Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

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…

362.1095. Failure to submit annual registration report, fine — termination of registration, when — reinstatement, when. — If a family trust company fails to submit within the prescribed period its annual registration report or any other report required by sections 362.1010 to 362…

362.110. Federal Deposit Insurance Corporation subrogated to depositors' rights in closed state banks or trust companies. — In order that banks and trust companies doing a banking business, organized under the laws of the state of Missouri and the depositors thereof may have the …

362.1100. Order of removal — notice of charges, when, procedure. — 1. The director or the director's designee may issue and serve upon a family trust company and a family trust company affiliated party a notice of charges if the director or the director's designee has reason to b…

362.1105. Books and records of company, confidentiality — inspection, when — violation, penalty. — 1. The books and records of a family trust company are confidential and shall be made available for inspection and examination only: (1) To the director or the director's authorized…

362.111. Fees and service charges permitted, when, conditions. — 1. A bank or trust company may impose fees or service charges on deposit accounts; however, such fees or service charges are subject to such conditions or requirements that may be fixed by regulations pursuant to se…

362.1110. Principal place of business — retention of records — in camera inspection, when. — 1. A family trust company shall keep at its principal place of business or principal place of operations: (1) Full and complete records of the names and residences of all its shareholders…

362.1115. Information exempt from sunshine law — disclosure, when — violation, penalty. — 1. The following information held by the director is confidential and exempt from chapter 610: (1) Any personal identifying information appearing in records relating to a registration or an …

362.1116. Rulemaking authority. — The director may issue forms and orders and, after notice and comment, may adopt and amend rules necessary or appropriate to carry out the provisions of sections 362.1010 to 362.1117 and may repeal rules and forms. ­­-------- (L. 2017 H.B. 292, A…

362.1117. Hearing for aggrieved interested persons — judicial review for cease and desist orders and rules. — 1. Except as otherwise provided in sections 362.1010 to 362.1117, any interested person aggrieved by any order of the director or director's designee under any provision …

362.1118. Severability clause. — If any provision of sections 362.1010 to 362.1117 or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of sections 362.1010 to 362.1117 that can be given effect without …

362.112. Bank or trust company may act as custodian, when. — In addition to any other banking authority, a bank or trust company may act as a custodian for any entity, public or private, and place funds in any other financial institutions, provided such funds are placed in deposi…

362.115. Bank may exercise powers of trust companies — application — examination — certificate — trust department. — 1. Any bank organized under the laws of this state having a paid-up capital of at least fifty thousand dollars in any unincorporated or incorporated village or cit…

362.116. Trust accounts, originated by one bank or trust company, administration by another — requirements. — 1. Any bank or trust company may, with the approval of the director of the division of finance, originate trust accounts which will be administered, pursuant to contract,…

362.117. State bank may become trust company — procedure. — 1. Any bank may become a trust company with all the powers and subject to all the obligations and duties of trust companies organized under the provisions of this chapter. 2. A bank desiring to become a trust company sha…

362.118. Trust company may become state bank — procedure. — 1. Any trust company may become a state bank with all the powers and subject to all the obligations and duties of state banks organized under the provisions of this chapter. 2. A trust company desiring to become a state …

362.119. Investment in trust companies by bank, limitations — definitions. — Any bank organized pursuant to the laws of this state may invest not to exceed five percent of its capital, surplus and undivided profits in shares of stock in any new or existing trust company or compan…

362.120. Capital notes may be issued and sold by banks and trust companies. — 1. Any bank or trust company organized under the laws of this state may, through action of its board of directors and without requiring any action by stockholders, with the written consent of the financ…

362.125. Capital notes — denominations — rate of interest — maturity — impairment of capital — certain obligations to be prior claim. — 1. The capital notes shall be in such denominations and the holders thereof shall be entitled to such annual return thereon as the board of dire…

362.130. Extension of time for retirement of capital notes. — In any case where such capital notes to be issued as provided under the provisions of sections 362.120 to 362.135 are made retirable in a period less than twenty years after their authorization, the bank or trust compa…

362.135. Liquidation of assets — funds held in trust. — 1. Upon the assets of any bank or trust company issuing capital notes being set apart for the use and benefit of the holders of such capital notes, as provided in section 362.125, such bank or trust company shall proceed to …

362.140. Branch offices in foreign countries — how established — amount to be invested. — Any bank or trust company possessing a capital and surplus of one million dollars or more may file application with the director, upon such conditions and under such regulations as may be pr…

362.145. Content of application — director may approve or reject — examination of branches. — 1. The application shall specify the name, capital and surplus of the bank or trust company filing it, the amount of capital and surplus set aside for the purpose and the powers applied …

362.150. Director may investigate branches — require banks to dispose of holdings. — If at any time the director shall ascertain that the regulations prescribed by him are not being complied with, the director may institute an investigation of the matter and * require such papers…

362.155. Accounts of branches to be kept separately. — Each and every bank or trust company authorized hereunder shall conduct the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office and shall at the end…

362.160. May purchase stock in corporations to develop and maintain market for foreign and domestic exchange. — Every such corporation shall be authorized and empowered to subscribe for, purchase, hold, pledge and sell the stock of a corporation organized and existing under the l…