SEC. 81-14-115. Merger of mutual and stock savings banks.

(1) Any two (2) or more savings banks, when one or more is mutually owned and one or more is stock owned, may merge to form either a mutual or stock savings bank in separate conversion-merger proceedings and in simultaneous conversion-merger proceedings.

(2) The commissioner may promulgate rules and regulations to facilitate the merger of mutual and stock savings banks.

SOURCES: Laws, 1992, ch. 489, Sec. 33, eff from and after passage (approved May 8, 1992).

1997 Amendment

SECTION 33. Section 81-14-115, Mississippi Code of 1972, is reenacted as follows:

 81-14-115. (1) Any two (2) or more savings banks, when one or more is mutually owned and one or more is stock owned, may merge to form either a mutual or stock savings bank in separate conversion-merger proceedings and in simultaneous conversion-merger proceedings.

 (2) The commissioner may promulgate rules and regulations to facilitate the merger of mutual and stock savings banks.

SOURCE: 1997 Laws, Chapter 364, Sec. 33, HB389, Effective July 1, 1997.