Mississippi Legislature

1998 Regular Session

Senate Bill 2855

[Introduced] [Committee Substitute] [Passed Senate]

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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(S)Referred To Business and Financial Institutions
202/02/98(S)Title Suff Do Pass Comm Sub
302/04/98(S)Committee Substitute Adopted
402/04/98(S)Passed
502/06/98(S)Transmitted To House
602/10/98(H)Referred To Banks and Banking
703/03/98(H)Died In Committee

Background Information:

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

Senate Committee:

House Committee:

Principal Author: Woodfield

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 03/03/98 at 17:00.



End Of Document

1998/History/SB\SB2855.htm