SEC. 81-5-31. Voting trusts prohibited.
The transfer of any part of the stock of a state bank to trustees solely or primarily that they may vote the same at annual elections and stockholders' meetings-"voting trusts" as they are generally known-is expressly prohibited. A violation of this section by any bank or banks shall constitute a breach of law, and subject any such bank or banks to liquidation and forfeiture of their respective charters; provided, however, that this section shall not apply to any stock owned by an agency of the federal government.
SOURCES: Codes, 1942, Sec. 5197; Laws, 1934, ch. 146; 1966, ch. 248, Sec. 1, eff from and after passage (approved April 11, 1966).