As Amended
SEC. 79-5-13. Authority conferred on existing and future corporations; who may deal in bonds and securities of corporation.
Notwithstanding any rule at common law or provisions of any general or special law and in accordance with the provisions of their respective charters of domestic corporations, agreements of associations, articles of organization or trust indentures or amendments thereto, authority to amend existing corporate charters of domestic corporations, agreements of associations, articles of organization or trust indentures and to vest the following authorities in existing or future corporations is hereby expressly conferred:
(a) Any person, firm, partnership, associations, and all domestic corporations organized for the purpose of carrying on business within this state, including, without implied limitation, any public utility company as defined by sections 77-3-1 to 77-3-89, Mississippi Code of 1972, and any railroad, telegraph, or express company, and insurance and casualty companies and foreign corporations licensed to do business in the state, and all public trusts, are authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of any bonds, securities or other evidences of indebtedness created by, or the shares of the capital stock of, the corporation, and while owners of such stock may exercise all the rights, powers and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state;
(b) All financial institutions are authorized to become stockholders or members of the corporation, and to make loans to the corporation as provided herein;
(c) A financial institution which does not become a member of the corporation shall not be permitted to acquire any shares of the capital stock of the corporation, except when acquired in the ordinary course of business; and,
(d) Each financial institution which becomes a member of the corporation is hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of, any bonds, securities or other evidences of indebtedness created by, or the shares of the capital stock of the corporation, and while owners of such stock to exercise all the rights, powers and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state, provided, that the amount of the capital stock of the corporation which may be acquired by direct purchase by any member pursuant to the authority granted herein shall not exceed ten per cent (10%) of said member's loan limit as set forth in section 79-5-15 of this chapter. The amount of capital stock of the corporation which any member is authorized to acquire pursuant to the authority granted herein is in addition to the amount of capital stock in corporations which such member may otherwise be authorized to acquire.
SOURCES: Codes, 1942, Sec. 5390-07; Laws, 1960, ch. 186, Sec. 7, eff from and after passage (approved March 23, 1960).