Effective - 28 Aug 2017
362.1100. Order of removal — notice of charges, when, procedure. — 1. The secretary or the secretary's designee may issue and serve upon a family trust company and a family trust company affiliated party a notice of charges if the secretary or the secretary's designee has reason to believe that the family trust company affiliated party is engaging or has engaged in conduct that:
(1) Demonstrates that the family trust company does not satisfy the requirements of a family trust company or of a foreign family trust company under sections 362.1010 to 362.1117;
(2) Is a prohibited act or practice under section 362.1065;
(3) Violates section 362.1035, 362.1040, 362.1050, 362.1055, 362.1060, or 362.1080;
(4) Violates any other law involving fraud or moral turpitude that constitutes a felony;
(5) Violates a state or federal law related to anti-money laundering, customer identification, or any related rule or regulation;
(6) Is a willful violation of a rule of the secretary;
(7) Is a willful violation of an order of the secretary;
(8) Is a willful breach of a written agreement with the secretary; or
(9) Is an act of commission or omission or a practice that the secretary or the secretary's designee has reason to believe is a breach of trust or fiduciary duty.
2. The notice of charges shall contain a statement of facts and notice of opportunity for a hearing.
3. If no hearing is requested within thirty days after the date of service of the notice of charges or if a hearing is held and the secretary or secretary's designee finds that any of the charges in the notice of charges are true, the secretary or secretary's designee may enter an order that removes the family trust company affiliated party from the family trust company or that restricts or prohibits the family trust company affiliated party from participating in the affairs of the family trust company.
4. A contested or default order of removal is effective when reduced to writing and served upon the family trust company and the family trust company affiliated party. An uncontested order of removal is effective as agreed.
5. (1) The chief executive officer of a family trust company or the person holding the equivalent office shall promptly notify the secretary if such person has actual knowledge that a family trust company affiliated party is charged with a felony in a state or federal court.
(2) If a family trust company affiliated party is charged with a felony in a state or federal court or, in a court of a foreign country with which the United States maintains diplomatic relations, is charged with an offense that involves a violation of law relating to fraud, currency transaction reporting, money laundering, theft, or moral turpitude and such offense is equivalent to a felony charge under state or federal law, then the secretary or the secretary's designee may enter an emergency order that suspends the family trust company affiliated party or that restricts or prohibits participation by such party in the affairs of the family trust company effective upon service of the order on the company and such family trust company affiliated party.
(3) The order shall contain notice of opportunity for a hearing, at which the family trust company affiliated party may request a postsuspension hearing to show that continued service to or participation in the affairs of the family trust company does not pose a threat to the interests of the family trust company. In accordance with applicable rules, the secretary or secretary's designee shall notify the family trust company affiliated party whether the order suspending or prohibiting the family trust company affiliated party from participating in the affairs of the family trust company will be rescinded or otherwise modified. The emergency order shall remain in effect, unless otherwise modified by the secretary or secretary's designee, until the criminal charge is disposed. The emergency order shall dissolve upon the final, unappealed dismissal of all charges against or the acquittal of the family trust company affiliated party. Such occurrences shall not prohibit the secretary or the secretary's designee from instituting proceedings under subsection 1 of this section. If the family trust company affiliated party charged is convicted or pleads guilty or nolo contendere, regardless of adjudication, the emergency order shall become final.
6. No family trust company affiliated party removed from office under this section shall be eligible for reinstatement to such office or to any other official position in a family trust company or financial institution in this state except with the written consent of the secretary. A family trust company affiliated party who is removed, restricted, or prohibited from participation in the affairs of a family trust company under this section may petition the secretary for modification or termination of such removal, restriction, or prohibition.
7. The resignation, termination of employment or participation, or separation from a family trust company of the family trust company affiliated party shall not affect the jurisdiction and authority of the secretary or the secretary's designee to issue a notice and proceed under this section against the family trust company affiliated party if such notice is served within six years of the date such person ceased to be a family trust company affiliated party.
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(L. 2017 H.B. 292)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 362 - Banks and Trust Companies
Section 362.010 - Definitions.
Section 362.015 - No private banks shall be established — who may incorporate — when.
Section 362.020 - Articles of agreement — contents.
Section 362.025 - Articles of agreement to be filed.
Section 362.030 - Director to examine as to character and capital.
Section 362.035 - Certificate of incorporation — issuance — to be filed.
Section 362.040 - Notice of refusal of certificate — appeal.
Section 362.042 - Restated articles of incorporation may be amended at time of restatement, manner.
Section 362.044 - Stockholders' meetings — notice — business by proxy, cancellation of meetings.
Section 362.046 - Bylaws, who may make, amend or repeal.
Section 362.048 - Emergency bylaws — when.
Section 362.050 - Cash capital required.
Section 362.055 - Capital stock — par value.
Section 362.060 - Change of par value — notice of meeting — when change effective.
Section 362.063 - Power to close transfer books.
Section 362.067 - Stock option plan for officers and employees — increase in shares — consideration.
Section 362.070 - Compensation for organizing bank or trust company prohibited — penalty.
Section 362.075 - Issuance and sale of preferred stock shares — subject to director's approval.
Section 362.080 - Stockholders may authorize issuance and sale, when — manner.
Section 362.090 - Par value of preferred stock issued and offered for sale.
Section 362.105 - Powers and authority of banks and trust companies.
Section 362.106 - Additional powers.
Section 362.107 - Branch banking allowed, requirements — director of finance to approve, appeals.
Section 362.109 - Restrictions on orders and ordinances of political subdivisions.
Section 362.111 - Fees and service charges permitted, when, conditions.
Section 362.112 - Bank or trust company may act as custodian, when.
Section 362.117 - State bank may become trust company — procedure.
Section 362.118 - Trust company may become state bank — procedure.
Section 362.119 - Investment in trust companies by bank, limitations — definitions.
Section 362.120 - Capital notes may be issued and sold by banks and trust companies.
Section 362.130 - Extension of time for retirement of capital notes.
Section 362.135 - Liquidation of assets — funds held in trust.
Section 362.140 - Branch offices in foreign countries — how established — amount to be invested.
Section 362.145 - Content of application — director may approve or reject — examination of branches.
Section 362.150 - Director may investigate branches — require banks to dispose of holdings.
Section 362.155 - Accounts of branches to be kept separately.
Section 362.165 - Restrictions on taking and holding real estate.
Section 362.169 - Population defined for legal loan limit.
Section 362.171 - Bank officer making excessive loan — penalty.
Section 362.172 - Investment in stock of banks or bank holding companies — limitations.
Section 362.173 - Investments in small business investment companies.
Section 362.180 - Who may make Federal Housing Act loans.
Section 362.185 - Financial institutions may invest securities under Federal Housing Act.
Section 362.190 - May be used as security.
Section 362.195 - Applicability of sections 362.180 to 362.195.
Section 362.200 - Money not to be employed in trade or commerce.
Section 362.205 - Account books, requirements — property, how carried.
Section 362.207 - Securities held in name of nominee.
Section 362.220 - Agreements to pay time deposit before maturity prohibited — penalty.
Section 362.222 - Checks to be paid at par — exceptions — penalty.
Section 362.225 - Reserve depositaries.
Section 362.230 - No new loans until depleted reserves are restored.
Section 362.231 - Reserve requirements, federal regulation to take precedence, when.
Section 362.235 - National bank may become state bank or trust company — procedure, effect.
Section 362.240 - Change from state to national bank.
Section 362.250 - Oath of directors to be subscribed and certified — retained by board — penalty.
Section 362.253 - Two or more directors to constitute an executive committee — when.
Section 362.255 - Tenure of office of directors.
Section 362.260 - Vacancies in board of directors.
Section 362.265 - Change of number of directors.
Section 362.270 - Organizational meeting of directors.
Section 362.290 - Communications from director shall be submitted to directors and noted in minutes.
Section 362.295 - Reports to director — publication — penalty.
Section 362.310 - Surplus fund — composition — purposes.
Section 362.325 - Charter amended — procedure — notice — duty of director — appeal.
Section 362.330 - Bank may sell whole or any part of its assets or business — procedure.
Section 362.336 - Fraudulent checks and drafts issued by bank or agent — penalty.
Section 362.337 - Bank officer concealing loans, misdemeanor — penalty.
Section 362.340 - Employees to give bond — insurance — publication of minimum levels of coverages.
Section 362.345 - Penalties for receiving deposits when insolvent.
Section 362.350 - Officers, how sued — evidence of knowledge.
Section 362.355 - Administrators of deceased officers liable.
Section 362.360 - Interpleader in certain actions — funds may remain in bank — costs.
Section 362.385 - Rate of interest.
Section 362.405 - Assessments by director of finance paid to director of revenue.
Section 362.410 - Preservation of books and records.
Section 362.415 - Prohibitions against encroachments upon certain powers of banks.
Section 362.420 - Prohibition of banking business.
Section 362.421 - Advertising as bankers, prohibited, when — penalty.
Section 362.425 - Use of sign or words indicating bank by unauthorized persons prohibited.
Section 362.435 - Foreign banking corporation may transact business in this state, when.
Section 362.440 - Licenses to foreign corporations — renewal.
Section 362.445 - Process defined — director of finance to accept service of process, when — fee.
Section 362.450 - Revocation of authorization certificate or license in certain cases.
Section 362.460 - Reports of foreign banking corporations — penalties.
Section 362.462 - Relocation of main banking house in another state.
Section 362.463 - Out-of-state bank may relocate to this state.
Section 362.465 - Deposits of minors.
Section 362.466 - Applicability of law — rights, powers, protections.
Section 362.470 - Joint deposits.
Section 362.471 - Pay-on-death accounts — form — effect — payments from.
Section 362.475 - Deposits of deceased trustee shall be paid to beneficiary.
Section 362.480 - Deposits of trustee, how paid out.
Section 362.485 - Special remedies available to banks doing a safe deposit business.
Section 362.488 - Death of lessee, duties of lessor — additional duties by contract.
Section 362.490 - Banks exempt from furnishing security for insured deposits.
Section 362.495 - When payment and withdrawals may be suspended.
Section 362.500 - Shall notify finance director of suspension — duties of commissioner.
Section 362.505 - Audit of bank by director — approval of reopening plans.
Section 362.510 - When director shall liquidate.
Section 362.515 - Special deposits — nature — use.
Section 362.520 - Banks may close, when — bank holiday, effect of.
Section 362.530 - Contributions to charitable agencies.
Section 362.560 - Trust guaranty fund.
Section 362.570 - Application of trust guaranty fund.
Section 362.575 - Personal representatives and other persons not liable as stockholders.
Section 362.580 - Common trust fund authorized.
Section 362.590 - Bond not required of banks and trust companies, when acting as fiduciaries.
Section 362.600 - Reciprocal corporate fiduciary powers — certificates of reciprocity.
Section 362.610 - Banks and trust companies may merge or consolidate.
Section 362.620 - Agreement for consolidation.
Section 362.630 - Agreement for merger.
Section 362.640 - Agreement for merger or consolidation.
Section 362.650 - Certified copies evidence.
Section 362.670 - Finance director shall certify finding within thirty days.
Section 362.680 - Agreement to be submitted to stockholders, when — exceptions, procedures.
Section 362.690 - Agreement binding, when.
Section 362.700 - Agreement for merger becomes effective, when.
Section 362.710 - Agreement for consolidation becomes effective, when.
Section 362.720 - Receiving or consolidated company shall issue new certificates for old, when.
Section 362.760 - Cost of proceedings, how taxed.
Section 362.770 - Corporate existence of old merged into new company — title to property.
Section 362.780 - New company succeeds to fiduciary relations of old.
Section 362.790 - New company liable for obligations of old.
Section 362.800 - Pending actions not to abate — substitution.
Section 362.810 - Trust and fiduciary relations of old companies continue in new.
Section 362.900 - Declaration of intent.
Section 362.910 - Definitions.
Section 362.915 - Limitation on bank holding company — total deposits, how computed.
Section 362.920 - Procedure to obtain order allowing acquisition — duty of director.
Section 362.930 - Injunctive relief, when.
Section 362.935 - Director of finance to administer — rules and orders authorized.
Section 362.940 - Disclaimer as to implied repeal of other law.
Section 362.1010 - Citation of law.
Section 362.1015 - Definitions.
Section 362.1020 - Inapplicability of certain sections, when.
Section 362.1035 - Capital account, minimum required — company's duty to maintain, requirements.
Section 362.1037 - Management authority, exclusively vested.
Section 362.1040 - Organizational instruments, requirements.
Section 362.1055 - Annual registration report, contents, filing fee.
Section 362.1060 - Permissible acts — foreign companies, exercise of trust powers.
Section 362.1065 - Commercial banking, engagement in prohibited.
Section 362.1075 - Fiduciary capacity — oath, affirmation, affidavit, or acknowledgment.
Section 362.1080 - Advertising prohibited.
Section 362.1085 - Examination and investigation of company, procedure.
Section 362.1090 - Cease and desist order — notice of charges, when, procedure.
Section 362.1100 - Order of removal — notice of charges, when, procedure.
Section 362.1110 - Principal place of business — retention of records — in camera inspection, when.
Section 362.1115 - Information exempt from sunshine law — disclosure, when — violation, penalty.