Investment Trusts

Miss. Code Ann. tit. 79, ch. 15
in effect

Miss. Code Ann. § 79-15-3 Definitions.

An “investment trust” is an express trust created by a written declaration of trust whereby three (3) or more trustees agree to hold and manage in trust property conveyed or to be conveyed to them as trustees for the benefit of such persons as may be or become holders of transferable certificates evidencing the beneficial interest in the trust estate. An investment trust organized in conformity with and by specific reference to this chapter is declared to be neither a general nor a limited partnership, even though the declaration of trust may contain provisions not expressly or by implication contained in this chapter, and even though one (1) or more of the trustees may be or become the holder of a certificate of beneficial interest in the investment trust of which he is trustee. A “foreign investment trust” is an investment trust for profit organized under laws other than the laws of this state for a purpose or purposes for which an investment trust may be organized under this chapter.

Miss. Code Ann. § 79-15-5 Organization.

An investment trust may be established by a declaration of trust, duly executed by three or more trustees, for any lawful purpose including, but not limited to, acquiring, managing, improving, leasing, dealing in, selling, or otherwise alienating, mortgaging, or otherwise encumbering, real and personal property of all kinds, and descriptions, including, dealing in, purchasing, holding, selling and exchanging stocks, bonds, mortgages, deeds of trust and other securities of all kinds and descriptions; receiving the income, dividends, rents, profits and returns therefrom, and investing same or distributing same to the beneficial owners of the trust in accordance with the terms of the declaration of trust. At all times during the existence of the investment trust, at least one of the trustees shall be a natural person and a resident of the State of Mississippi. The other trustees need not be natural persons or residents of this state unless the declaration of trust or bylaws so require. The declaration of trust or bylaws may provide other or additional qualifications for the trustees consistent with this chapter.

Miss. Code Ann. § 79-15-7 What declaration shall contain.

The declaration of trust of an investment trust shall contain: The name under which the trust shall conduct its business, which name shall include the words “investment trust” but shall not include the words “trust company.” An express statement that the trust is formed pursuant to this chapter, as now or hereafter amended, and that all provisions of the declaration of trust are subject to and intended to be construed in conformity with the provisions of this chapter, as now or hereafter amended. The post-office address of the principal office and place of business of the trust. The full name and post-office address of the initial trustees of the trust. The aggregate number of shares of beneficial interest which the trust shall have authority to issue, the unit value in dollars to be received by the trust for the issuance of each of such shares, and a statement that each share shall be equal in all respects to every other share. The manner of calling and conducting meetings of the holders of certificates of beneficial interest, and the mode or voting by proxy, provided that a meeting of the holders of certificates of beneficial interest shall be held at least annually. A requirement that the trustees shall keep accurate and complete books of account and shall keep minutes of the proceedings of the trustees and shall keep a record of the holders of certificates of beneficial interest, giving the names and addresses of all such holders and the number of shares held by each, which books and records shall be available for inspection by any holders of a certificate of beneficial interest, at the principal place of business during normal business hours, upon reasonable notice. Provided, that nothing in this chapter shall impair the power of any court of competent jurisdiction upon a proper showing to compel the production, for examination of the books and the records of account, minutes, and record of holders of certificates of beneficial interest, by any person who for cause shown is entitled to conduct such examination. The declaration of trust may contain any other terms and provisions deemed necessary or desirable for the purposes of the investment trust and consistent with this chapter.

Miss. Code Ann. § 79-15-9 Powers and liabilities of trustees.

The trustees shall hold the legal title to all property at any time belonging to the investment trust, and shall have complete control over the management, operation, disposition, investment and reinvestment of such property and complete control of the management of the business affairs of the investment trust. The trustees may, if so provided in the declaration of trust, elect one of their number as chairman and elect such other officers as may be provided in the declaration of trust. The trustees may designate one or more of their number to act for and on behalf of the trustees in the execution of deeds, notes and other written instruments. The trustees shall have such powers as to the investment and management of the trust estate as may be set out in the declaration of trust, without regard to the type of investments to which trustees generally are restricted by the provisions of Section 91-13-1, Mississippi Code of 1972, as now or hereafter amended, or by any other statute or rule of law or equity. Unless the declaration of trust shall so provide, it shall not be necessary for an investment trust or the trustees thereof to file an accounting with any court, except upon liquidation of the trust. Provided, however, that nothing in this chapter shall impair the power of any court of competent jurisdiction, upon a proper showing of cause, to compel an accounting by the trustees of an investment trust of all funds held by them in such capacity. Liability to third persons for any act, omission, or obligation of an investment trust or of a trustee of an investment trust, when acting in such capacity, shall extend to the whole of the trust estate or to so much thereof as may be necessary to discharge such liability, but no trustee shall be personally or individually liable to third persons for any such act, omission, or obligation, unless such trustee with respect to such act, omission, or obligation engaged in intentional fraud or other unlawful conduct prohibited by statute.

Miss. Code Ann. § 79-15-11 Certificates of beneficial interest.

The beneficial ownership of an investment trust shall be evidenced by certificates issued by the trustees in units of value to be provided by the trust instrument. No investment trust shall issue certificates of beneficial interest except for money, labor done, or services rendered or property actually received for the use and lawful purposes of the investment trust. Any investment trust may purchase any property authorized by its declaration of trust, or necessary for the use and lawful purposes of such investment trust, and may issue certificates of beneficial interest to the amount of the value thereof in payment therefor. Any certificate of beneficial interest issued in compliance with this section shall be fully paid, and the holder thereof shall not be liable to any further call or for any further payment. No assessment shall be made against the interest of any holder of such fully paid certificates. In the absence of fraud in the transaction, the judgment of the trustees as to the value of labor done or services performed or property purchased shall be conclusive. For the purpose of determining whether certificates of beneficial interest of any investment trust are fully paid and not liable to any further call, no deduction shall be made in computing the amount of consideration received by such investment trust for such certificates of beneficial interest, for such reasonable compensation or discount in the sale, underwriting, or purchase of such certificates by underwriters or dealers or others performing similar services as may be paid or allowed by the investment trust; and for such purpose the judgment of the trustees as the value of such services shall be conclusive in the absence of fraud in the transaction. The certificates of beneficial interest issued pursuant to this section shall be transferable in the same manner as stock certificates of a business corporation are transferable, and the issuance and transfer of such certificates of beneficial interest shall be governed by the statutes applicable to the issuance and transfer of stock of business corporations to the extent that such statutes are not inconsistent with the provisions and purposes of this chapter.

Miss. Code Ann. § 79-15-13 Liability of holders of certificates of beneficial interest.

No holder of a fully paid certificate of beneficial interest in an investment trust shall be personally or individually liable in any manner whatever for any debts, acts, omissions, or obligations incurred by the trustees or by the investment trust. It is expressly declared to be the intention of this chapter that the holders of fully paid certificates of beneficial interest issued by an investment trust organized pursuant to this chapter shall not be considered to be partners, either general or limited, in the business of the trust, and the limited liability provided by this section shall not be altered by reason of the fact that the declaration of trust may contain a provision for the election of successor trustees by the holders of certificates of beneficial interest.

Miss. Code Ann. § 79-15-15 The election and removal of trustees.

The declaration of trust shall provide for the annual election of successor trustees by the holders of certificates of beneficial interest, and shall further provide for the election of successor trustees by the holder of beneficial interest in the event of the death, resignation or removal of a trustee. The election of successor trustees shall not be deemed an amendment to the declaration of trust within the meaning of this chapter.

Miss. Code Ann. § 79-15-17 Amendment of declaration of trust.

The declaration of trust shall provide that it can be amended only by the affirmative vote of the holders of at least two thirds (2/3) of the amount of the then outstanding certificates of beneficial interest. If the declaration of trust shall provide that an amendment to the declaration of trust shall require an affirmative vote of holders of a greater percentage in the amount of then outstanding certificates of beneficial interest than provided by this section, then the declaration of trust shall control. The foregoing provisions shall not be applicable to an amendment made to a declaration of trust at any time prior to the issuance of certificates of beneficial interest; at any time prior to the issuance of certificates and beneficial interest, the declaration of trust may be amended by affirmative vote of a majority of the trustees. No amendment to the declaration of trust shall be effective to alter or expand the liability of the trustees or the liability of the holders of fully paid certificates of beneficial interest, contrary to the liability provided in this chapter.

Miss. Code Ann. § 79-15-19 Recording.

The declaration of trust shall be signed and acknowledged by the initial trustees and recorded in the office of the clerk of the chancery court in the county in which the principal place of business of the investment trust is located, and also with the Secretary of State of Mississippi, and such officers are authorized to charge a fee for such recording, as in the manner and in the amount provided for the recording of articles of incorporation of business corporations. Amendments to declarations of trust shall be recorded in the manner above set out for the original.

Miss. Code Ann. § 79-15-21 Duration of investment trust; rule against perpetuities and restraint of alienation are not violated.

An investment trust shall not be deemed invalid as violating the rule against perpetuities or any law or statute against suspension of the powers of alienation. Such trust may continue for an indefinite period or for such time as may be necessary for the accomplishment of the purposes for which it was created; provided, however, that the declaration of trust shall contain a provision that such trust may be terminated at any time by the affirmative vote of holders of at least two thirds (2/3) of the amount of certificates of beneficial interest then outstanding, in the manner hereafter provided. At any meeting called for the purpose, notice of the purpose being contained in the call, the holders of at least two thirds (2/3) of the amount of certificates of beneficial interest then outstanding may by their affirmative vote dissolve the investment trust; the trustees shall thereupon file with the secretary of state an attested certified copy of the minutes of the meeting at which such vote was taken, together with a statement of the names and addresses of all trustees duly verified. The secretary of state, upon receipt of the above, shall record same and execute a certificate to the effect that such minutes and statement have been filed and that it appears therefrom that the investment trust has complied with this section. Such certificate shall be filed for record by the investment trust in the office of the clerk of the chancery court of the county wherein the original declaration of trust was recorded, and thereupon such investment trust shall be dissolved and shall cease to carry on business except for the purpose of adjusting and winding up its affairs. It shall then proceed to adjust and wind up its business, be empowered to carry out its contracts, collect its accounts receivable, and liquidate its assets and apply the same in discharge of its obligations and, after paying such obligations, the holder of each certificate of beneficial interest, according to the amount paid in thereon, shall be entitled to his portion of the balance of the assets. Said investment trust shall continue in existence for the purpose of discharging its debts and obligations, collect and distribute its assets, and doing all other acts required in order to wind up its business, and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted and wound up for three (3) years. If the holders of certificates of beneficial interest of an investment trust shall vote to dissolve, any holder of a certificate of beneficial interest of such trust may, within six (6) months from the date that the certificate of dissolution is filed with the chancery clerk as herein provided, demand an accounting by the trustees of all assets held by them in such capacity; and the chancery court of the county wherein the original declaration of trust was recorded shall have jurisdiction to compel such accounting upon petition by any holder of a certificate of beneficial interest in the investment trust.

Miss. Code Ann. § 79-15-23 How investment trust sued.

An investment trust may sue or be sued as a separate and distinct entity, under the name set forth in the declaration of trust, and it shall not be necessary to join the trustees individually or the holders of certificates of beneficial interest as parties plaintiff or defendant. An investment trust may be sued, at law or in equity, for debts and other obligations incurred by the trustees in the performance of their duties under the declaration of trust, and for damages to third persons resulting from the negligence of such trustees in the performance of their duties under the declaration of trust, and its property shall be subject to attachment and execution, all in like manner as if it were a corporation. The trustees shall severally be agents for service of process upon an investment trust. An investment trust organized pursuant to this chapter shall be deemed to be domiciled in the State of Mississippi and in the county of its principal office and place of business within that state, without regard to the residence of the trustees.

Miss. Code Ann. § 79-15-25 How investment trust taxed.

The income of an investment trust shall be taxed as if the investment trust were a business corporation with the exception of the dividend deduction allowed an investment trust under Section 27-7-17. An investment trust shall be deemed a domestic corporation for purposes of the corporation franchise tax imposed by Sections 27-13-1 through 27-13-61, Mississippi Code of 1972.

Miss. Code Ann. § 79-15-27 Effect of chapter on prior rights, duties, penalties and proceedings.

This chapter shall not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before May 15, 1962.

Miss. Code Ann. § 79-15-29 Applicability of other laws; repeals.

The provisions of the Investment Securities chapter and other appropriate provisions of the Mississippi Uniform Commercial Code, and the provisions of the Mississippi Blue Sky Laws, Sections 75-71-1 through 75-71-57, Mississippi Code of 1972, and the regulations and rules adopted thereunder, and the provisions of the Fiduciary Transfer Law, Sections 91-11-1 through 91-11-21, Mississippi Code of 1972, shall be applicable to investment trusts organized pursuant to this chapter. All other laws applicable to business corporations organized for profit shall be applicable to investment trusts organized pursuant to this chapter, to the extent that such laws are not inconsistent with the provisions and purposes of this chapter. All laws or parts of laws in conflict with the provisions of this chapter are hereby repealed to the extent of such conflict only.

Miss. Code Ann. § 79-15-101 Certificate of authority; necessity of; what constitutes not transacting business.

No foreign investment trust shall have the right to transact business in this state until it shall have procured a certificate of authority so to do from the secretary of state. No foreign investment trust shall be entitled to procure a certificate of authority under Sections 79-15-101 through 79-15-139 to transact in this state any business which an investment trust organized under the Mississippi Investment Trust Law is not permitted to transact. A foreign investment trust shall not be denied a certificate of authority by reason of the fact that the laws of the state or country under which such foreign investment trust is organized governing its organization and internal affairs differ from the laws of this state, and nothing contained in Sections 79-15-101 through 79-15-139 shall be construed to authorize this state to regulate the organization or the internal affairs of such foreign investment trust. Without excluding other activities which may not constitute transacting business in this state, a foreign investment trust shall not be considered to be transacting business in this state, for the purposes of Sections 79-15-101 through 79-15-139, by reason of carrying on in this state any one (1) or more of the following activities: Maintaining or defending any action or suit or any administrative or arbitration proceeding, or effecting the settlement thereof or the settlement of claims or disputes. Maintaining bank accounts. Maintaining offices or agencies for the transfer, exchange and registration of its securities, or appointing and maintaining trustees or depositaries with relation to its securities. Soliciting or procuring orders, whether by mail or through employees or agents or otherwise, where such orders require acceptance without this state before becoming binding contracts. Transacting any business in interstate commerce. Conducting an isolated transaction completed within a period of thirty (30) days and not in the course of a number of repeated transactions of like nature. Investing in or acquiring, in transactions outside of Mississippi, royalties and other non-operating mineral interests, and the execution of division orders, contracts of sale and other instruments incidental to the ownership of such non-operating mineral interests.

Miss. Code Ann. § 79-15-103 Rights and responsibilities similar to domestic trusts.

A foreign investment trust which shall have received a certificate of authority under Sections 79-15-101 through 79-15-139 shall, until a certificate of revocation or of withdrawal shall have been issued as provided in Sections 79-15-123 through 79-15-129, enjoy the same, but no greater, rights and privileges as a domestic investment trust organized for the purposes set forth in the application pursuant to which such certificate of authority is issued; and, except as in Sections 79-15-101 through 79-15-139 otherwise provided, shall be subject to the same duties, restrictions, penalties and liabilities now or hereafter imposed upon a domestic investment trust of like character.

Miss. Code Ann. § 79-15-105 Name of foreign investment trust.

No certificate of authority shall be issued to a foreign investment trust unless the name of such foreign investment trust: shall contain the words “investment trust”, or such foreign investment trust shall, for use in this state, add at the end of its name the words “investment trust”. shall not contain any word or phrase which indicates or implies that it is organized for any purpose other than one or more of the purposes contained in its declaration of trust. shall not be the same as, or deceptively similar to, the name of any domestic investment trust existing under the laws of this state or any foreign investment trust authorized to transact business in this state.

Miss. Code Ann. § 79-15-107 Prohibited change of name; penalties.

Whenever a foreign investment trust which is authorized to transact business in this state shall change its name to one under which a certificate of authority would not be granted to it on application therefor, the certificate of authority of such foreign investment trust shall be suspended and it shall not thereafter transact any business in this state until it has changed its name to a name which is available to it under the laws of this state.

Miss. Code Ann. § 79-15-109 Certificate of authority; application.

A foreign investment trust, in order to procure a certificate of authority to transact business in this state, shall make application therefor to the Secretary of State, which application shall set forth: The name of the foreign investment trust and the state or country under the laws of which it is organized. If the name of the foreign investment trust does not contain the words “investment trust,” then the name containing the words “investment trust” which it elects to use in this state. The date of declaration of trust and the period of duration of the trust. The address of the principal office of the foreign investment trust in the state or country under the laws of which it is organized. The information required by Section 79-35-5(a). The purpose or purposes of the foreign investment trust which it proposes to pursue in the transaction of business in this state. The names and respective addresses of the trustees of the foreign investment trust. A statement of the aggregate number of shares of beneficial interest which the foreign investment trust has authority to issue and the unit value in dollars to be received by the trust for the issuance of each of such shares. A statement of the aggregate number of issued shares of beneficial interest. Such additional information as may be necessary or appropriate in order to enable the Secretary of State to determine whether such corporation is entitled to a certificate of authority to transact business in this state and to determine and assess the fees payable as in Section 79-15-135 prescribed. Such application shall be made on forms prescribed and furnished by the Secretary of State and shall be executed in duplicate by at least three (3) of the trustees and verified.

Miss. Code Ann. § 79-15-111 Certificate of authority; issuance.

Duplicate originals of the application of the foreign investment trust for a certificate of authority shall be delivered to the secretary of state, together with a copy of its declaration of trust and all amendments thereto, duly authenticated by the proper officer where its declaration of trust and amendments thereto were recorded under the laws of the state or country where it is organized. If the secretary of state finds that such application conforms to law, he shall, when all fees have been paid as in Section 79-15-135 prescribed: endorse on each of such documents the word “FILED”, and the month, day and year of the filing thereof. file in his office one (1) of such duplicate originals of the application and the copy of the declaration of trust and amendments thereto. issue a certificate of authority to transact business in this state to which he shall affix the other duplicate original application. The certificate of authority, together with the duplicate original of the application affixed thereto by the secretary of state, shall be returned to the foreign investment trust or its representative.

Miss. Code Ann. § 79-15-113 Certificate of authority; right to transact business upon issuance; right of state to revoke or suspend.

Upon the issuance of a certificate of authority by the secretary of state, the foreign investment trust shall be authorized to transact business in this state for those purposes set forth in its application, subject, however, to the right of this state to suspend or to revoke such authority as provided in Section 79-15-129.

Miss. Code Ann. § 79-15-121 Declaration of trust; filing of amendment.

Whenever the declaration of trust of a foreign investment trust authorized to transact business in this state is amended, such foreign investment trust shall, within sixty (60) days after such amendment becomes effective, file in the office of the secretary of state a copy of such amendment duly authenticated by the proper officer where its declaration of trust and amendments thereto were recorded under the laws of the state or country where it is organized. The filing thereof shall not of itself enlarge or alter the purpose or purposes which such foreign investment trust is authorized to pursue in the transaction of business in this state, nor authorize such foreign investment trust to transact business in this state under any other name than the name set forth in its certificate of authority.

Miss. Code Ann. § 79-15-123 Certificate of authority; amendments.

A foreign investment trust authorized to transact business in this state shall procure an amended certificate of authority in the event it changes its name, or desires to pursue in this state other or additional purposes than those set forth in its prior application for a certificate of authority, by making application therefor to the secretary of state. The requirements in respect to the form and contents of such application, the manner of its execution, the filing of duplicate originals thereof with the secretary of state, the issuance of an amended certificate of authority and the effect thereof, shall be the same as in the case of an original application for a certificate of authority.

Miss. Code Ann. § 79-15-125 Certificate of withdrawal; application and filing.

A foreign investment trust authorized to transact business in this state may withdraw from this state upon procuring from the secretary of state a certificate of withdrawal. In order to procure such certificate of withdrawal, such foreign investment trust shall deliver to the secretary of state an application for withdrawal, which shall set forth: The name of the foreign investment trust and the state or country under the laws of which it is organized. That the foreign investment trust is not transacting business in this state. That the foreign investment trust surrenders its authority to transact business in this state. That the foreign investment trust revokes the authority of its registered agent in this state to accept service of process and consents that service of process in any action, suit or proceeding based upon any cause of action arising in this state during the time the foreign investment trust was authorized to transact business in this state may thereafter be made on such foreign investment trust by service thereof on the secretary of state. A post-office address to which the secretary of state may mail a copy of any process against the foreign investment trust that may be served on him. Such additional information as may be necessary or appropriate in order to enable the secretary of state to determine and assess any unpaid fees payable by such foreign investment trust as in Sections 79-15-101 through 79-15-139 prescribed, and a certificate of the state tax commission that the foreign investment trust owes no sales taxes. The application for withdrawal shall be made on forms prescribed and furnished by the secretary of state and shall be executed by the trust by at least three (3) of its trustees and verified by them, or if the foreign investment trust is in the hands of a receiver or trustee, shall be executed on behalf of the foreign investment trust by such receiver or trustee and verified by him.

Miss. Code Ann. § 79-15-127 Certificate of withdrawal; issuance.

Duplicate originals of such application for withdrawal shall be delivered to the secretary of state. If the secretary of state finds that such application conforms to the provisions of Section 79-15-125, he shall, when all fees and sales taxes have been paid as by law prescribed: Endorse on each of such duplicate originals the word “Filed,” and the month, day and year of the filing thereof. File one (1) of such duplicate originals in his office. Issue a certificate of withdrawal to which he shall affix the other duplicate original. The certificate of withdrawal, together with the duplicate original of the application for withdrawal affixed thereto by the secretary of state, shall be returned to the foreign investment trust or its representative. Upon the issuance of such certificate of withdrawal, the authority of the foreign investment trust to transact business in this state shall cease.

Miss. Code Ann. § 79-15-129 Certificate of authority; revocation; causes.

The certificate of authority of a foreign investment trust to transact business in this state may be revoked by the Secretary of State upon the conditions prescribed in this section when: The foreign investment trust has failed to pay any fees prescribed by Sections 79-15-101 through 79-15-139 when they have become due and payable; The foreign investment trust has failed to appoint and maintain a registered agent in this state as required by Section 79-15-115; The foreign investment trust has failed, after change of its registered agent, to file in the Office of the Secretary of State a statement of such change as required by Section 79-35-8; The foreign investment trust has failed to file in the Office of the Secretary of State any amendment to its declaration of trust within the time prescribed by Section 79-15-121; or A misrepresentation has been made of any material matter in any application, report, affidavit, or other document submitted by such foreign investment trust pursuant to Sections 79-15-101 through 79-15-139. No certificate of authority of a foreign investment trust shall be revoked by the Secretary of State unless (1) he shall have given the foreign investment trust not less than sixty (60) days’ notice thereof by mail as provided by Section 79-35-13, and (2) the foreign investment trust shall fail prior to revocation to pay such fees, or file the required statement of change of registered agent, or file such articles of amendment or correct such misrepresentation.

Miss. Code Ann. § 79-15-131 Certificate of authority; revocation; procedure.

Upon revoking any such certificate of authority, the Secretary of State shall: Issue a certificate of revocation in duplicate. File one (1) of such certificates in his office. Mail to such foreign investment trust as provided in Section 79-35-13 a notice of such revocation accompanied by one (1) of such certificates. Upon issuance of such certificate of revocation, the authority of the foreign investment trust to transact business in this state shall cease.

Miss. Code Ann. § 79-15-133 Certificate of authority; failure to obtain; ability to sue and be sued.

No foreign investment trust transacting business in this state without a certificate of authority shall be permitted to maintain any action, suit or proceeding in any court of this state. Nor shall any action, suit or proceeding be maintained in any court of this state by any successor or assignee of such foreign investment trust on any right, claim or demand arising out of the transaction of business by such foreign investment trust in this state. The failure of a foreign investment trust to obtain a certificate of authority to transact business in this state shall not impair the validity of any contract or act of such foreign investment trust, and shall not prevent such foreign investment trust from defending any action, suit or proceeding in any court of this state. A foreign investment trust which transacts business in this state without a certificate of authority shall be liable to this state, for the years or parts thereof during which it transacted business in this state without a certificate of authority, in an amount equal to all fees which would have been imposed by Section 79-15-135 upon such foreign investment trust had it duly applied for and received a certificate of authority to transact business in this state as required by Sections 79-15-101 et seq. and thereafter filed all reports required by said sections, plus all penalties imposed by said sections for failure to pay such fees. The attorney general shall bring proceedings to recover all amounts due this state under the provisions of this section.

Miss. Code Ann. § 79-15-135 Fees.

The Secretary of State shall charge and collect from foreign investment trust for: The fees required by Section 79-35-3. Filing an application of a foreign investment trust for a certificate of authority to transact business in this state and issuing a certificate of authority, One Hundred Dollars ($100.00). Filing an application of a foreign investment trust for an amended certificate of authority to transact business in this state and issuing an amended certificate of authority, Twenty Dollars ($20.00). Filing a copy of an amendment to the articles of incorporation of a foreign investment trust holding a certificate of authority to transact business in this state, Twenty Dollars ($20.00). Filing an application for withdrawal of a foreign investment trust and issuing a certificate of withdrawal, Five Dollars ($5.00). Filing any other statement or report of a foreign investment trust, Five Dollars ($5.00). For furnishing a certified copy of any document, instrument, or paper relating to a foreign investment trust, Sixty Cents (60¢) per page and Two Dollars ($2.00) for the certificate and affixing the seal thereto, with a minimum charge of Three Dollars ($3.00). At the time of any service of process on him as resident agent of a foreign investment trust, Five Dollars ($5.00), which amount may be recovered as taxable cost by the party to the suit or action causing such service to be made if such party prevails in the suit or action.

Miss. Code Ann. § 79-15-137 Disbursement of collected funds.

All fees and charges to be collected by the secretary of state under the provisions of Sections 79-15-101 through 79-15-139 including the assessment and collection thereof of all penalties shall be paid into the general funds of the state treasury, less ten percent (10%) as received thereof to be retained and used by the secretary of state as necessary expense to administer the provisions of said sections as the secretary of state deems necessary.

Miss. Code Ann. § 79-15-139 Law applicable to foreign investment trusts previously transacting business in state.

Foreign investment trusts which are transacting business in this state at the time Sections 79-15-101 through 79-15-139 take effect, for a purpose or purposes for which a foreign investment trust might secure such authority under Sections 79-15-101 through 79-15-139, shall, subject to the limitations set forth in their respective certificates of authority, charters or articles of incorporation, be entitled to all the rights and privileges applicable to foreign investment trusts procuring certificates of authority to transact business in this state under Sections 79-15-101 through 79-15-139, and from the time said sections take effect such foreign investment trust shall be subject to all the limitations, restrictions, liabilities and duties prescribed herein for foreign investment trusts procuring certificates of authority to transact business in this state under Sections 79-15-101 through 79-15-139. Within one (1) year from July 1, 1978, said foreign investment trust transacting business within this state at the time said sections take effect shall secure a certificate of authority or be subject to the penalties, restrictions and limitations otherwise herein provided.
Source: Public.Resource.Org MS CodeURL: https://unicourt.github.io/cic-code-ms/transforms/ms/ocms/r78/gov.ms.code.title.79.htmlFetched: 10/18/2026

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