Effective - 28 Aug 1961
371.170. Deposits and loans of funds, regulation — not to receive deposits. — The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depositary by a vote of a majority of the directors, exclusive of any director who is an officer or director of the depositary so designated. The corporation shall not receive money on deposit. No loans shall be made directly or indirectly to any officer of the corporation or to any firm of which such officer is a member or officer.
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(L. 1961 p. 157 § 16)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 371 - Development Finance Corporations
Section 371.010 - Purpose of chapter.
Section 371.020 - Number of incorporators required.
Section 371.030 - Director of finance to investigate and approve proposed articles.
Section 371.040 - Organization may be completed after approval.
Section 371.050 - Certificate of organization to be filed — contents.
Section 371.070 - Corporate existence begins, when — recording of articles.
Section 371.080 - Articles of incorporation — contents.
Section 371.090 - Amendment of articles, procedure — when effective.
Section 371.100 - Stockholders' meetings — election of directors — voting rights.
Section 371.110 - Board of directors to manage corporation — number, terms.
Section 371.120 - Members of corporation to be financial institutions — loans by members, limits.
Section 371.130 - Powers of corporation.
Section 371.150 - Accumulation of earned surplus, requirements.
Section 371.160 - Limit on obligations, exceptions.
Section 371.170 - Deposits and loans of funds, regulation — not to receive deposits.
Section 371.180 - Limitation on lending powers.
Section 371.190 - Examination by director of finance — reports.
Section 371.200 - Stockholders not to have preemptive rights.
Section 371.210 - Interest paid exempt from intangible and income taxes.
Section 371.220 - Corporate income exempt from income tax.
Section 371.230 - Compromise, arrangement or plan of reorganization, how adopted — effect.
Section 371.240 - Dissolution, when authorized — procedure.
Section 371.250 - Corporations and banks may own stock or securities of company, securities exempt.