Mississippi § 81-5-49 - Interlocking directorates prohibited.
Full text of Mississippi Mississippi Code of 1972 Annotated § 81-5-49 — Interlocking directorates prohibited., with citation guidance and answers to common questions.
§ 81-5-49. Interlocking directorates prohibited.
No person shall be permitted to be a director in more than one bank serving the same incorporated town or city doing business in this state. Any person holding a directorship in violation of this section shall be guilty of a misdemeanor, and upon conviction shall be fined not more than $100.00 and be ineligible to hold a directorship in any state bank within two years therefrom. This section shall not apply to savings banks and trust companies operated in connection with commercial banks doing business in the same building.
Frequently Asked Questions About Mississippi § 81-5-49
What does Mississippi Code of 1972 Annotated § 81-5-49 cover?
Section 81-5-49 ("Interlocking directorates prohibited.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Mississippi § 81-5-49?
A common citation format is "Mississippi Code of 1972 Annotated § 81-5-49" (Mississippi). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 81-5-49 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Mississippi.