reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.197 - Capital contributions and investments in obligations of Federal National Mortgage Association.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1971
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 nonrefundable capital contributions as are required to be made by it under the National Housing Act as amended by the Housing Act of 1954 (12 U.S.C.A. Sec. 1701 et seq.) in order for the particular bank or trust company to obtain the benefits of such act, and may receive stock of the Federal National Mortgage Association evidencing such capital contributions and may hold and dispose of such stock, and invest in the obligations of Federal National Mortgage Association in any amount without regard to the restrictions and limitations contained in section 362.170.
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(L. 1955 p. 254 § 1, A.L. 1971 S.B. 163)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.200 - Money not to be employed in trade or commerce.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 indirectly, in trade or commerce, by buying and selling ordinary goods, chattels, wares and merchandise, or by owning or operating industrial plants; provided, that it may sell all kinds of property which may come into its possession as collateral security for loans, or in the ordinary collection of debts.
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(RSMo 1939 § 7953, A.L. 1967 p. 445)
Prior revisions: 1929 § 5358; 1919 § 11741; 1909 § 1109
(1952) The purchase by bank of group life insurance policy on lives of its depositors as means of stimulating deposits and issuance by it of certificates to persons making certain monthly deposits, held to be appropriate means of promoting its business and not in violation of § 362.200 or 363.270. Mutual Bank & Tr. Co. v. Shaffner (Mo.), 248 S.W.2d 585.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.205 - Account books, requirements — property, how carried.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 corporation, or under any title or designation that is not truly descriptive thereof.
2. The bonds and other interest-bearing corporate securities purchased by a bank or trust company shall be entered on its books at the actual cost thereof, and for the purpose of calculating the undivided profits applicable to the payment of dividends the securities shall not be estimated at a valuation exceeding their present cost as determined by amortization, that is, by deducting from the cost of the security purchased for a sum in excess of the amount payable thereon at maturity, and charging to profit and loss a sufficient sum to bring it to par at maturity, or adding to the cost of the security purchased at less than the amount payable thereon at maturity, and crediting to profit and loss a sufficient sum to bring it to par at maturity.
3. No bank or trust company shall, except with the written approval of the director, enter or at any time carry on its books the real estate and the building or buildings thereon or the furniture and fixtures used by it at a valuation exceeding their actual cost to the bank or trust company, or book value, whichever is less.
4. Every bank and trust company shall conform its methods of keeping its books and records to such orders in respect thereto as shall have been made and promulgated by the director pursuant to section 361.260.
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(RSMo 1939 § 7954, A.L. 1967 p. 445)
Prior revisions: 1929 § 5359; 1919 § 11742
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.207 - Securities held in name of nominee.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 fiduciary capacity to be registered and held in the name of a nominee of the bank or trust company without mention of the fiduciary relationship in any instrument or record constituting or evidencing title thereto, unless the instrument, judgment, decree or order heretofore or hereafter creating the fiduciary relationship expressly prohibits the registering and holding of investments in the name of a nominee. The bank or trust company is liable for the acts of any nominee with respect to any investments so registered.
2. The records of the bank or trust company shall at all times show the ownership of any such investments, which investments shall be in the control of the bank or trust company and be kept separate and apart from the assets of the bank or trust company.
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(L. 1967 p. 445)
(Source: RSMo Supp. 1965 § 363.285)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.220 - Agreements to pay time deposit before maturity prohibited — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 receive payment thereof in advance of its maturity, or who before or at the time of receiving a savings deposit makes an agreement, express or implied, by which the holder of the savings passbook may demand or receive payment of the savings deposit in advance of the time provided for payment under the rules and regulations under which the savings deposit was received, shall forfeit and pay the sum of one hundred dollars for each violation of this provision, to be collected as provided for in this chapter.
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(RSMo 1939 § 7955, A.L. 1945 p. 932, A. 1949 H.B. 2085, A.L. 1967 p. 445)
Prior revisions: 1929 § 5360; 1919 § 11743
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.222 - Checks to be paid at par — exceptions — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1969
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 bank or trust company as a special collection item.
2. Any officer or employee of any bank or trust company who violates the provisions of subsection 1 shall be guilty of a misdemeanor. For purposes of this section, the settling of each check in violation of subsection 1 shall be deemed a separate offense.
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(L. 1969 S.B. 201 § 1)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.225 - Reserve depositaries.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2005
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 banks and trust companies of similar size and classification according to the requirements for the Federal Reserve District in which the bank or deposit trust company is located. Federal Reserve Banks located in this state are approved depositories for all banks and trust companies.
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(RSMo 1939 § 7956, A.L. 1967 p. 445, A.L. 1977 S.B. 420, A.L. 2005 H.B. 707)
Prior revisions: 1929 § 5361; 1919 § 11744
CROSS REFERENCE:
Reserve requirements, federal regulations to take precedence, when, 362.231
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.230 - No new loans until depleted reserves are restored.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1972
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 acceptances, except the discount or purchase of bills of exchange, payable at sight, until it shall have restored its required reserve; provided, however, that if the averages of the daily reserves maintained for any calendar week beginning on Thursday are not less than the averages of the daily reserves required by sections 362.210, 362.213 and 362.215 to be maintained for the week, the bank or trust company shall be deemed to have complied with the requirements of the sections for each day of the week.
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(RSMo 1939 § 7957, A.L. 1959 S.B. 194, A.L. 1967 p. 445, A.L. 1972 S.B. 464)
Prior revisions: 1929 § 5362; 1919 § 11745
CROSS REFERENCE:
Reserve requirements, federal regulations to take precedence, when, 362.231
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.231 - Reserve requirements, federal regulation to take precedence, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1981
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 sections 362.210, 362.213, 362.215, 362.217, 362.225, 362.230 shall not apply to such banks.
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(L. 1981 S.B. 28)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.240 - Change from state to national bank.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1983
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 more national banking associations under a national banking association charter upon compliance with the laws of the United States in such cases made and provided, and without approval by any authority of this state.
2. Whenever any such bank or trust company shall have converted, consolidated or merged into a national banking association it shall notify the director of finance of the state of Missouri of such fact and shall file with him a copy of its authorization as a national banking association or a copy of the certificate of approval of consolidation or merger certified by the Comptroller of the Currency, and thereupon its franchise under the laws of this state shall automatically terminate and the resulting national banking association shall be considered the same business and corporate entity as, and a continuation of the corporate entity and identity of, such bank or trust company, although as to rights, powers and duties the resulting institution is a national banking association. The rights of any of the stockholders of any such bank or trust company who dissent to the consolidation or merger shall be determined pursuant to the laws of the United States.
3. In the case of any such conversion, consolidation or merger:
(1) All the rights, franchises and interests of the converting, consolidating or merging bank or trust company in and to every species of property, real, personal and mixed, and choses in action thereto belonging shall be deemed to be transferred to and vested in the resulting national banking association without any deed or other transfer; and
(2) The resulting national banking association by virtue of the conversion, consolidation, or merger, and without any order of any court or otherwise, shall hold and enjoy the same and all rights of property and interests, including, but not by way of limitation, appointments, designations and nominations and all other rights and interests as trustee, personal representative, conservator, receiver, registrar, assignee, and every other fiduciary capacity in the same manner and to the same effect as such rights and interests were held or enjoyed by the converting, consolidating or merging bank or trust company at the time of its conversion, consolidation or merger into such resulting national banking association.
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(RSMo 1939 § 7988, A.L. 1951 p. 290 § 1, A.L. 1953 p. 250, A.L. 1983 S.B. 44 & 45)
Prior revisions: 1929 § 5392; 1919 § 11771
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.245 - Board of directors, qualifications — cumulative voting in electing director permitted when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2002
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 elected annually; except, that trust companies in existence on October 13, 1967, may continue to divide the directors into three classes of equal number, as near as may be, and to elect one class each year for three-year terms. Notwithstanding any provision of this chapter to the contrary, a director who is not a stockholder shall have all the rights, privileges, and duties of a director who is a stockholder.
2. Each director shall be a citizen of the United States, and at least a majority of the directors must be residents of this state at the time of their election and during their continuance in office; provided, however, that if a director actually resides within a radius of one hundred miles of the banking house of said bank or trust company, even though his or her residence be in another state adjoining and contiguous to the state of Missouri, he or she shall for the purposes of this section be considered as a resident of this state and in the event such director shall be a nonresident of the state of Missouri he or she shall upon his or her election as a director file with the president of the banking house or such other chief executive office as otherwise permitted by this chapter written consent to service of legal process upon him in his or her capacity as a director by service of the legal process upon the president as though the same were personally served upon the director in Missouri.
3. If at a time when not more than a majority of the directors are residents of this state, any director shall cease to be a resident of this state or adjoining state as defined in subsection 2 of this section, he or she shall forthwith cease to be a director of the bank or trust company and his or her office shall be vacant.
4. No person shall be a director in any bank or trust company against whom such bank or trust company shall hold a judgment.
5. Cumulative voting shall only be permitted at any meeting of the members or stockholders in electing directors when it is provided for in the articles of incorporation or bylaws.
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(RSMo 1939 § 7958, A.L. 1955 p. 271, A.L. 1961 p. 143, A.L. 1967 p. 445, A.L. 1977 S.B. 420, A.L. 1988 H.B. 1204, A.L. 1990 H.B. 1788, A.L. 1998 S.B. 852 & 913, A.L. 2000 S.B. 896, A.L. 2002 S.B. 895)
Prior revisions: 1929 § 5363; 1919 § 11746
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.247 - Board, quorum — directors not physically present, counted when — rulemaking authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2021, 2 histories
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 by law. The act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the board of directors unless the act of a greater number is required by the articles of agreement, the bylaws or by law.
2. Unless otherwise prohibited by statute or regulation, directors may attend board meetings by telephonic conference call or video conferencing, and the bank or trust company may include in a quorum directors who are not physically present but are allowed to vote, provided the bank or trust company has a composite rating of 1 or 2 under the Uniform Financial Institutions Rating System of the Federal Financial Institution Examination Counsel (FFIEC).
3. Any director remotely attending a board meeting via telephone or video conferencing may be counted toward a quorum for such meeting and, if the director is not otherwise prohibited, may vote on matters before the bank or trust company's board so long as the meeting minutes identify the director appearing remotely and reflect that the remote director:
(1) Received formal notice of the board meeting for which he or she is attending or waived such notice as otherwise provided by law;
(2) Received the board meeting information required for each board of director's meeting as provided by section 362.275;
(3) Was alone when participating in such board meeting or was in the physical presence of no one not a director of such bank or trust company; and
(4) Was able to clearly hear such board meeting discussion from its beginning to end.
4. The director of the division of finance may promulgate additional regulations, reasonable in scope, to provide for the integrity of the board of directors' operations when directors attend board meetings remotely, the safety and soundness of the bank or trust company's operation, and the bank or trust company's interest in minimizing the cost of compliance with such regulation.
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(L. 1967 p. 445, A.L. 1999 S.B. 386, A.L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.250 - Oath of directors to be subscribed and certified — retained by board — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2021, 2 histories
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 company an oath that he or she will, so far as the duty devolves on him or her, diligently and honestly administer the affairs of the bank or trust company, and will not knowingly violate, or willingly permit to be violated, any of the provisions of law applicable to the bank or trust company.
2. The oath shall be subscribed by the director making it, and certified by an officer authorized by law to administer oaths, and the fact of the oath having been made and filed with the officers of the bank or trust company shall be noted on the records of the acts of the directors.
3. The oath, subscribed by the director making it and certified by the officer before whom it is taken, shall be retained with the official records of the board of directors.
4. Failure to comply with this provision within the time specified shall work a forfeiture of the position; provided, however, that the director of finance may, for cause deemed sufficient by him or her, extend the time; and when any vacancy occurs by this failure the board of directors shall, at the next regular meeting thereafter, enter the fact of the vacancy upon their records and promptly proceed to elect some competent person to fill the vacancy for the unexpired term.
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(RSMo 1939 § 7959, A.L. 1967 p. 445, A.L. 1977 S.B. 420, A.L. 1989 H.B. 346, A.L. 1998 S.B. 852 & 913, A.L. 2021 S.B. 106)
Prior revisions: 1929 § 5364; 1919 § 11747
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.253 - Two or more directors to constitute an executive committee — when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 the extent provided in the resolution or in the bylaws of the bank or trust company, shall have and exercise all of the authority of the board of directors in the management of the bank or trust company; but the designation of the committee and the delegation thereto of authority shall not operate to relieve the board of directors, or any member thereof, of any responsibility imposed upon him by this chapter.
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(L. 1967 p. 445)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.255 - Tenure of office of directors.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1939
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.
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(RSMo 1939 § 7960)
Prior revisions: 1929 § 5365; 1919 § 11748
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.260 - Vacancies in board of directors.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1939
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 majority of the directors then in office, and the directors so elected may hold office until such vacancies are filled by the stockholders at a special or annual meeting.
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(RSMo 1939 § 7961)
Prior revisions: 1929 § 5366; 1919 § 11749
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.265 - Change of number of directors.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 27 May 1981, see footnote
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 the number of its directors to such number, not less than five nor more than thirty-five, as they may decide.
2. The directors at any regular or special meeting of directors, by a two-thirds majority vote of the total number thereof, may increase the number of directors by adding not more than two additional directors during any one year unless the added directors would increase the total number of directors to more than thirty-five. The increase shall be effective only until the next regular stockholders' meeting, at which time the stockholders shall approve or reject such increase.
3. A copy of every stockholders' or directors' resolution changing the number of directors shall be immediately filed in the office of the director of finance.
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(RSMo 1939 § 7962, A.L. 1967 p. 445, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision)
Prior revisions: 1929 § 5367; 1919 § 11750
Effective 5-27-81
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.270 - Organizational meeting of directors.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2002, 2 histories
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 a chief executive officer which the board may designate as president or another appropriate title, from their own number, one or more vice presidents, and such other officers as are provided for by the bylaws to be elected annually, except as otherwise provided by law.
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(RSMo 1939 § 7963, A.L. 1967 p. 445, A.L. 2001 H.B. 738 merged with S.B. 186, A.L. 2002 S.B. 895)
Prior revisions: 1929 § 5368; 1919 § 11751
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.290 - Communications from director shall be submitted to directors and noted in minutes.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 conducted by the division of finance or containing suggestions or recommendations as to the conduct of the business of the bank or trust company, shall be submitted, by the officer receiving it, to the board of directors at the next meeting of the board, and duly noted in the minutes of the meetings of the board.
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(RSMo 1939 § 7967, A.L. 1967 p. 445)
Prior revisions: 1929 § 5372; 1919 § 11755
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.310 - Surplus fund — composition — purposes.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2005
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 bank or trust company shall be used only for the payment of losses in excess of undivided profits; provided, that the excess of surplus over forty percent, upon the approval of the director of finance, may be capitalized as a stock dividend or may be transferred to undivided profits and used for cash dividends in the discretion of the board of directors.
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(RSMo 1939 § 7970, A.L. 1967 p. 445, A.L. 2005 H.B. 707)
Prior revisions: 1929 § 5375; 1919 § 11758
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.315 - Net income or loss for dividend period to be determined — income to be credited to surplus fund — undivided profits available for dividends.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2005
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 items of income and expense in accordance with regulatory instructions for completing reports of condition and income. When the net income or loss of a bank or trust company has been determined at the close of a dividend period, if its surplus fund does not equal forty percent of the capital of the bank or trust company, one-tenth of such net income shall be credited to the surplus fund or so much thereof, less than one-tenth, as will make the fund equal forty percent of the capital; provided, that until the capital and surplus fund of any bank or trust company now existing, the capital of which is not equal to the requirements of section 362.050, equals forty percent more than the minimum of capital for a bank or trust company in its location, one-tenth of its net income at the close of each dividend period shall be credited to the surplus fund.
2. The credit balance of the undivided profits account at the close of the dividend period may be available for dividends. The directors of any bank or trust company may from time to time declare such dividends as they shall judge expedient from the undivided profits.
3. No bank or trust company shall declare, credit or pay any dividend to its stockholders until it shall have made good any existing impairment of its capital, and all officers or directors of the bank or trust company who shall assent to declaring and paying a dividend while the capital stock is so impaired shall be jointly and severally liable to the creditors of the bank or trust company to the amount of the dividend for any loss resulting from the payment of the dividend.
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(RSMo 1939 § 7971, A.L. 1967 p. 445, A.L. 2005 H.B. 707)
Prior revisions: 1929 § 5376; 1919 § 11759
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.330 - Bank may sell whole or any part of its assets or business — procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1995
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 trust company, state or national or to any association; provided, that the sale shall in nowise impair, defeat or defraud any creditor of the bank or trust company.
2. No state bank or trust company shall enter into the sale or purchase as seller, except after obtaining the consent of the stockholders of record holding at least two-thirds of the outstanding capital stock, except where the sale shall, in the opinion of the director of finance, be deemed a public necessity or advantage. The consent may be expressed either in writing executed and acknowledged by the stockholders or by a vote at a stockholders' meeting called for that purpose, notice of which shall be given by mailing notice thereof to each stockholder of record at the stockholder's last known address as shown by the records of the bank or trust company, at least twenty days prior to the meeting. The notice shall state the time and place of holding of the meeting and a brief and concise statement of the objects and purposes thereof.
3. No sale or purchase shall be made without the consent of the director of finance. The director of finance may, before granting the director's consent thereto, cause an examination to be made of each of the associations, banks or trust companies involved, the expense of which shall be paid by the associations, banks or trust companies and shall not exceed fifteen dollars per day for each examiner and the actual expense incurred while making the examination.
4. The director of finance shall, before granting the director's consent, require each of the associations, banks or trust companies to file certified copies of all proceedings of its directors' and stockholders' meetings relating to the transaction, showing a full compliance with the requirements of this section, and also copies of any agreement or agreements which may have been entered into between the associations, banks or trust companies; and all sales and transfers of assets made under the provisions of this section shall be valid notwithstanding the provisions of section 361.330. As used in this section, the term "association" has the same meaning as provided in subdivision (3) of section 369.014.
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(RSMo 1939 § 7974, A.L. 1951 p. 294, A.L. 1967 p. 445, A.L. 1995 H.B. 63, et al.)
Prior revision: 1929 § 5379
CROSS REFERENCE:
Corporation not to make assignment of assets, 361.330
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.333 - Irrevocable life insurance trusts, banks and trust companies may transfer fiduciary obligations to bank or company with authorized trust authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2014, 2 histories
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 other state or national bank, with authorized trust authority may transfer by assignment, for consideration or no consideration, some or all of its fiduciary obligations that consist only of irrevocable life insurance trusts to any bank or trust company with authorized trust authority. The transfer of such irrevocable life insurance trusts shall be subject to the provisions of this section and to all regulatory procedures described in subsections 2 to 7 of section 362.332. On the effective date of the transfer of fiduciary obligations under this section, the transferring bank or trust company shall be released from all transferred fiduciary obligations and shall cease to act as a fiduciary, except that such transferring bank or trust company shall not be relieved of any obligations arising out of a breach of fiduciary duty occurring prior to such effective date.
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(L. 2009 H.B. 239 merged with S.B. 277, A.L. 2014 S.B. 794)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.335 - Officers and employees — limitation on powers — appointment of president not required — chief executive officer not required to be member of board, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2002, 2 histories
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 cashier, secretary or any other officer or employee shall not endorse, pledge or hypothecate any notes, bonds or other obligations received by the corporation for money loaned, until such power and authority is given the cashier, secretary or other officer or employee by the board of directors, pursuant to a resolution of the board of directors, a written record of which proceedings shall first have been made; and a certified copy of the resolution, signed by the president and cashier or secretary with the corporate seal annexed, shall be conclusive evidence of the grant of this power; and all acts of endorsing, pledging and hypothecating done by the cashier, secretary or other officer or employee of the bank or trust company without the authority from the board of directors shall be null and void. The board of directors may designate a chief executive officer who is not the president, but who shall perform all the duties of the president required by this section.
3. A bank or trust company may appoint such officers as provided for in the articles of agreement, bylaws or as otherwise provided by law, however provided the directors appoint an officer that is also designated as the chief executive officer, the bank or trust company shall not be required to appoint an officer designated as president. When the chief executive officer owns or controls fifty percent or more of the voting stock of the bank or trust company, such chief executive officer shall not be required to be a member of the board of directors, unless the director of the division of finance determines such officer's presence is necessary to prevent unsafe and unsound banking activity.
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(RSMo 1939 § 7975, A.L. 1967 p. 445, A.L. 2001 H.B. 738 merged with S.B. 186, A.L. 2002 S.B. 895)
Prior revisions: 1929 § 5380; 1919 § 11762; 1909 § 1112
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.336 - Fraudulent checks and drafts issued by bank or agent — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1939
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 checks, drafts or bills of exchange which are the actual equivalent of such money.
2. If any president, director, officer, employee or agent of any bank or trust company shall issue a certificate of deposit or certify a check or draft or issue a cashier's or treasurer's check, without receiving the money or its equivalent as herein provided or shall sell a certificate of deposit of the bank at a discount in an amount in excess of the legal rate of interest, he shall be guilty of a felony and upon conviction shall be punished by imprisonment in the penitentiary for not less than two years nor more than five years or by imprisonment in the county jail for not exceeding one year, or by a fine not exceeding one thousand dollars, or by both such fine and imprisonment.
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(RSMo 1939 § 4508)
Prior revision: 1929 § 4117
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.337 - Bank officer concealing loans, misdemeanor — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1939
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 directors have delegated authority to pass on loans and discounts, any discount or loan made for and in behalf of said bank or trust company or the purchase or sale of any note, bill of exchange or security, with intent to defraud such bank or trust company, shall be guilty of a misdemeanor and upon conviction shall be punished by imprisonment in the county jail for not exceeding one year, or by a fine of not less than fifty dollars nor more than one thousand dollars or by both such fine and imprisonment.
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(RSMo 1939 § 4509)
Prior revision: 1929 § 4118
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.340 - Employees to give bond — insurance — publication of minimum levels of coverages.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2021, 2 histories
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 compensation, which bonds shall provide for indemnity to the bank on account of any losses sustained by it as the result of any dishonest, fraudulent or criminal act or omission committed or omitted by them acting independently or in collusion or combination with any person or persons. The bonds may be in individual, schedule or blanket form, and the premiums therefor may be paid by the bank or trust company.
2. The directors may also direct and require suitable insurance protection to the bank against burglary, robbery, theft and other similar insurable hazards to which the bank or trust company may be exposed in the operations of its business on the premises or elsewhere.
3. The directors shall be responsible for approving at least once in each year the amount or penal sum of the bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting the risk or hazard. The action shall be recorded in the minutes of the board of directors and the relevant information documented on a form provided by the division of finance. Thereafter, the completed form shall be retained and preserved by the bank or trust company. The director of finance shall publish yearly a tiered schedule of minimum levels of coverages.
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(RSMo 1939 § 7975, A.L. 1967 p. 445, A.L. 2021 S.B. 106)
Prior revisions: 1929 § 5380; 1919 § 11762; 1909 § 1112
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.345 - Penalties for receiving deposits when insolvent.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 deposits, or create or assent to the creation of any debts of the bank or trust company, after he shall have knowledge of the fact that it is insolvent or in failing circumstances.
2. Every person violating the provisions of this section shall be individually responsible for the deposits so received, and all the debts so contracted; provided, any director who may have paid more than his share of the liabilities mentioned in this section may have his proper remedy at law against persons who have not paid their full share of the liabilities; and provided, further, that in case of the insolvency of one or more of these officers, agents or managers, the liabilities shall be paid, for the time being, by those who are solvent, in equal proportions.
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(RSMo 1939 § 7976, A.L. 1967 p. 445)
Prior revisions: 1929 § 5381; 1919 § 11763; 1909 § 1113
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.350 - Officers, how sued — evidence of knowledge.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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, or the creation of the debt, may be joined as defendants or proceeded against severally, and the fact that the bank or trust company was so insolvent or in failing circumstances at the time of the reception of the deposit charged to have been so received, or the creation of the debt charged to have been so created, shall be prima facie evidence of knowledge and assent to the deposit or creation of the debt on the part of the officer, agent or manager.
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(RSMo 1939 § 7977, A.L. 1967 p. 445)
Prior revisions: 1929 § 5382; 1919 § 11764; 1909 § 1114
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.355 - Administrators of deceased officers liable.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1939
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.
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(RSMo 1939 § 7978)
Prior revisions: 1929 § 5383; 1919 § 11765; 1909 § 1115
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.360 - Interpleader in certain actions — funds may remain in bank — costs.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1981
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 claim the same fund, the court in which the action is pending may, on the petition of the bank or trust company, and upon eight days' notice to the plaintiff and the claimants, and without proof as to the merits of the claim, make an order amending the proceeding in the action by making the claimants parties defendant thereto; and the court shall thereupon proceed to determine the rights and interests of the several parties to the action in and to the property. The remedy provided in this section shall be in addition to and not exclusive of remedies now or hereafter existing.
2. The funds on deposit or property which are the subject of the action may remain with the bank or trust company subject to the order of the court until final judgment therein, and, if deposits, be entitled to the same interest as other deposits of the same class, and shall be paid by the bank or trust company in accordance with the final judgment of the court; or in the discretion of the court, the deposit or property in controversy may be paid into or placed with the court to await the final determination of the action, and when the deposit or property is so paid into or placed with the court the bank or trust company shall be struck out as a party to the action, and its liability for the deposit or property shall cease.
3. The costs in all actions against a bank or trust company to recover deposits or property shall be in the discretion of the court, and may be charged upon the fund or property affected by the action.
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(RSMo 1939 § 7979, A.L. 1967 p. 445, A.L. 1981 S.B. 28)
Prior revisions: 1929 § 5384; 1919 § 11766
(1952) Where defendant bank filed answer and interpleader and took position that deposit belonged to the estate of plaintiff's mother rather than to plaintiff, and court sustained interpleader and ordered other parties to be brought in, but did not dischargebank, there was no appealable order. Heinrich v. South Side Nat. Bank, 363 Mo. 220, 250 S.W.2d 345.
(1953) Husband and wife having joint bank account both became ill and husband then arranged to have Simrall's name added to the account. Upon death of husband, Simrall came into bank and nearly all of deposit was, with Simrall's consent, transferred to escrow account. Wife subsequently died. Interpleader by bank held proper. Clay County Bank v. Simrall (A.), 259 S.W.2d 422.