Each savings bank shall maintain an adequate net worth appropriate for the conduct of its business and the protection of its savings account holders. The net worth adequacy of a savings bank shall be determined by the commissioner on a regular basis, but not less than one (1) time per year after evaluating the character of management, the quality of assets, history of earnings and the retention thereof, the potential volatility of the deposit structure and the institution’s capacity to furnish the broadest service to the public. A written report of such finding and determination shall be made and filed by the commissioner.
Miss. Code Ann. § 81-14-355
Net worth maintenance requirement
Known as the Savings Bank Law
The act spans §§ 81–81 (108 sections).
Laws, 1992, ch. 489, § 86; reenacted without change, Laws, 1997, ch. 364, § 88; reenacted without change, Laws, 2001, ch. 457, § 88, 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.