MCA Chapter 69

in effect

Miss. Code Ann. § 75-69-1 Declaration of purpose.

It is the purpose of this chapter to encourage and to promote agriculture and agricultural production as the basis of the prosperity of all the people by assisting the availability for agricultural purposes, and for those engaged therein, of satisfactory credit facilities at a low rate of interest under the farmers cooperative system, as established in the laws of the United States by the provisions of the Federal Farm Loan Act, the Farm Credit Act of 1933, and acts amendatory of and supplementary to each of said acts.

Miss. Code Ann. § 75-69-3 Farm credit securities; security for all public funds.

Federal farm loan bonds issued by the federal land banks, debentures issued by federal intermediate credit banks, and debentures issued by banks for cooperatives pursuant to said acts (all of such bonds and debentures being hereinafter called farm credit securities) are hereby designated as security for every character of public funds, and especially for the purpose of securing deposits made in designated depositories, of funds of the State of Mississippi, and of funds of the various counties, municipalities, levee boards, supervisors districts, school districts, rural electrification associations and authority, or any other public or municipal subdivisions which may now or hereafter exist in the State of Mississippi. Existing laws as to the designation of proper depositories for public funds are in nowise hereby disturbed.

Miss. Code Ann. § 75-69-5 Purchase of farm credit securities by executors, trustees, administrators and guardians, etc.

All trustees, executors, guardians and other fiduciaries in this state (unless prohibited by the will, deed or trust instrument, or unless any such trust instrument prescribes other investments exclusively) and administrators may, in addition to investments otherwise authorized by law, invest all funds held in trust or for investment in farm credit securities without the necessity of any precedent order of the chancery court and no liability whatsoever shall be incurred by any such fiduciary in purchasing farm credit securities without a precedent order of court.

Miss. Code Ann. § 75-69-7 Insurance companies investing in farm credit securities.

Any insurance company, hospital service association or burial association organized under the laws of the State of Mississippi, or properly domesticated within this state, and permitted to do business herein, may purchase farm credit securities with its capital, provided that there shall not be invested at any one time, in said securities, more than twenty-five percent (25%) of the total assets of any such association or company; but any such company may invest its accumulated funds and its reserves in said securities at its pleasure and without limitation hereby; and a deposit of said securities by any such foreign company, under the provisions of any law of this state, shall be accepted by the State of Mississippi as a compliance with such provision.

Miss. Code Ann. § 75-69-9 State banks and trust companies investing in farm credit securities.

All banking corporations (including savings banks and trust companies), building and loan associations, credit unions, and finance companies, organized under the laws of the State of Mississippi, shall have power, each at its discretion, to invest its capital in farm credit securities to an amount not exceeding twenty-five percent (25%) thereof and to invest its surplus and undivided profits in said securities at its pleasure without limitation hereby.