Mississippi § 81-27-5 - 103.

§ 81-27-5. 103.

Except as otherwise provided by this article or rules or regulations adopted under this article, a state trust company may acquire or establish a subsidiary to conduct any activity that may lawfully be conducted through the form of organization chosen for the subsidiary. A state trust company may not invest more than an amount equal to fifteen percent (15%) of its capital in a single subsidiary and may not invest an amount in excess of its restricted capital in all subsidiaries. The amount of a state trust company’s investment in a subsidiary is the total amount of the state trust company’s investment in equity or investment securities issued by its subsidiary and any loans and extensions of credit from the state trust company to its subsidiary. The commissioner may authorize investments in excess of these limitations on written application if the commissioner concludes that: The excess investment is not prohibited by other applicable law; and The safety and soundness of the requesting state trust company is not adversely affected. A state trust company that intends to acquire, establish, or perform new activities through a subsidiary shall submit a letter to the commissioner describing in detail the proposed activities of the subsidiary. The state trust company may acquire or establish a subsidiary or begin performing new activities in an existing subsidiary on the thirty-first day after the date the commissioner receives the state trust company’s letter, unless the commissioner specifies an earlier or later date. The commissioner may extend the thirty-day period of review on a determination that the state trust company’s letter raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust company may acquire or establish the subsidiary, or perform new activities in an existing subsidiary, only on prior written approval of the commissioner. A subsidiary of a state trust company is subject to regulation by the commissioner to the extent provided by this article or rules or regulations adopted under this article. In the absence of limiting rules or regulations, the commissioner may regulate a subsidiary as if it were a state trust company.