SEC. 81-14-113. Merger of savings banks where ownership is converted.

(1) Any two (2) or more state mutual savings banks may merge to form a single state stock savings bank in separate merger-conversion proceedings or in simultaneous merger-conversion proceedings.

(2) Any two (2) or more state stock savings banks may merge to form a single state mutual savings bank in separate merger-conversion proceedings or in simultaneous merger-conversion proceedings.

(3) The commissioner may promulgate rules and regulations to facilitate the transition from two (2) or more savings banks to a single savings bank under a new form of ownership.

SOURCES: Laws, 1992, ch. 489, Sec. 32, eff from and after passage (approved May 8, 1992).

1997 Amendment

 SECTION 32. Section 81-14-113, Mississippi Code of 1972, is reenacted as follows:

 81-14-113. (1) Any two (2) or more state mutual savings banks may merge to form a single state stock savings bank in separate merger-conversion proceedings or in simultaneous merger-conversion proceedings.

 (2) Any two (2) or more state stock savings banks may merge to form a single state mutual savings bank in separate merger-conversion proceedings or in simultaneous merger-conversion proceedings.

 (3) The commissioner may promulgate rules and regulations to facilitate the transition from two (2) or more savings banks to a single savings bank under a new form of ownership.

SOURCE: 1997 Laws, Chapter 364, Sec. 32, HB389, Effective July 1, 1997.