No part of the stock of any bank except regional reserve banks shall be owned by a state bank. In cases where such stock is taken as collateral and the purchase thereof shall be necessary to prevent loss upon a debt previously contracted in good faith, then in such cases such stock shall be sold by the bank within twelve months from the time it was acquired, unless the consent of the state comptroller is obtained in writing extending such period. A violation of this section by any bank shall subject it to liquidation and forfeiture of charter.
Miss. Code Ann. § 81-5-21
Stock of other banks not to be owned
Applied in 1 court decision — leading case Renasant Bank v. St. Paul Mercury Insurance Co. (2017)
Most recently applied in Renasant Bank v. St. Paul Mercury Insurance Co. (February 2017)
Codes, 1942, § 5195; Laws, 1934, ch. 146; Laws, 1936, ch. 165.
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.