Effective - 28 Aug 2000
362.115. Bank may exercise powers of trust companies — application — examination — certificate — trust department. — 1. Any bank organized under the laws of this state having a paid-up capital of at least fifty thousand dollars in any unincorporated or incorporated village or city having a population of less than ten thousand inhabitants; a capital of at least one hundred thousand dollars in any city having a population of at least ten thousand and not more than fifty thousand inhabitants; and having a capital of two hundred thousand dollars in any city that exceeds fifty thousand inhabitants shall have and may exercise any part or all of the fiduciary powers now or hereafter granted under the laws of this state to trust companies, subject, however, to all conditions, restrictions and limitations which now exist or may hereafter be adopted applicable to trust companies.
2. Any bank desiring to exercise the fiduciary powers granted to trust companies shall make application therefor in writing to the finance director, stating under oath that a meeting of its stockholders duly and regularly called in accordance with the provisions of law, a majority of the stockholders present and voting, voted to have the appropriate officers of the bank make application to the finance director for the exercise of fiduciary powers above referred to.
3. Upon the making of the application the finance director shall examine or cause an examination to be made of the bank in order to ascertain whether or not the requirements of the law have been complied with, and to determine:
(1) The needs of the community for fiduciary services and the probable volume of such fiduciary business available to the bank;
(2) The general condition of the bank, including the adequacy of its capital and surplus in relation to the character and condition of its assets and to its deposit liabilities and other corporate responsibilities, including the exercise of fiduciary powers;
(3) The general character and ability of the management of the bank;
(4) The nature of the supervision to be given to the fiduciary activities, including the qualifications, experience and character of the proposed officer or officers of the trust department;
(5) Whether the bank has available legal counsel to advise and pass upon fiduciary matters wherever necessary.
4. In case the director shall find that all of the provisions of the law have been complied with and that on the basis of the above factors the bank is qualified for and should be given fiduciary powers, he or she shall grant a certificate setting forth that the bank is entitled to exercise all or any part of the fiduciary powers granted to trust companies, and one certified copy shall be filed in the public records of the division of finance and the original certificate sent to the bank or trust company.
5. Before any such bank shall exercise any of the powers above referred to in this section, it shall organize a separate trust department for the exercise of its fiduciary powers, which department shall be in charge of a trust officer. Upon the granting of the certificate the bank may use the words "trust company" as a part of its corporate name.
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(RSMo 1939 § 7949, A. 1949 H.B. 2085, A.L. 1967 p. 445, A.L. 2000 S.B. 896)
Prior revisions: 1929 § 5354; 1919 § 11737
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.