Dissolution

  1. Law
  2. Mississippi Code
  3. Banks and Financial Institutions
  4. Multistate, State and Limited Liability Trust Institutions
  5. Additional Definitions; Ownership; Governance; Mergers
  6. Special Provisions for Limited Liability Trust Companies
  7. Dissolution

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A limited liability trust company organized under this article is dissolved on:

  1. The expiration of the period fixed for the duration of the limited liability trust company;
  2. A vote to dissolve or the execution of a written consent to dissolve by all full liability participants, if any, and a sufficient number of other participants that combined with all full liability participants hold at least two-thirds (2/3) of the participation shares in each class in the association, or a greater fraction as provided by the articles of association;
  3. Except as provided by the articles of association, the death, adjudication of incompentence, expulsion, bankruptcy, retirement, or resignation of a participant unless a majority in interest of all remaining participants elect in writing not later than the ninetieth day after the date of the event to continue the business of the association; or
  4. The occurrence of an event of dissolution specified in the articles of association.

A dissolution under this section is considered to be the initiation of a voluntary liquidation under Subarticle B of Article 7 of this chapter.

An event of dissolution described by subsection (a)(3) of this section does not cancel or revoke a contract to which the state trust company is a party, including a trust indenture or agreement or voluntary dissolution under Subarticle B of Article 7 of this chapter, until the period for the remaining participants to continue the business of the state trust company has expired without the remaining participants having completed the necessary action to continue the business of the state trust company.


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