Mississippi § 75-76-263 - Certain persons controlling ownership interest in publicly traded corporation subject to finding of suitability; reports required to be filed with commission.

§ 75-76-263. Certain persons controlling ownership interest in publicly traded corporation subject to finding of suitability; reports required to be filed with commission.

Each person who acquires, directly or indirectly, beneficial ownership of any voting security in a publicly traded corporation which is registered with the commission may be required to be found suitable if the commission has reason to believe that his acquisition of such ownership would otherwise be inconsistent with the declared policy of this state. Each person who, individually or in association with others, acquires, directly or indirectly, beneficial ownership of more than five percent (5%) of any class of voting securities of publicly traded corporation registered with the commission, and who is required to report such acquisition to the Securities and Exchange Commission pursuant to Section 13(d)(1), 13(g) or 16(a) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78m(d)(1), 78m(g) and 78p(a), respectively), shall file a copy of that report, and any amendments thereto, with the commission within ten (10) days after filing that report with the Securities and Exchange Commission. Each person who, individually or in association with others, acquires, directly or indirectly, the beneficial ownership of more than ten percent (10%) of any class of voting securities of a publicly traded corporation registered with the commission, and who is required to report the acquisition pursuant to Section 13(d)(1), 13(g) or 16(a) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78m(d)(1), 78m(g) and 78p(a), respectively), must be found suitable by the commission. A person who acquires beneficial ownership of any voting security in a publicly traded corporation created under the laws of a foreign country which is registered with the commission shall file such reports and is subject to such a finding of suitability as the commission may prescribe. Any person required by the commission or by this section to be found suitable shall: Apply for a finding of suitability within thirty (30) days after the executive director requests that he do so; and Together with the application, deposit with the State Tax Commission a sum of money which, in the opinion of the executive director, will be adequate to pay the anticipated costs and charges incurred in the investigation and processing of the application, and deposit such additional sums as are required by the executive director to pay final costs and charges. Any person required by the commission or this section to be found suitable by the commission shall not hold directly or indirectly the beneficial ownership of any voting security of a publicly traded corporation which is registered with the commission beyond that period of time prescribed by the commission. The violation of subsection (5) or (6) is a misdemeanor.