1 Miss. Code. R. 12-3-4.1

Current through December 10, 2024

Rule 1-12-3-4.1 - Duties and Powers of the Association and Directors

The Association shall have the authority to:

A. Undertake all actions as authorized, required or otherwise permitted by Miss. Code Ann.§ 75-63-81, for the operation and administration of the Association;

B. Recommend investments for funds not currently needed to reimburse losses;

C. Maintain adequate reserves for the Fund;

D. Request payments from the Fund by the Department of Finance and Administration on approved claims; purchase insurance for Association liability and to indemnify losses as considered appropriate by the Directors and not inconsistent with the purpose of the Fund; maintain adequate reserves; employ staff and professional assistance as needed, including legal counsel, accountants, consultants and other persons the Association considers necessary to assure compliance with this section and to pay the expenses of the Association for administering the Fund; and

E. Reduce, suspend or resume collection of the fee at any time and for any period to ensure that a sufficient amount is available to meet anticipated disbursements and to maintain an adequate reserve.

The Chairman of the Association shall have the authority to:

A. Preside at all meetings of the Association;

B. Call regular and special meetings of the Association; and

C. Call a meeting of the Association upon written request of three Association Directors.

1 Miss. Code. R. 12-3-4.1

Miss. Code Ann. § 75-63-81(9)(Rev. 2009).