(a) If the articles of association expressly give the board authority to establish series and determine the preferences, limitations, and relative rights of each series, the board may do so only on compliance with this section and any rules adopted under this article.

(b) A series of shares or participation shares may be established in the manner provided by the provisions of the Mississippi Business Corporation Act as if the state trust company were a domestic corporation, but the shares or participation shares of the series may not be issued and sold except upon compliance with this section. The state trust company shall file the original and one (1) copy of the statement of action required by the Mississippi Business Corporation Act with the commissioner. Unless the submission presents novel or unusual questions, the commissioner shall approve or reject the series not later than the thirty-first day after the date the commissioner considers the submission informationally complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision.

(c) If the commissioner finds that the interests of the clients and creditors of the state trust company will not be adversely affected by the series, that the series otherwise conforms to law and any conditions imposed by the commissioner, and that any required filing fee has been paid, the commissioner shall:

(1) Endorse the face of the original and copy of the statement with the date of approval and the word “Approved”;

(2) File the original in the department’s records; and

(3) Deliver a certified copy of the statement to the state trust company.