Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

362.250. Oath of directors to be subscribed and certified — retained by board — penalty. — 1. Every person elected director of a bank or trust company shall, within thirty days after election, qualify himself or herself as director by filing with the officers of the bank or trust…

362.253. Two or more directors to constitute an executive committee — when. — If the bylaws so provide, the board of directors, by resolution adopted by a majority of the whole board, may designate two or more directors to constitute an executive committee, which committee, to th…

362.255. Tenure of office of directors. — The directors shall, unless sooner removed or disqualified, hold office until the next annual meeting of the stockholders, and until their successors are elected and have qualified. ­­-------- (RSMo 1939 § 7960) Prior revisions: 1929 § 53…

362.260. Vacancies in board of directors. — 1. All vacancies in the office of directors shall be filled by election by the stockholders except as herein provided. 2. Vacancies not exceeding one-third of the whole number of the board may be filled by the affirmative vote of a majo…

362.265. Change of number of directors. — 1. The stockholders at any annual or special meeting, provided notice of the proposed change be given in the notice of the meeting, may, by a majority of all the votes of the stockholders of the bank or trust company, change by resolution…

362.270. Organizational meeting of directors. — Within thirty days after the date on which the annual meeting of the stockholders is held the directors elected at such meeting shall, after subscribing the oath required in section 362.250, hold a meeting at which they shall elect …

362.275. Monthly meeting of board — review of certain transactions — unanimous consent agreements permitted, when. — 1. The board of directors of every bank and trust company organized or doing business pursuant to this chapter shall hold a regular meeting at least once each mont…

362.290. Communications from director shall be submitted to directors and noted in minutes. — Each official communication directed by the finance director or one of his deputies to a bank or trust company or to any officer thereof, relating to an examination or investigation cond…

362.295. Reports to director, requirements — penalty. — 1. Within ten days after service upon it of the notice provided for by section 361.130, every bank and trust company shall make a written report to the director, which report shall be in the form and shall contain the matter…

362.310. Surplus fund — composition — purposes. — Every bank and trust company shall create a fund to be known as a "surplus fund". This fund may be created or increased by contributions or by transfers from undivided profits. The fund up to forty percent of the capital of the ba…

362.315. Net income or loss for dividend period to be determined — income to be credited to surplus fund — undivided profits available for dividends. — 1. To determine the amount of net income or loss for the dividend period, every bank or trust company shall account for all item…

362.325. Charter amended — procedure — notice — duty of director — appeal. — 1. Any bank or trust company may, at any time, and in any amount, increase or, with the approval of the director, reduce its capital stock (as to its authorized but unissued shares, its issued shares, an…

362.330. Bank may sell whole or any part of its assets or business — procedure. — 1. Any bank or trust company doing a banking business may sell the whole or any part of the assets or business or the whole or any part of the business of its banking department to any other bank or…

362.331. Transfer of certain fiduciary capacities between affiliated banks and trust companies, procedure, liabilities — objection, procedure. — 1. As used in this section, the following terms mean: (1) "Affiliated entity", with respect to any bank or trust company, means any oth…

362.332. Fiduciary obligations and liabilities, bank or trust company may transfer to another bank or trust company, procedure — definitions. — 1. As used in this section, the following words and phrases shall mean: (1) "Bank", any bank subject to the provisions of chapter 362, w…

362.333. Irrevocable life insurance trusts, banks and trust companies may transfer fiduciary obligations to bank or company with authorized trust authority. — In addition to the powers authorized in section 362.332, a bank or trust company created under the laws of this or any ot…

362.335. Officers and employees — limitation on powers — appointment of president not required — chief executive officer not required to be member of board, when. — 1. The directors may appoint and remove any cashier, secretary or other officer or employee at pleasure. 2. The cas…

362.336. Fraudulent checks and drafts issued by bank or agent — penalty. — 1. No bank or trust company shall issue a certificate of deposit, nor certify a check or draft, nor issue a cashier's or treasurer's check, except in exchange for lawful money of the United States or for c…

362.337. Bank officer concealing loans, misdemeanor — penalty. — Any officer, director, clerk or other employee of any bank or trust company who intentionally conceals from the director of finance, the directors of such bank, or trust company, or from the committee to whom the di…

362.340. Employees to give bond — insurance — publication of minimum levels of coverages. — 1. The directors of a bank or trust company shall direct and require good and sufficient fidelity bonds on all active officers and employees, whether or not they draw salary or compensatio…

362.345. Penalties for receiving deposits when insolvent. — 1. No president, director, manager, cashier, secretary or other officer or agent of any bank or trust company organized and doing business under the provisions of this chapter shall receive or assent to the reception of …

362.350. Officers, how sued — evidence of knowledge. — In all suits brought for the recovery of the amount of any deposits received, or debts so created, all officers, agents or managers of the bank or trust company charged with so having assented to the reception of the deposits…

362.355. Administrators of deceased officers liable. — This chapter shall extend to and may be enforced by and against the executors and administrators of such deceased officers, agents and managers. ­­-------- (RSMo 1939 § 7978) Prior revisions: 1929 § 5383; 1919 § 11765; 1909 §…

362.360. Interpleader in certain actions — funds may remain in bank — costs. — 1. In all actions against any bank or trust company to recover for moneys on deposit or property left in a safe deposit box therewith, if there be any person or persons, not parties to the action, who …

362.375. Adverse claim to deposit — not effectual, when — contract presented by third party, powers of bank or trust company. — 1. Notice to any bank or trust company doing business in this state of an adverse claim to a deposit standing on its books to the credit of any person s…

362.385. Rate of interest. — No bank or trust company shall pay any interest on any deposits of money, public or private, which are payable on demand, at a rate of interest in excess of the current rate of interest authorized by the laws of the United States of America or by regu…

362.405. Assessments by director of finance paid to director of revenue. — When the director of finance, pursuant to the powers conferred on him by chapter 361, levies any assessment upon any bank or trust company and notifies the bank or trust company of the amount thereof, the …

362.410. Preservation of books and records. — 1. The division of finance shall issue rules for classifying the records kept by all banks and trust companies in the state and specifying the minimum period for which records of each class shall be retained. The period may be permane…

362.413. Reproduction of records — admissible in evidence — affidavit in lieu of appearance. — 1. Anything in the law to the contrary notwithstanding, every bank and every trust company organized under the laws of this state and every national banking association and every other …

362.415. Prohibitions against encroachments upon certain powers of banks. — 1. No person unauthorized by law shall subscribe to or become a member of, or be in any way interested in any association, institution or company formed or to be formed for the purpose of issuing notes or…

362.420. Prohibition of banking business. — No corporation, domestic or foreign, other than a corporation formed under or subject to the banking laws of this state or of the United States, except as permitted by such laws, shall by any implication or construction be deemed to pos…

362.421. Advertising as bankers, prohibited, when — penalty. — Any person, association of persons, company or corporation not engaged in the business of banking under the laws of the United States or of the state of Missouri, using the words "bank", "banker", "bankers" or "bankin…

362.422. Disclosure of nonpublic personal information by financial institutions prohibited, rules, notice. — 1. No person shall disclose any nonpublic personal information to a nonaffiliated third party contrary to the provisions of Title V of the Gramm-Leach-Bliley Financial Mod…

362.423. Foreign banks or foreign or federally chartered loan associations may acquire and enforce indebtedness secured by property in this state. — Any foreign banking corporation or foreign or federally chartered savings and loan association, including, but not by way of limita…

362.424. Suspected fraudulent activity or financial exploitation, reporting of — trusted contact program, purpose, requirements. — 1. For purposes of this section, the following terms mean: (1) "Bank", includes any state or federally chartered bank, savings bank, or savings and l…

362.425. Use of sign or words indicating bank by unauthorized persons prohibited. — 1. No person, except a national bank, a federal reserve bank, or a corporation duly authorized by the director to transact a banking business in this state, shall make use of any office sign at th…

362.430. Conditions to be complied with by foreign banking corporations applying for license. — 1. Every foreign banking corporation before being licensed by the finance director to transact in this state the business of buying, selling, paying or collecting bills of exchange, or…

362.435. Foreign banking corporation may transact business in this state, when. — 1. No foreign banking corporation, other than a bank organized under the laws of the United States, shall transact in this state the business of buying, selling or collecting bills of exchange, or o…

362.440. Licenses to foreign corporations — renewal. — 1. Upon receipt by the director from any foreign corporation of an application in proper form for leave to do business in this state under the provisions of this chapter, he or she shall, by such investigation as he or she ma…

362.445. Process defined — director of finance to accept service of process, when — fee. — 1. The term "process", when used in this section, shall include any writ, summons, petition, or order whereby any suit, action, or proceeding shall be commenced. 2. Any state or federally c…

362.450. Revocation of authorization certificate or license in certain cases. — If at any time the director shall be satisfied that any foreign corporation to which has been issued an authorization certificate or license is violating any of the provisions of this chapter, or is c…

362.455. Rights and privileges of foreign banking corporation under license — effect of revocation. — 1. When the director shall have issued a license to any such banking corporation, it may engage in the business specified in section 362.435 at the location specified in such lic…

362.460. Reports of foreign banking corporations — penalties. — 1. Every foreign banking corporation licensed by the finance director to engage in business in this state shall, at such time and in such form as the director shall prescribe, make written report to the director unde…

362.462. Relocation of main banking house in another state. — A bank or trust company subject to the provisions of chapter 362 may, with the approval of the director of the division of finance, relocate its main banking house up to thirty miles to a location in another state. No …

362.463. Out-of-state bank may relocate to this state. — An out-of-state bank may, with the approval of the director of the division of finance, relocate its main banking house up to thirty miles to a location in Missouri. The director shall grant a certificate of incorporation t…

362.464. Requirements for foreign bank to relocate in Missouri — application, contents — approval, effect — certificate, filing required — relocation of domestic bank, conversion of charter. — 1. No out-of-state bank shall be permitted to relocate its main banking house to Missou…

362.465. Deposits of minors. — When any deposit is made by or in the name of any minor, it shall be held for the exclusive right and benefit of the minor, and free from the control or lien of all other persons, except creditors, and shall be paid, together with any interest there…

362.466. Applicability of law — rights, powers, protections. — Any bank or trust company holding deposit accounts pursuant to this chapter shall have the same rights, powers and protections provided a bank or trust company under subsection 6 of section 362.471 as it relates to an…

362.470. Joint deposits. — 1. When a deposit is made by any person in the name of the depositor and any one or more other persons, whether minor or adult, as joint tenants or in form to be paid to any one or more of them, or the survivor or survivors of them and whether or not th…

362.471. Pay-on-death accounts — form — effect — payments from. — 1. A bank or trust company may contract for an account, including a certificate of deposit, in the following form: "John Doe, pay on death to Henry Doe". Such account shall, during the lifetime of the person or per…