Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

362.172. Investment in stock of banks or bank holding companies — limitations. — Any bank organized under 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 bank or banks, existing bank or banks…

362.173. Investments in small business investment companies. — Every bank and every trust company organized under the laws of this state shall have power to and may, to the extent that national banks are permitted so to do by the laws of the United States, purchase shares of stoc…

362.175. Obligations issued pursuant to the Farm Credit Act or United States Housing Act authorized as legal investments and as security for public deposits. — Trustees, conservators, curators, banks, trust companies, insurance companies, assurance, casualty, fidelity, and guaran…

362.180. Who may make Federal Housing Act loans. — Banking institutions, trust companies, insurance companies, and loan and investment companies may (1) Make loans and advances of credit and purchases of obligations representing loans and advances of credit which are eligible for…

362.185. Financial institutions may invest securities under Federal Housing Act. — It is lawful for banking institutions, trust companies, insurance companies; and loan and investment companies to invest their funds and the moneys in their custody or possession in bonds or notes …

362.190. May be used as security. — Bonds, notes, or debentures issued by the Federal Housing Administrator or insured by the United States government under title II of the National Housing Act may be eligible as security for all public deposits in depositaries, or by public offi…

362.191. State employee compensation deductions authorized for investment by office of administration. — Notwithstanding any other provision of law, the commissioner of administration may, in the same manner as provided in section 33.103, deduct from any state employee's compensa…

362.195. Applicability of sections 362.180 to 362.195. — No law of this state prescribing the nature, amount or form of security, or requiring security upon which loans or advances of credit may be made, or prescribing or limiting interest rates upon loans or advances of credit, …

362.197. Capital contributions and investments in obligations of Federal National Mortgage Association. — Every bank and every trust company organized under the laws of this state shall have the power to, and may make payments to Federal National Mortgage Association of such nonr…

362.200. Money not to be employed in trade or commerce. — No corporation organized under any law of this state, whether general or special, as a bank or trust company, or to carry on a banking business, shall, except as otherwise permitted by law, employ its moneys, directly or i…

362.205. Account books, requirements — property, how carried. — 1. No bank or trust company shall by any system of accounting or any device of bookkeeping, directly or indirectly, enter any of its assets upon its books in the name of any other individual, partnership or corporati…

362.207. Securities held in name of nominee. — 1. Any state or national bank or trust company qualified to act as a fiduciary in this state may, with the consent of its cofiduciaries, if any, who are hereby authorized to give consent, cause any investments held by it in a fiducia…

362.220. Agreements to pay time deposit before maturity prohibited — penalty. — Any director, officer or employee of a bank or trust company who makes any agreement, express or implied, before or at the time of issuing a certificate of deposit by which its holder may demand or re…

362.222. Checks to be paid at par — exceptions — penalty. — 1. No bank or trust company organized under the laws of this state shall settle any check drawn on it otherwise than at par. The provision of this section shall not apply with respect to settlement of a check sent to a b…

362.225. Reserve depositaries. — Missouri banks and depository trust companies shall maintain reserves against aggregate deposits as provided by the Federal Reserve Act and any amendments thereto or of regulations duly adopted and promulgated under the Federal Reserve Act for ban…

362.230. No new loans until depleted reserves are restored. — Whenever the reserve of a bank or trust company shall fall below the amount herein required of it and shall remain so for a period of one week, then the bank or trust company shall not make any new loans, discounts or …

362.231. Reserve requirements, federal regulation to take precedence, when. — Whenever federal reserve regulations establish the level of reserves to be maintained by state banks, which are not member banks of the federal reserve, the laws and regulations relating to reserves in …

362.235. National bank may become state bank or trust company — procedure, effect. — 1. Any national banking association incorporated under the laws of the United States having its place of business in this state may be converted into a bank or trust company under the laws of the…

362.240. Change from state to national bank. — 1. Any bank or trust company incorporated under the laws of this state may be converted into a national banking association, or alone, or with one or more other such banks or trust companies, may be consolidated or merged with one or…

362.245. Board of directors, qualifications — cumulative voting in electing director permitted when. — 1. The affairs and business of the corporation shall be managed by a board of directors, consisting of not less than five nor more than thirty-five stockholders who shall be ele…

362.247. Board, quorum — directors not physically present, counted when — rulemaking authority. — 1. A majority of the full board of directors shall constitute a quorum for the transaction of business unless another number is required by the articles of agreement, the bylaws or b…

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…