31-25-7 - Mississippi Development Bank created.
§ 31-25-7. Mississippi Development Bank created.
There is hereby created an independent public body corporate and politic to be known as the Mississippi Development Bank. Such bank is created solely to accomplish the purposes of the state under this chapter and the exercise by the bank of the powers conferred by this act shall be deemed and held to be the performance of an essential public function.
The bank and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the bank shall have bonds or other obligations outstanding, unless provision has been made for the full and complete payment thereof. Upon termination of the existence of the bank, all its rights and properties shall pass to and be vested in the state. No net earnings of the bank may inure to the benefit of any person, entity or bank other than the state.
Sources: Laws, 1986, ch. 455, § 4; Laws, 1992, ch. 481 § 2, eff from and after passage (approved May 6, 1992).