SEC. 81-11-93. Restrictions on transactions in shares, deposits, and the like of associations under jurisdiction of conservator.
Unless otherwise provided in this section, or sections 81-11-5, 81-11-81 or 81-11-91, no holder or owner of any shares or stock shares, preferred or otherwise, of any association under the jurisdiction of the conservator appointed pursuant to section 81-11-91 may, without prior approval of the conservator, for less than face value, sell, pledge, hypothecate, assign, exchange, or in any way transfer any such share, shares, stock share, or stock shares held in such association. Any agreement so to do during such period shall be absolutely void.
Unless otherwise provided in this section, or sections 81-11-5, 81-11-81 or 81-11-91, no depositor or any holder of any deposits, savings, or certificates of deposit in or of any association under the jurisdiction of the conservator appointed pursuant to section 81-11-91 may sell, pledge, hypothecate, assign, exchange, or in any way transfer such deposit, deposits, savings, or certificates of deposit in any such association for less than face value without prior approval of the conservator, and any agreement so to do during such period shall be absolutely void.
The provisions of this section shall not apply to sales under execution, judicial sales, or any sales made from the estate of a decedent or a bankrupt, nor to transfers incident to mergers, consolidations, or liquidations contemplated by sections 81-11-5, 81-11-81, or 81-11-91 to 81-11-95.
A depositor or a holder of any deposits, savings, or certificates of deposit in or of any such association under the jurisdiction of the conservator appointed pursuant to section 81-11-91 may pledge or hypothecate any such deposit, deposits, savings, or certificates of deposit at face value or less as security for a bona fide loan with a bank whose accounts are insured by the Federal Deposit Insurance Corporation or a savings and loan association which is insured by the Federal Savings and Loan Insurance Corporation without the prior approval of the conservator.
SOURCES: Laws, 1976, 1st Ex Sess, ch. 4, Sec. 5, eff from and after June 20, 1976.
1997 Amendment:
SECTION 13. Section 81-11-93, Mississippi Code of 1972, which places restrictions on transactions in shares, deposits and the like of saving associations under the jurisdiction of a conservator, is hereby repealed.
SOURCE: 1997 Laws, Chapter 542, Sec. 13, SB2470, Effective AP-April 10, 1997.