; and banks are authorized to subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation.
Sources: Codes, 1942, § 5191; Laws, 1934, ch. 146; Laws, 1936, ch. 165; Laws, 1994, ch. 320, § 3, eff from and after July 1, 1994.