reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.570 - Dividends to creditors — priorities — disposition of unclaimed dividends.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 02 Jan 1979, see footnote
361.570. Dividends to creditors — priorities — disposition of unclaimed dividends. —
1. At any time after the date fixed by the director for the presentation of claims, the circuit court may by order authorize the director upon his application to declare out of the funds remaining in his hands after the payment of expenses, one or more dividends.
2. Such order shall specify what claims, if any, are entitled to priority of payment, and shall direct the director regarding the manner of payment of such prior claims. At any time after the expiration of eight months from said date fixed for the presentation of such claims, he may by like order declare a final dividend.
3. Such dividends shall be paid to such persons, in such amounts, and upon such notice, as the circuit court in the county or city in which the principal office of such corporation is located may by order direct.
4. Dividends remaining unclaimed or unpaid in the hands of the director for six months after the order for final distribution shall be deposited by him as provided in section 361.200.
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(RSMo 1939 § 7934, A.L. 1978 H.B. 1634)
Prior revisions: 1929 § 5339; 1919 § 11722
Effective 1-02-79
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.580 - Director shall call stockholders' meeting after creditors are paid in full — proceedings at such meeting.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 1939
361.580. Director shall call stockholders' meeting after creditors are paid in full — proceedings at such meeting. —
1. Whenever the director shall have paid to each creditor of any stock corporation whose claim has been duly proved the full amount of such claim, and shall have made proper provision for claims in litigation and not finally determined, and shall have paid all the expenses of liquidation, he shall call a meeting of the stockholders of such corporation by causing notice of the time and place of such meeting to be published at least once a week for three successive weeks in one or more newspapers selected by him and published in the county or city where the principal office of such corporation is located.
2. At such meeting, the stockholders shall determine whether the director shall continue as liquidator to wind up the affairs of such corporation, or whether the stockholders themselves shall elect an agent or agents for that purpose.
3. In determining these matters, the stockholders shall vote by ballot in person or by proxy. Each share of stock shall be entitled to one vote and the vote of a majority of the issued stock shall be necessary to a determination.
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(RSMo 1939 § 7935)
Prior revisions: 1929 § 5340; 1919 § 11723
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.590 - Duties of director where he continues liquidation — termination of corporate existence.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 1939
361.590. Duties of director where he continues liquidation — termination of corporate existence. —
1. In case it is determined to continue the liquidation under the director, he shall continue the liquidation of the affairs of such corporation and after paying the expenses thereof shall distribute the proceeds among the stockholders in proportion to the several holdings of stock and in such manner and upon such notice as may be directed by order of the circuit court.
2. Upon a petition by the director showing that all the assets of such corporation have been duly distributed and that unclaimed sums have been duly deposited by him as provided in section 361.200 and that more than one year has elapsed since the last required publication of notice to creditors to present their claims, and upon such notice as the court may prescribe, the circuit court may, on such terms as justice requires, make an order affirming such disposition of such unclaimed sums and declaring such corporation dissolved and the corporate existence thereof terminated. Upon the filing of a certified copy of such order in the office of the director, the existence of such corporation shall cease and determine.
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(RSMo 1939 § 7935)
Prior revisions: 1929 § 5340; 1919 § 11723
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.600 - Duties of director where stockholders elect another to liquidate.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 2000
361.600. Duties of director where stockholders elect another to liquidate. —
1. In case the stockholders shall determine to appoint an agent or agents to continue such liquidation, they shall thereupon select by ballot such agent or agents. A majority of the stock present and voting in person or by proxy shall be necessary to determine such question.
2. If such agent or agents shall be duly elected by the stockholders, the director may require such agent or agents to execute and deliver to him a bond to the state, in such amount, with such sureties, and in such form as shall be approved by him, conditioned upon the performance of all the duties of his or her or their trust; and thereupon the director shall transfer and deliver to such agent or agents all the assets of such corporation then remaining in his or her hands.
3. Upon such transfer and delivery, the director shall be discharged from any and all further liability to such corporation and its creditors.
4. Upon the transfer and delivery of said assets by the director, he or she shall file a certified copy of the proceedings of said meeting in the public records of the division of finance.
5. No powers specially set out in its articles of association shall be exercised by such corporation after the director has filed such certified copy in his or her office.
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(RSMo 1939 § 7935, A.L. 2000 S.B. 896)
Prior revisions: 1929 § 5340; 1919 § 11723
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.700 - Sale of checks law, how cited — definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 2002
361.700. Sale of checks law, how cited — definitions. —
1. Sections 361.700 to 361.727 shall be known and may be cited as the "Sale of Checks Law".
2. For the purposes of sections 361.700 to 361.727, the following terms mean:
(1)
"Check"
, any instrument for the transmission or payment of money and shall also include any electronic means of transmitting or paying money;
(2)
"Director"
, the director of the division of finance;
(3)
"Licensee"
, any person duly licensed by the director pursuant to sections 361.700 to 361.727;
(4)
"Person"
, any individual, partnership, association, trust or corporation.
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(L. 1984 H.B. 1374 §§ 1, 2, A.L. 2002 S.B. 895)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.705 - License required to issue checks for consideration, exceptions — violations, penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 1984
361.705. License required to issue checks for consideration, exceptions — violations, penalty. —
1. No person shall issue checks in this state for a consideration without first obtaining a license from the director; provided, however, that sections 361.700 to 361.727 shall not apply to the receipt of money by an incorporated telegraph company at any office or agency of such company for immediate transmission by telegraph nor to any bank, trust company, savings and loan association, credit union, or agency of the United States government.
2. Any person who violates any of the provisions of sections 361.700 to 361.727 or attempts to sell or issue checks without having first obtained a license from the director shall be deemed guilty of a class A misdemeanor.
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(L. 1984 H.B. 1374 §§ 3, 14)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.707 - Application for license, content — investigation fee, applied to license fee, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 2015
*361.707. Application for license, content — investigation fee, applied to license fee, when. —
1. Each application for a license pursuant to sections 361.700 to 361.727 shall be in writing and under oath to the director in such form as he may prescribe. The application shall state the full name and business address of:
(1) The proprietor, if the applicant is an individual;
(2) Every member, if the applicant is a partnership or association;
(3) The corporation and each officer and director thereof, if the applicant is a corporation.
2. Each application for a license shall be accompanied by an investigation fee of three hundred dollars. If the license is granted the investigation fee shall be applied to the license fee for the first year. No investigation fee shall be refunded.
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(L. 1984 H.B. 1374 §§ 4, 5, A.L. 2015 H.B. 587 merged with S.B. 345)
Effective 8-28-15 (H.B. 587)
*10-16-15 (S.B. 345), see § 21.250. S.B. 345 was vetoed July 7, 2015. The veto was overridden September 16, 2015.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.711 - Surety bond or irrevocable letter of credit required, costs, amount, special examinations.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 2006
361.711. Surety bond or irrevocable letter of credit required, costs, amount, special examinations. —
Each application for a license shall be accompanied by a corporate surety bond in the principal sum of one hundred thousand dollars. The bond shall be in form satisfactory to the director and shall be issued by a bonding company or insurance company authorized to do business in this state, to secure the faithful performance of the obligations of the applicant and the agents and subagents of the applicant with respect to the receipt, transmission, and payment of money in connection with the sale or issuance of checks and also to pay the costs incurred by the division to remedy any breach of the obligations of the applicant subject to the bond or to pay examination costs of the division owed and not paid by the applicant. Upon license renewal, the required amount of bond shall be as follows:
(1) For all licensees selling payment instruments or stored value cards, five times the high outstanding balance from the previous year with a minimum of one hundred thousand dollars and a maximum of one million dollars;
(2) For all licensees receiving money for transmission, five times the greatest amount transmitted in a single day during the previous year with a minimum of one hundred thousand dollars and a maximum of one million dollars.
­­If in the opinion of the director the bond shall at any time appear to be inadequate, insecure, exhausted, or otherwise doubtful, additional bond in form and with surety satisfactory to the director shall be filed within fifteen days after notice of the requirement is given to the licensee by the director. An applicant or licensee may, in lieu of filing any bond required under this section, provide the director with an irrevocable letter of credit, as defined in section 400.5-103, issued by any state or federal financial institution. Whenever in the director's judgment it is necessary or expedient, the director may perform a special examination of any person licensed under sections 361.700 to 361.727 with all authority under section 361.160 as though the licensee were a bank. The cost of such examination shall be paid by the licensee.
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(L. 1984 H.B. 1374 § 6, A.L. 1989 H.B. 386, A.L. 2006 S.B. 892)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.715 - License issued upon investigation, when — fee — charge for applications to amend and reissue.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 2023, 3 histories
361.715. License issued upon investigation, when — fee — charge for applications to amend and reissue. —
1. Upon the filing of the application, the filing of a certified audit, the payment of the investigation fee and the approval by the director of the necessary bond, the director shall cause, investigate, and determine whether the character, responsibility, and general fitness of the principals of the applicant or any affiliates are such as to command confidence and warrant belief that the business of the applicant will be conducted honestly and efficiently and that the applicant is in compliance with all other applicable state and federal laws. If satisfied, the director shall issue to the applicant a license pursuant to the provisions of sections 361.700 to 361.727. In processing a renewal license, the director shall require the same information and follow the same procedures described in this subsection.
2. Each licensee shall pay to the director before the issuance of the license, and annually thereafter on or before April fifteenth of each year, a license fee of four hundred dollars.
3. The director may assess a reasonable charge, not to exceed four hundred dollars, for any application to amend and reissue an existing license.
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(L. 1984 H.B. 1374 §§ 7, 8, A.L. 2006 S.B. 892, A.L. 2015 H.B. 587 merged with S.B. 345, A.L. 2023 S.B. 13)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.718 - Reserve required — director may demand proof, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 1984
361.718. Reserve required — director may demand proof, when. —
Every licensee shall at all times have on demand deposit in a federally insured depository institution or in the form of cash on hand or in the hands of his agents or in readily marketable securities an amount equal to all outstanding unpaid checks sold by him or his agents in Missouri, in addition to the amount of his bond. Upon demand by the director, licensees must immediately provide proof of such funds or securities. The director may make such demand as often as reasonably necessary and shall make such demand to each licensee, without prior notice, at least twice each license year.
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(L. 1984 H.B. 1374 § 9)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.720 - Licensee may conduct business through unlicensed agents and employees.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 1984
361.720. Licensee may conduct business through unlicensed agents and employees. —
Each licensee may conduct business at one or more locations within this state and by means of employees, agents, subagents or representatives as such licensee may designate. No license under sections 361.700 to 361.727 shall be required of any such employee, agent, subagent or representative who sells checks in behalf of a licensee. Each such agent, subagent or representative shall upon demand transfer and deliver to the licensee the proceeds of the sale of licensee's checks less the fees, if any, due such agent, subagent or representative.
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(L. 1984 H.B. 1374 § 10)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.723 - Annual report filed with director, content.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 1984
361.723. Annual report filed with director, content. —
Each licensee shall file with the director annually on or before April fifteenth of each year a statement listing the locations of the offices of the licensee and the names and locations of the agents or subagents authorized by the licensee to engage in the sale of checks of which the licensee is the issuer.
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(L. 1984 H.B. 1374 § 11)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.725 - Revocation or suspension of license — grounds — procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 1984
361.725. Revocation or suspension of license — grounds — procedure. —
The director may at any time suspend or revoke a license, for any reason he might refuse to grant a license, for failure to pay an annual fee or for a violation of any provision of sections 361.700 to 361.727. No license shall be denied, revoked or suspended except on ten days' notice to the applicant or licensee. Upon receipt of such notice the applicant or licensee may, within five days of such receipt, make written demand for a hearing. The director shall thereafter hear and determine the matter in accordance with the provisions of chapter 536.
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(L. 1984 H.B. 1374 § 12)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.727 - Rules — authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 2021, 2 histories
361.727. Rules — authority. —
The director shall issue regulations necessary to carry out the intent and purposes of sections 361.700 to 361.727, pursuant to the provisions of section 361.105 and chapter 536.
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(L. 1984 H.B. 1374 § 13, A.L. 1993 S.B. 52, A.L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 361 - Division of Finance and Powers of Director of Finance › Section 361.729 - Persons, firms, and corporations not subject to administrative penalty for acts performed in reliance on written interpretations.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 361
• Effective - 28 Aug 1992
361.729. Persons, firms, and corporations not subject to administrative penalty for acts performed in reliance on written interpretations. —
Any other provisions of the law to the contrary notwithstanding, any person, firm or corporation shall not be subject to any administrative proceeding or penalty for any acts or omissions done in reliance on a written interpretation of any sections of chapter 408, by the division of finance, which is applicable to a specific set of facts originally proposed by the person, firm or corporation prior to committing such acts or omissions.
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(L. 1992 S.B. 705 § 9)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.011 - Trust business not engaged in, when — prohibition on use of words "trust company", when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2002
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 law in this state;
(2) Rendering services as a certified or registered public accountant in the performance of duties as such;
(3) Acting as a trustee or receiver in bankruptcy;
(4) Engaging in the business of an escrow agent;
(5) Receiving rents and proceeds of sale as a licensed real estate broker on behalf of the principal;
(6) Acting as trustee under a deed of trust made only as security for the payment of money or for the performance of another act;
(7) Acting in accordance with its authorized powers as a religious, charitable, educational, or other not-for-profit corporation or as a charitable trust or as an unincorporated religious organization;
(8) Engaging in securities transactions as a dealer or salesman;
(9) Acting as either a receiver under the supervision of a court or as an assignee for the benefit of creditors under the supervision of a court; or
(10) Engaging in such other activities that the director may prescribe by rule.
2. Persons consigned to be not engaged in the trust business pursuant to subsection 1 of this section shall not use the words "trust company" as part of any artificial or corporate name or title nor shall such persons engage in any other conduct that violates section 362.425.
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(L. 2002 H.B. 1537 merged with S.B. 742)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.015 - No private banks shall be established — who may incorporate — when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1984
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 shall have associated themselves by articles of agreement, in writing, as provided by law, for the purpose of establishing a bank or trust company may be incorporated under any name or title designating such business. Such persons may act on behalf of a bank holding company.
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(RSMo 1939 §§ 7939, 7999, A.L. 1967 p. 445, A.L. 1984 H.B. 1373)
Prior revisions: 1929 § 5344; 1919 § 11727; 1909 § 1092
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.020 - Articles of agreement — contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2002
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 corporate title of a bank or trust company incorporated in this state;
(2) The name of the city or town and county in this state in which the corporation is to be located;
(3) The amount of the capital stock of the corporation, the number of shares into which it is divided, and the par value thereof; that the same has been subscribed in good faith and all thereof actually paid up in lawful money of the United States and is in the custody of the persons named as the first board of directors or managers;
(4) The names and places of residences of the several shareholders and number of shares subscribed by each;
(5) The number and the names of the first directors;
(6) The purposes for which the corporation is formed;
(7) Any provisions relating to the preemptive rights of a shareholder as provided in section 351.305.
2. The articles of agreement may designate the number of directors necessary to constitute a quorum, and may provide for the number of years the corporation is to continue, or may provide that the existence of the corporation shall continue until the corporation shall be dissolved by consent of the stockholders or by proceedings instituted by the state under any statute now in force or hereafter enacted.
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(RSMo 1939 § 7940, A.L. 1949 p. 280, A.L. 1967 p. 445, A.L. 2002 S.B. 895)
Prior revisions: 1929 § 5345; 1919 § 11728; 1909 § 1093
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.023 - Trust company may refuse demand deposits by its articles of incorporation, effect of.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2021, 2 histories
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 procedure for granting or denying a charter for the proposed trust company shall be as provided in sections 362.025 to 362.040, except that the determination of need and convenience as provided in section 362.030 shall be limited to the need for fiduciary services as authorized under subsection 3 of section 362.105.
2. No trust company the articles of which preclude or do not affirmatively provide for the acceptance of demand deposits, and no trust company which does not regularly accept demand deposits on September 28, 1977, shall accept demand deposits without a certificate issued by the director of finance authorizing the acceptance of demand deposits. The application for such certificate shall be treated as an application for a new charter and shall be granted or denied as provided in sections 362.030 to 362.040.
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(L. 1977 S.B. 420, A.L. 2021 S.B. 106)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.025 - Articles of agreement to be filed.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2019, 2 histories
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 the parties indicating the corrections to be made.
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(RSMo 1939 § 7941, A.L. 1967 p. 445, A.L. 2000 S.B. 896, A.L. 2019 S.B. 179)
Prior revisions: 1929 § 5346; 1919 § 11729; 1909 § 1093
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.030 - Director to examine as to character and capital.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2019, 2 histories
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 bank or trust company shall complete its incorporation, shall cause an examination to be made to ascertain whether the requisite capital of the bank or trust company has been subscribed in good faith and paid in actual cash and is ready for use in the transaction of business of the proposed bank or trust company, and whether the character, responsibility and general fitness of the persons named in the articles of agreement and any bank holding company on whose behalf they are acting are such as to command confidence and warrant belief that the business of the proposed corporation will be conducted honestly and efficiently in accordance with the intent and purpose of this chapter; and if the convenience and needs of the community to be served justify and warrant the opening of the bank or trust company therein, and if the probable volume of business in such locality is sufficient to insure and maintain the solvency of the new bank or trust company and the solvency of the then existing banks and trust companies in the locality, without endangering the safety of any bank or trust company in the locality as a place of deposit of public and private moneys.
2. The proponents shall be liable for all expenses incurred in making the examination, including the wages and other necessary expenses of each examiner making the examination; provided, however, that if the charter is granted, this obligation may be assumed by the bank or trust company so chartered.
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(RSMo 1939 § 7942, A.L. 1941 p. 670, A. 1949 H.B. 2085, A.L. 1951 p. 283, A.L. 1959 H.B. 389, A.L. 1967 p. 445, A.L. 1984 H.B. 1373, A.L. 2019 S.B. 179)
Prior revisions: 1929 § 5347; 1919 § 11730; 1909 § 1095
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.034 - Marijuana facilities, request for certain agencies to share information with banking institutions — procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2023
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 licensing authority or agency, including, but not limited to, the department of health and senior services or department of revenue, share the entity's application, license, or other regulatory and financial information with a banking institution. A state or local licensing authority or agency may also share such information with the banking institution's state and federal supervisory agencies.
2. In order to ensure the state or local licensing authority or agency is properly maintaining the confidentiality of individualized data, information, or records, an entity shall include in the written request a waiver giving authorization for the transfer of the individualized data, information, or records and waiving any confidentiality or privilege that applies to that individualized data, information, or records.
3. This section shall only apply to the disclosure of information by a state or local licensing authority or agency reasonably necessary to facilitate the provision of financial services by a banking institution to the entity making a request pursuant to this section.
4. The recipient of any information pursuant to this section shall treat such information as confidential and use it only for the purposes described in this section.
5. Nothing in this section shall be construed to authorize the disclosure of confidential or privileged information, nor waive an entity's rights to assert confidentiality or privilege, except as reasonably necessary to facilitate the provision of financial services for the entity making the request.
6. An entity that has provided a waiver pursuant to this section may withdraw the waiver with thirty days' notice in writing.
7. Nothing in this section shall be construed to modify the requirements of chapter 610.
8. For purposes of this section, the following terms mean:
(1)
"Banking institution"
, the same meaning as in Article IV, Section 15 of the Missouri Constitution;
(2)
"Entity"
, the same meaning as in Article XIV of the Missouri Constitution.
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(L. 2023 S.B. 63 merged with S.B. 186)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.035 - Certificate of incorporation — issuance — to be filed.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2000
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 certificate setting forth that such corporation has been duly organized and the amount of its capital subscribed and paid up in full. All certificates granted by the director shall designate the address and location in the city and town at which the corporation shall be authorized to conduct its business as its main banking house until such time as said address or location is changed after the approval of the director of finance has first been obtained.
2. A certified copy of such certificate shall be filed in the public records of the division of finance, and a copy of such certificate, so filed, or certified copies thereof, shall be taken in all the courts of this state as evidence of such incorporation; and the existence of such corporation shall continue for the period limited in its articles of agreement, if there fixed, and if not there fixed, then until the corporation is dissolved by consent of its stockholders or until its corporate existence ends pursuant to the laws of this state.
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(RSMo 1939 § 7942, A.L. 1941 p. 670, A. 1949 H.B. 2085, A.L. 1959 H.B. 389, A.L. 2000 S.B. 896)
Prior revisions: 1929 § 5347; 1919 § 11730; 1909 § 1095
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.040 - Notice of refusal of certificate — appeal.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2011
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 that the convenience and needs of the community to be served justify and warrant the opening of the new bank or trust company therein, or that the probable volume of business in such locality is sufficient to insure and maintain the solvency of the new bank and the solvency of the then existing banks or trust companies in the locality, without endangering the safety of any bank or trust company in the locality as a place of deposit of public and private moneys; and on these accounts or any one of them shall refuse to grant the certificate of incorporation, the director shall forthwith give notice thereof to the proposed incorporators from whom the articles of agreement were received, who, if they so desire, may within ten days thereafter appeal from the refusal to the state banking and savings and loan board.
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(RSMo 1939 § 7942, A.L. 1941 p. 670, A. 1949 H.B. 2085, A.L. 1955 p. 266, A.L. 1967 p. 445, A.L. 2011 H.B. 464)
Prior revisions: 1929 § 5347; 1919 § 11730; 1909 § 1095
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.046 - Bylaws, who may make, amend or repeal.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 of incorporation. The bylaws may contain any provisions for the regulation and management of the affairs of the corporation not inconsistent with law or the articles of agreement.
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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 362.050 - Cash capital required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 of which does not exceed five thousand inhabitants;
(2) Seventy-five thousand dollars if the place where its business is to be transacted is an unincorporated or incorporated town the population of which exceeds five thousand but does not exceed ten thousand inhabitants;
(3) One hundred fifty thousand dollars if the place where its business is to be transacted is a city or town the population of which exceeds ten thousand but does not exceed fifty thousand inhabitants;
(4) Three hundred thousand dollars if the place where its business is to be transacted is a city the population of which exceeds fifty thousand inhabitants.
2. Any bank or trust company now existing, the capital of which is not equal to that limitation required of a bank or trust company in its location, may continue to do business under its present capital, but until the capital and surplus fund of a bank, or a trust company with deposit liability, equals forty percent more than the minimum of capital required for a bank or trust company in its location, one-tenth of its net earnings for each dividend period as provided in section 362.315 shall be credited to the surplus fund, and no such bank or trust company shall declare, credit or pay any dividends for any dividend period to its stockholders until it has made such credit for that period to its surplus fund; and until the capital and surplus fund of any trust company not having deposit liability equals the minimum of capital required of a trust company in its location, one-tenth of its net earnings for each dividend period as provided in section 362.315 shall be credited to the surplus fund, and no such trust company shall declare, credit or pay any dividends until it has made the credit for that period to its surplus fund.
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(RSMo 1939 § 7944, A.L. 1955 p. 261, A.L. 1961 p. 143, A.L. 1967 p. 445)
Prior revisions: 1929 § 5348; 1919 § 11731; 1909 § 1096
(1976) Held, amounts set out are minimums and state banking board may require greater capitalization. Glasnapp v. State Banking Board (A.), 545 S.W.2d 382.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.055 - Capital stock — par value.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
362.055. Capital stock — par value. —
The capital stock of such corporation shall be divided into shares having a par value.
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(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
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.060 - Change of par value — notice of meeting — when change effective.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 2019, 2 histories
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 in section 362.044.
3. If the holders of a majority of the stock of the corporation at any meeting shall vote in favor of a resolution authorizing a change in the par value of its shares the resolution shall thereupon be adopted, and, upon the filing with the director of the resolution, certified by the secretary of the corporation to be a true and correct copy thereof adopted by the holders of a majority of the stock of the corporation at a meeting duly called and held in accordance with the provisions hereof, the change in par value of the shares shall thereupon become effective.
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(RSMo 1939 § 7945, A.L. 1967 p. 445, A.L. 2000 S.B. 896, A.L. 2019 S.B. 179)
Prior revisions: 1929 § 5349; 1919 § 11732; 1909 § 1097
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.063 - Power to close transfer books.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 of rights or the date when any change or conversion or exchange of shares shall go into effect; provided, however, that in lieu of closing the stock transfer books as aforesaid, unless prohibited by the bylaws the board of directors may fix in advance a date, not exceeding fifty days preceding the date of any meeting of stockholders, or the date for the payment of any dividend, or the date for the allotment of rights, or the date when any change or conversion or exchange of shares shall go into effect, as a record date for the determination
*
of the stockholders entitled to notice of, and to vote at, any meeting, and any adjournment thereof, or entitled to receive payment of any dividend, or entitled to any allotment of rights, or entitled to exercise the rights in respect of any change, conversion or exchange of shares. In such cases such stockholders and only such stockholders as shall be stockholders of record on the date of closing the transfer books or on the record date so fixed shall be entitled to notice of, and to vote at, the meeting, and any adjournment thereof, or to receive payment of the dividend, or to receive the allotment of rights, or to exercise such rights, as the case may be, notwithstanding any transfer of any shares on the books of the corporation after the date of closing of the transfer books or the record date fixed as aforesaid. If the board of directors does not close the transfer books or set a record date of termination of the stockholders entitled to notice of, and to vote at, a meeting of stockholders, only the stockholders of record at the close of business on the twentieth day preceding the date of the meeting shall be entitled to notice of, and to vote at, the meeting, and any adjournment thereof; except that if prior to the meeting written waivers of notice of the meeting are signed and delivered to the corporation by all of the stockholders of record at the time the meeting is convened, only the stockholders of record at the time the meeting is convened shall be entitled to vote at the meeting, and any adjournment thereof.
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(L. 1967 p. 445)
*Word "termination" appears in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.067 - Stock option plan for officers and employees — increase in shares — consideration.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1961
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 employees or officers or a trustee in their behalf without first offering the shares to its shareholders and for a consideration which shall be not less than the higher of par value or ninety-five percent of the fair market value of the shares at the time the option is granted and upon the terms and conditions of a stock option plan approved by its board of directors and the holders of a majority of its shares entitled to vote at a meeting where the approval is sought.
2. In order to have shares of its capital stock available for issuance and sale pursuant to stock option plans approved hereunder, every bank and trust company may from time to time amend its articles of agreement to provide for authorized but unissued shares of its capital stock in an amount not to exceed ten percent of the authorized shares outstanding at the time of the amendment. The amendments shall be made as provided by law in the case of a capital increase which is to be paid in full before becoming effective. The authorized and unissued shares need not become issued and fully paid shares until the options to which the shares are subject have been exercised and they shall not become part of the capital stock of the particular bank or trust company except for the purpose hereof until they have been issued and paid for in cash. To the extent that authorized and unissued shares are not taken up under the stock option plan to which they are allocated they may be reallocated successively to other stock option plans.
3. In the absence of actual fraud in the transaction and within the limits of the particular stock option plan, the judgment of the board of directors and of any committee provided for in the stock option plan as to the consideration for the issuance of the options and the sufficiency thereof and as to the recipients of the options shall be conclusive.
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(L. 1961 p. 146 §§ 1, 2, 3)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.070 - Compensation for organizing bank or trust company prohibited — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 kind for organizing any bank or trust company in this state, or for securing a subscription to the original capital stock or surplus of any bank or trust company in this state, or to any increase thereof; provided, that this section shall not be construed as prohibiting an attorney at law from receiving compensation for legal service in connection therewith.
2. Each and every individual, partnership, unincorporated association or corporation violating the provisions of this section shall forfeit to the state one hundred dollars for each and every violation, and in addition thereto double the amount of the commission, compensation or bonus.
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(RSMo 1939 § 7946, A.L. 1967 p. 445)
Prior revisions: 1929 § 5350; 1919 § 11733
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 362 - Banks and Trust Companies › Section 362.073 - Certain stock transfers or voting control changes must be reported to director of finance.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 362
• Effective - 28 Aug 1967
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 shares of the capital stock of the bank or trust company are transferred on the books of the corporation if the total holdings of the transferee, after but not before the transfer, amount to twenty-five percent or more of the capital stock of the corporation, or at any time there is a change in the voting control of the corporation by transfers from transferors previously having control thereof. The report shall show the names of the transferors and the transferees, the number of shares transferred, the total number of shares held by the transferor and the transferee before and after the transaction and the price paid for the shares, if the price be known. Failure to report any such transfer shall constitute a misdemeanor punishable by a fine of not less than one hundred dollars. Each day of delay in making the report shall constitute a separate offense.
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(L. 1967 p. 445)