(a) A state trust company may acquire its own shares or participation shares if: (1) The amount of its undivided profits is sufficient to fully absorb the acquisition of the shares or participation shares under regulatory accounting principles; or(2) The state trust company obtains the prior written approval of the commissioner.(b) A state trust company may acquire a lien upon its own shares or participation shares if: (1) The aggregate amount of indebtedness so secured is less than the amount of the state trust company's undivided profits; or(2) The state trust company obtains the prior written approval of the commissioner.(c) Except with the prior written approval of the commissioner:(1) The state trust company may not hold its own shares or participation shares as treasury stock for more than two (2) years; and(2) A lien acquired under this section may not by its original terms extend for more than two (2) years. Laws, 1998, ch. 437, § 1, eff. 7/1/1998.
Mississippi Legal Code