No savings bank, or subsidiary thereof, may accept its own capital stock or its own mutual capital certificates as security for any loan made by such savings bank. Further, no loans of any type shall be made, either directly or indirectly, for purposes relating to its own stock.
Miss. Code Ann. § 81-14-305
Prohibited security
Known as the Savings Bank Law
The act spans §§ 81–81 (108 sections).
Laws, 1992, ch. 489, § 75; reenacted without change, Laws, 1997, ch. 364, § 77; reenacted without change, Laws, 2001, ch. 457, § 77, eff from and after July 1, 2001.
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.