362.050. 1. The amount of cash capital required of suchbank or trust company shall amount to not less than:
(1) Fifty thousand dollars if the place where its businessis to be transacted is an unincorporated or incorporated villageor town the population of which does not exceed five thousandinhabitants;
(2) Seventy-five thousand dollars if the place where itsbusiness is to be transacted is an unincorporated or incorporatedtown the population of which exceeds five thousand but does notexceed ten thousand inhabitants;
(3) One hundred fifty thousand dollars if the place whereits business is to be transacted is a city or town the populationof which exceeds ten thousand but does not exceed fifty thousandinhabitants;
(4) Three hundred thousand dollars if the place where itsbusiness is to be transacted is a city the population of whichexceeds fifty thousand inhabitants.
2. Any bank or trust company now existing, the capital ofwhich is not equal to that limitation required of a bank or trustcompany in its location, may continue to do business under itspresent capital, but until the capital and surplus fund of abank, or a trust company with deposit liability, equals fortypercent more than the minimum of capital required for a bank ortrust company in its location, one-tenth of its net earnings foreach dividend period as provided in section 362.315 shall becredited to the surplus fund, and no such bank or trust companyshall declare, credit or pay any dividends for any dividendperiod to its stockholders until it has made such credit for thatperiod to its surplus fund; and until the capital and surplusfund of any trust company not having deposit liability equals theminimum of capital required of a trust company in its location,one-tenth of its net earnings for each dividend period asprovided in section 362.315 shall be credited to the surplusfund, and no such trust company shall declare, credit or pay anydividends until it has made the credit for that period to itssurplus fund.
(RSMo 1939 § 7944, A.L. 1955 p. 261, A.L. 1961 p. 143, A.L. 1967 p. 445)
(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.
362.050. 1. The amount of cash capital required of suchbank or trust company shall amount to not less than:
(1) Fifty thousand dollars if the place where its businessis to be transacted is an unincorporated or incorporated villageor town the population of which does not exceed five thousandinhabitants;
(2) Seventy-five thousand dollars if the place where itsbusiness is to be transacted is an unincorporated or incorporatedtown the population of which exceeds five thousand but does notexceed ten thousand inhabitants;
(3) One hundred fifty thousand dollars if the place whereits business is to be transacted is a city or town the populationof which exceeds ten thousand but does not exceed fifty thousandinhabitants;
(4) Three hundred thousand dollars if the place where itsbusiness is to be transacted is a city the population of whichexceeds fifty thousand inhabitants.
2. Any bank or trust company now existing, the capital ofwhich is not equal to that limitation required of a bank or trustcompany in its location, may continue to do business under itspresent capital, but until the capital and surplus fund of abank, or a trust company with deposit liability, equals fortypercent more than the minimum of capital required for a bank ortrust company in its location, one-tenth of its net earnings foreach dividend period as provided in section 362.315 shall becredited to the surplus fund, and no such bank or trust companyshall declare, credit or pay any dividends for any dividendperiod to its stockholders until it has made such credit for thatperiod to its surplus fund; and until the capital and surplusfund of any trust company not having deposit liability equals theminimum of capital required of a trust company in its location,one-tenth of its net earnings for each dividend period asprovided in section 362.315 shall be credited to the surplusfund, and no such trust company shall declare, credit or pay anydividends until it has made the credit for that period to itssurplus fund.
(RSMo 1939 § 7944, A.L. 1955 p. 261, A.L. 1961 p. 143, A.L. 1967 p. 445)
(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.
362.050. 1. The amount of cash capital required of suchbank or trust company shall amount to not less than:
(1) Fifty thousand dollars if the place where its businessis to be transacted is an unincorporated or incorporated villageor town the population of which does not exceed five thousandinhabitants;
(2) Seventy-five thousand dollars if the place where itsbusiness is to be transacted is an unincorporated or incorporatedtown the population of which exceeds five thousand but does notexceed ten thousand inhabitants;
(3) One hundred fifty thousand dollars if the place whereits business is to be transacted is a city or town the populationof which exceeds ten thousand but does not exceed fifty thousandinhabitants;
(4) Three hundred thousand dollars if the place where itsbusiness is to be transacted is a city the population of whichexceeds fifty thousand inhabitants.
2. Any bank or trust company now existing, the capital ofwhich is not equal to that limitation required of a bank or trustcompany in its location, may continue to do business under itspresent capital, but until the capital and surplus fund of abank, or a trust company with deposit liability, equals fortypercent more than the minimum of capital required for a bank ortrust company in its location, one-tenth of its net earnings foreach dividend period as provided in section 362.315 shall becredited to the surplus fund, and no such bank or trust companyshall declare, credit or pay any dividends for any dividendperiod to its stockholders until it has made such credit for thatperiod to its surplus fund; and until the capital and surplusfund of any trust company not having deposit liability equals theminimum of capital required of a trust company in its location,one-tenth of its net earnings for each dividend period asprovided in section 362.315 shall be credited to the surplusfund, and no such trust company shall declare, credit or pay anydividends until it has made the credit for that period to itssurplus fund.
(RSMo 1939 § 7944, A.L. 1955 p. 261, A.L. 1961 p. 143, A.L. 1967 p. 445)
(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.
