Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

362.010. Definitions. — When used in this chapter, the term: (1) "Aggregate demand deposits" means the deposit against which reserves must be maintained by banks and trust companies and includes total deposits, all amounts due to banks, bankers and trust companies, the amount due…

362.011. Trust business not engaged in, when — prohibition on use of words "trust company", when. — 1. For the purposes of this chapter, a person does not engage in the trust business by: (1) The rendering of fiduciary services by an attorney-at-law admitted to the practice of la…

362.015. No private banks shall be established — who may incorporate — when. — 1. From and after the passage of this law no private banks shall be established in this state. 2. When authorized by the finance director as provided in section 362.035 any five or more persons who sha…

362.020. Articles of agreement — contents. — 1. The articles of agreement mentioned in this chapter shall set out: (1) The corporate name of the proposed corporation. The corporate name shall not be a name, or an imitation of a name, used within the preceding fifty years as a cor…

362.023. Trust company may refuse demand deposits by its articles of incorporation, effect of. — 1. Other provisions of the law to the contrary notwithstanding, the articles of agreement of any trust company may preclude the acceptance of demand deposits, in which case the proced…

362.025. Articles of agreement to be filed. — The articles of agreement shall be signed and acknowledged by the parties thereto and shall be filed with the director of finance. If the director finds the articles to be improperly drawn, he or she shall immediately return them to t…

362.030. Director to examine as to character and capital. — 1. When any bank or trust company has filed with the director its articles of agreement, paid all incorporation and other fees in full, as required by law and provided the cash required by law, the director, before the b…

362.034. Marijuana facilities, request for certain agencies to share information with banking institutions — procedure. — 1. Any entity that operates as a facility licensed or certified under Article XIV of the Constitution of Missouri may request in writing that a state or local…

362.035. Certificate of incorporation — issuance — to be filed. — 1. In case the director shall find all the provisions of the law have been complied with and shall have satisfied himself or herself by such investigation as to the facts as above provided, he or she shall grant a …

362.040. Notice of refusal of certificate — appeal. — In case the director shall not be satisfied, as the result of the examination, that the character, responsibility and general fitness of the persons named in the articles of agreement are up to the standard above provided, or …

362.042. Restated articles of incorporation may be amended at time of restatement, manner. — 1. Any bank or trust company may at any time restate its articles of agreement as theretofore amended, in the following manner: (1) The directors may adopt a resolution setting forth the …

362.044. Stockholders' meetings — notice — business by proxy, cancellation of meetings. — 1. Stockholders' meetings may be held at such place, within this state, as may be prescribed in the bylaws. In the absence of any such provisions, all meetings shall be held at the principal…

362.046. Bylaws, who may make, amend or repeal. — The power to make, alter, amend, or repeal the bylaws of the bank or trust company shall be vested in the board of directors, unless and to the extent that this power is reserved to the stockholders by the bylaws or the articles o…

362.048. Emergency bylaws — when. — 1. The board of directors of any bank or trust company may adopt emergency bylaws, subject to repeal or change by action of the stockholders or directors as may be provided in the articles of agreement, which shall, notwithstanding any differen…

362.050. Cash capital required. — 1. The amount of cash capital required of such bank or trust company shall amount to not less than: (1) Fifty thousand dollars if the place where its business is to be transacted is an unincorporated or incorporated village or town the population…

362.055. Capital stock — par value. — The capital stock of such corporation shall be divided into shares having a par value. ­­-------- (RSMo 1939 § 7945, A.L. 1959 H.B. 144, A.L. 1963 p. 448, A.L. 1967 p. 445) Prior revisions: 1929 § 5349; 1919 § 11732; 1909 § 1097

362.060. Change of par value — notice of meeting — when change effective. — 1. The par value of the shares of the corporation may be changed by the stockholders at either a special or annual meeting of the stockholders. 2. Notice of the proposed change shall be given as provided …

362.063. Power to close transfer books. — The board of directors may close the transfer books of any bank or trust company for a period not exceeding fifty days preceding the date of any meeting of stockholders or the date of payment of any dividend or the date for the allotment …

362.067. Stock option plan for officers and employees — increase in shares — consideration. — 1. Every bank or trust company incorporated under the laws of this state may, pursuant to this section, grant options to purchase, and issue and sell, shares of its capital stock to its …

362.070. Compensation for organizing bank or trust company prohibited — penalty. — 1. No individual, partnership, unincorporated association or corporation shall, directly or indirectly, receive or contract to receive any commission, compensation, bonus, right or privilege of any…

362.073. Certain stock transfers or voting control changes must be reported to director of finance. — The president, or the officer to whom he delegates the responsibility, shall notify the director of finance not later than the business day next following the day on which any sh…

362.075. Issuance and sale of preferred stock shares — subject to director's approval. — Notwithstanding any other provision of the laws of this state governing the organization, incorporation, management, and control of corporations, and more particularly the organization, incor…

362.077. Certain bank holding companies may not charter de novo bank or national bank, exceptions — purpose of law — severability clause. — 1. Notwithstanding any provisions of law to the contrary, a bank holding company all of whose bank subsidiaries' operations were conducted i…

362.078. Industrial loan companies and banks prohibited from maintaining facilities for banking purposes, definitions. — Notwithstanding any other provision of law to the contrary, an industrial loan company or industrial bank is prohibited from establishing or maintaining any de…

362.080. Stockholders may authorize issuance and sale, when — manner. — The issuance and sale of its shares of preferred stock by any corporation to which sections 362.075 to 362.100 apply may be authorized at any annual meeting of its stockholders, or at any special meeting ther…

362.085. Banks or trust companies may provide for issuance and sale in articles of incorporation. — Any bank, trust company, or other financial institution hereafter organized and incorporated under the laws of the state of Missouri for the purpose of doing a banking business, su…

362.090. Par value of preferred stock issued and offered for sale. — No shares of preferred stock having a par value of less than twenty dollars nor more than one hundred dollars shall be issued by any corporation to which sections 362.075 to 362.100 apply; and no such shares sha…

362.095. Charter shall set forth terms and conditions governing call, redemption and retirement of shares. — The preferences and priorities, and the terms and conditions governing the call, redemption, and retirement, of each class of the preferred shares issued by any corporatio…

362.100. Penalty. — Any person who shall, contrary to any of the provisions of law, knowingly aid, abet or participate directly or indirectly in issuing or selling or causing to be issued or sold any share or shares of stock in any bank or trust company shall be deemed guilty of …

362.1010. Citation of law. — Sections 362.1010 to 362.1117 shall be known and may be cited as the "Missouri Family Trust Company Act". ­­-------- (L. 2017 H.B. 292, A.L. 2024 S.B. 1359)

362.1015. Definitions. — For purposes of sections 362.1010 to 362.1117, the following terms mean: (1) "Authorized representative", if a family trust company is organized as a corporation, then an officer or director of the family trust company or, if a family trust company is org…

362.1020. Inapplicability of certain sections, when. — If a family trust company limits its activities to the activities authorized under sections 362.1010 to 362.1117, then section 361.160 and sections 362.010 to 362.950 shall not apply to the family trust company. ­­-------- (L…

362.1030. Family trust company fund established — requirements for domestic and foreign companies to conduct business — application, contents. — 1. There is hereby established in the state treasury the "Family Trust Company Fund", which shall consist of all fees collected by the …

362.1035. Capital account, minimum required — company's duty to maintain, requirements. — 1. No family trust company shall be organized or operated with a capital account of less than two hundred fifty thousand dollars. The full amount of the initial capital account of a family t…

362.1037. Management authority, exclusively vested. — Exclusive authority to manage a family trust company shall be vested in: (1) If a corporation, a board of directors that consists of at least three directors; or (2) If a limited liability company, a board of directors or mana…

362.1040. Organizational instruments, requirements. — 1. One or more persons may subscribe to an organizational instrument in writing for the purpose of forming a family trust company, subject to the conditions prescribed by law. 2. The organizational instrument of a family trust…

362.1045. Fidelity bonds, errors and omissions insurance policies, other insurance policies, company may procure and maintain. — 1. A family trust company may procure and maintain fidelity bonds on all active officers, directors, managers, and members acting in a managerial capac…

362.105. Powers and authority of banks and trust companies. — 1. Every bank and trust company created under the laws of this state may for a fee or other consideration, directly or through a subsidiary company, and upon complying with any applicable licensing statute: (1) Conduct…

362.1050. Fiduciary books and records, how maintained — assets not subject to debts or obligations of the company. — 1. A family trust company shall maintain its fiduciary books and records separate and distinct from other records of the company and shall segregate all assets hel…

362.1055. Annual registration report, contents, filing fee. — 1. A family trust company shall file an annual registration report with, and shall pay an annual filing fee of one thousand dollars to, the director. 2. The annual registration report filed by a family trust company th…

362.106. Additional powers. — In addition to the powers authorized by section 362.105: (1) A bank or trust company may exercise all powers necessary, proper or convenient to effect any of the purposes for which the bank or trust company has been formed and any powers incidental t…

362.1060. Permissible acts — foreign companies, exercise of trust powers. — 1. A family trust company may, but only for family members: (1) Act as a sole or copersonal representative, executor, or administrator for a probate estate within or outside this state; (2) Act as an atto…

362.1065. Commercial banking, engagement in prohibited. — Notwithstanding any other provision of sections 362.1010 to 362.1117, no family trust company shall engage in commercial banking. However, a family trust company may establish accounts at financial institutions for its own…

362.107. Branch banking allowed, requirements — director of finance to approve, appeals. — 1. Every bank and every trust company organized under Missouri law may, upon compliance with this section, establish, maintain and operate branches separate and apart from the location desi…

362.1070. Capital account, minimum assets — rental of real or personal property — investment of funds — bonds and securities, purchase of — permissible acts of fiduciary — duty of loyalty. — 1. The assets forming the minimum capital account of a family trust company shall: (1) Co…

362.1075. Fiduciary capacity — oath, affirmation, affidavit, or acknowledgment. — If a family trust company is required to make an oath, affirmation, affidavit, or acknowledgment regarding a fiduciary capacity in which the family trust company is acting or preparing to act, a dir…

362.1080. Advertising prohibited. — No family trust company shall advertise its services to the public. ­­-------- (L. 2017 H.B. 292)

362.1085. Examination and investigation of company, procedure. — 1. The director may designate an attorney-at-law or a certified public accountant to examine or investigate, or assist in the examination of, a family trust company. 2. The director or the director's designee may ex…

362.109. Restrictions on orders and ordinances of political subdivisions. — Notwithstanding any law to the contrary, any order or ordinance by any political subdivision shall be consistent with and not more restrictive than state law and regulations governing lending or deposit-t…

362.1090. Cease and desist order — notice of charges, when, procedure. — 1. The director or the director's designee may issue and serve upon a family trust company or family trust company affiliated party a notice of charges if the director or the director's designee has reason t…