Mississippi Legislature

1998 Regular Session

House Bill 1278

[Introduced] [Committee Substitute] [Passed House] [Sent to Governor]

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History of Actions

Background

Title

Description: Multistate Trust Institutions Act and State Trust Institution Charter Modernization Act; create.

History of Actions:

101/19/98(H)Referred To Banks and Banking
201/29/98(H)Title Suff Do Pass Comm Sub
302/05/98(H)Committee Substitute Adopted
402/05/98(H)Amended
502/05/98(H)Passed As Amended
602/10/98(H)Transmitted To Senate
702/13/98(S)Referred To Business and Financial Institutions
802/26/98(S)Title Suff Do Pass
903/04/98(S)Passed
1003/05/98(S)Transmitted To House
1103/12/98(H)Enrolled Bill Signed
1203/17/98(S)Enrolled Bill Signed
1303/23/98Approved by Governor

Background Information:

Effective dateJuly 1, 1998
DispositionLaw
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredYes
Chapter number437

House Committee:

Senate Committee:

Principal Author: Guice

Title: AN ACT TO CREATE THE "MULTISTATE TRUST INSTITUTIONS ACT," WHICH ALLOWS BANKS TO ENGAGE IN A TRUST BUSINESS ON AN INTERSTATE AND INTERNATIONAL BASIS; TO PROVIDE THAT THE ACT SHALL BE ADMINISTERED BY THE COMMISSIONER OF BANKING AND CONSUMER FINANCE; TO SPECIFY THE COMPANIES THAT ARE AUTHORIZED TO ACT AS A FIDUCIARY, AND TO SPECIFY THE ACTIVITIES THAT DO NOT REQUIRE A CHARTER UNDER THE ACT; TO AUTHORIZE THE ESTABLISHMENT OF STATE TRUST INSTITUTION OFFICES AND OUT-OF-STATE TRUST INSTITUTION OFFICES; TO CREATE THE "STATE TRUST INSTITUTION CHARTER MODERNIZATION ACT," WHICH STRENGTHENS AND MODERNIZES THE LAWS GOVERNING BANK TRUST DEPARTMENTS, TRUST COMPANIES AND OTHER CORPORATE FIDUCIARIES AND PROVIDES AUTHORITY FOR NEW TRUST COMPANIES; TO PRESCRIBE THE ORGANIZATION AND POWERS OF A STATE TRUST COMPANY; TO AUTHORIZE THE ESTABLISHMENT OF PRIVATE TRUST COMPANIES; TO PRESCRIBE THE TYPES OF INVESTMENTS THAT ARE ALLOWED FOR A STATE TRUST COMPANY; TO PRESCRIBE CERTAIN REQUIREMENTS REGARDING LOANS AND TRUST DEPOSITS BY A STATE TRUST COMPANY; TO PROVIDE THE CONDITIONS UNDER WHICH A TRUST COMPANY MAY TRANSFER OWNERSHIP; TO PROVIDE FOR CORPORATE GOVERNANCE OF A TRUST COMPANY; TO PROVIDE FOR TRUST COMPANY SUPERVISION, EXAMINATION, ENFORCEMENT ORDERS AND MANAGEMENT; TO PROVIDE PROCEDURES FOR VOLUNTARY LIQUIDATION AND INVOLUNTARY DISSOLUTION AND LIQUIDATION OF TRUST COMPANIES; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 05/05/98 at 08:45.



End Of Document

1998/History/HB\HB1278.htm