Application of laws relating to general business corporations

1. Law
2. Mississippi Code
3. Banks and Financial Institutions
4. Multistate, State and Limited Liability Trust Institutions
5. State Trust Company
6. Organization; General
7. Application of laws relating to general business corporations

The Mississippi Business Corporation Act applies to a trust company to the extent not inconsistent with this chapter or the proper business of a trust company, except that:

1. A reference to the Secretary of State means the commissioner unless the context requires otherwise; and
2. The right of shareholders or participants to cumulative voting in the election of directors or managers exists only if granted by the state trust company's articles of association.

Unless expressly authorized by this chapter or a rule or regulation of the commissioner, a trust company may not take an action authorized by the Mississippi Business Corporation Act regarding its corporate status, capital structure, or a matter of corporate governance, of the type for which the Mississippi Business Corporation Act would require a filing with the Secretary of State if the trust company were a business corporation, without first submitting the filing to the commissioner for the same purposes for which it otherwise would be required to be submitted to the Secretary of State.

The commissioner may adopt rules or regulations to limit or refine the applicability of subsection (a) of this section to a trust company or to alter or supplement the procedures and requirements of the Mississippi Business Corporation Act applicable to an action taken under this article.

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