Powers and authority of banks and trust companies.
362.105. 1. Every bank and trust company created under the laws ofthis state may for a fee or other consideration, directly or through asubsidiary company, and upon complying with any applicable licensingstatute:
(1) Conduct the business of receiving money on deposit and allowinginterest thereon not exceeding the legal rate or without allowing interestthereon, and of buying and selling exchange, gold, silver, coin of allkinds, uncurrent money, of loaning money upon real estate or personalproperty, and upon collateral of personal security at a rate of interestnot exceeding that allowed by law, and also of buying, investing in,selling and discounting negotiable and nonnegotiable paper of all kinds,including bonds as well as all kinds of commercial paper; and for all loansand discounts made, the corporation may receive and retain the interest inadvance;
(2) Accept for payment, at a future date, drafts drawn upon it by itscustomers and to issue letters of credit authorizing the holders thereof todraw drafts upon it or upon its correspondents at sight or on time notexceeding one year; provided, that no bank or trust company shall incurliabilities under this subdivision to an amount equal at any time in theaggregate to more than its paid-up and unimpaired capital stock and surplusfund, except with the approval of the director under such generalregulations as to amount of acceptances as the director may prescribe;
(3) Purchase and hold, for the purpose of becoming a member of aFederal Reserve Bank, so much of the capital stock thereof as will qualifyit for membership in the reserve bank pursuant to an act of Congress,approved December 23, 1913, entitled "The Federal Reserve Act" and anyamendments thereto; to become a member of the Federal Reserve Bank, and tohave and exercise all powers, not in conflict with the laws of this state,which are conferred upon any member by the Federal Reserve Act and anyamendments thereto. The member bank or trust company and its directors,officers and stockholders shall continue to be subject, however, to allliabilities and duties imposed upon them by any law of this state and toall the provisions of this chapter relating to banks or trust companies;
(4) Subscribe for and purchase such stock in the Federal DepositInsurance Corporation and to make such payments to and to make suchdeposits with the Federal Deposit Insurance Corporation and to pay suchassessments made by such corporation as will enable the bank or trustcompany to obtain the benefits of the insurance of deposits under the actof Congress known as "The Banking Act of 1933" and any amendments thereto;
(5) Invest in a bank service corporation as defined by the act ofCongress known as the "Bank Service Corporation Act", Public Law 87-856, asapproved October 23, 1962, to the same extent as provided by that act orany amendment thereto;
(6) Hold a noncontrolling equity interest in any business entity thatconducts only activities that are financial in nature or incidental tofinancial activity or that is established pursuant to subdivision (16) ofthis subsection where the majority of the stock or other interest is heldby Missouri banks, Missouri trust companies, national banks located inMissouri, or any foreign bank with a branch or branches in Missouri, or anycombination of these financial institutions; provided that if the entity isdefined pursuant to Missouri law as any type of financial institutionsubsidiary or other type of entity subject to special conditions orregulations, those conditions and regulations shall remain applicable, andprovided that such business entity may be formed as any type of businessentity, in which each investor's liability is limited to the investment inand loans to the business entity as otherwise provided by law;
(7) Receive upon deposit for safekeeping personal property of everydescription, and to own or control a safety vault and rent the boxestherein;
(8) Purchase and hold the stock of one safe deposit company organizedand existing under the laws of the state of Missouri and doing a safedeposit business on premises owned or leased by the bank or trust companyat the main banking house and any branch operated by the bank or trustcompany; provided, that the purchasing and holding of the stock is firstduly authorized by resolution of the board of directors of the bank ortrust company and by the written approval of the director, and that all ofthe shares of the safe deposit company shall be purchased and held, andshall not be sold or transferred except as a whole and not be pledged atall, all sales or transfers or pledges in violation hereof to be void;
(9) Act as the fiscal or transfer agent of the United States, of anystate, municipality, body politic or corporation and in such capacity toreceive and disburse money, to transfer, register and countersigncertificates of stock, bonds and other evidences of indebtedness;
(10) Acquire or convey real property for the following purposes:
(a) Real property conveyed to it in satisfaction or part satisfactionof debts previously contracted in the course of its business; and
(b) Real property purchased at sales under judgment, decrees or liensheld by it;
(11) Purchase, hold and become the owner and lessor of personalproperty acquired upon the specific request of and for use of a customer;and, in addition, leases that neither anticipate full purchase pricerepayment on the leased asset, nor require the lease to cover the physicallife of the asset, other than those for motor vehicles which will not beused by bank or trust company personnel, and may incur such additionalobligations as may be incident to becoming an owner and lessor of theproperty, subject to the following limitations:
(a) Lease transactions do not result in loans for the purpose ofsection 362.170, but the total amount disbursed under leasing obligationsor rentals by any bank to any person, partnership, association, orcorporation shall at no time exceed the legal loan limit permitted bystatute except upon the written approval of the director of finance;
(b) Lease payments are in the nature of rent rather than interest,and the provisions of chapter 408, RSMo, are not applicable;
(12) Contract with another bank or trust company, bank servicecorporation or other partnership, corporation, association or person,within or without the state, to render or receive services such as checkand deposit sorting and posting, computation and posting of interest andother credits and charges, preparation and mailing of checks, statements,notices, and similar items, or any other clerical, bookkeeping, accounting,statistical, financial counseling, or similar services, or the storage,transmitting or processing of any information or data; except that, thecontract shall provide, to the satisfaction of the director of finance,that the party providing such services to a bank or trust company will besubject to regulation and examination to the same extent as if the serviceswere being performed by the bank or trust company on its own premises.This subdivision shall not be deemed to authorize a bank or trust companyto provide any customer services through any system of electronic fundstransfer at places other than bank premises;
(13) Purchase and hold stock in a corporation whose only purpose isto purchase, lease, hold or convey real property of a character which thebank or trust company holding stock in the corporation could itselfpurchase, lease, hold or convey pursuant to the provisions of paragraph (a)of subdivision (10) of this subsection; provided, the purchase and holdingof the stock is first duly authorized by resolution of the board ofdirectors of the bank or trust company and by the written approval of thedirector, and that all of the shares of the corporation shall be purchasedand held by the bank or trust company and shall not be sold or transferredexcept as a whole;
(14) Purchase and sell investment securities, without recourse,solely upon order and for the account of customers; and establish andmaintain one or more mutual funds and offer to the public shares orparticipations therein. Any bank which engages in such activity shallcomply with all provisions of chapter 409, RSMo, regarding the licensingand registration of sales personnel for mutual funds so offered, providedthat such banks shall register as a broker-dealer with the office of thecommissioner of securities and shall consent to supervision and inspectionby that office and shall be subject to the continuing jurisdiction of thatoffice;
(15) Make debt or equity investments in corporations or projects,whether for profit or not for profit, designed to promote the developmentof the community and its welfare, provided that the aggregate investment inall such corporations and in all such projects does not exceed five percentof the unimpaired capital of the bank, and provided that this limitationshall not apply to loans made under the authority of other provisions oflaw, and other provisions of law shall not limit this subdivision;
(16) Offer through one or more subsidiaries any products and serviceswhich a national bank may offer through its financial subsidiaries, subjectto the limitations that are applicable to national bank financialsubsidiaries, and provided such bank or trust company meets the division offinance safety and soundness considerations. This subdivision is enactedto provide in part competitive equality with national banks' powers underthe Gramm-Leach-Bliley Act of 1999, Public Law 106-102.
2. In addition to the power and authorities granted in subsection 1of this section, and notwithstanding any limitations therein, a bank ortrust company may:
(1) Purchase or lease, in an amount not exceeding its legal loanlimit, real property and improvements thereto suitable for the convenientconduct of its functions. The bank may derive income from renting orleasing such real property or improvements or both. If the purchase orlease of such real property or improvements exceeds the legal loan limit oris from an officer, director, employee, affiliate, principal shareholder ora related interest of such person, prior approval shall be obtained fromthe director of finance; and
(2) Loan money on real estate and handle escrows, settlements andclosings on real estate for the benefit of the bank's customers, as a corepart of the banking business, notwithstanding any other provision of law tothe contrary.
3. In addition to the powers and authorities granted in subsection 1of this section, every trust company created under the laws of this stateshall be authorized and empowered to:
(1) Receive money in trust and to accumulate the same at such rate ofinterest as may be obtained or agreed upon, or to allow such interestthereon as may be prescribed or agreed;
(2) Accept and execute all such trusts and perform such duties ofevery description as may be committed to it by any person or personswhatsoever, or any corporation, and act as assignee, receiver, trustee anddepositary, and to accept and execute all such trusts and perform suchduties of every description as may be committed or transferred to it byorder, judgment or decree of any courts of record of this state or otherstates, or of the United States;
(3) Take, accept and hold, by the order, judgment or decree of anycourt of this state, or of any other state, or of the United States, or bygift, grant, assignment, transfer, devise or bequest of any person orcorporation, any real or personal property in trust, and to execute andperform any and all the legal and lawful trusts in regard to the same uponthe terms, conditions, limitations and restrictions which may be declared,imposed, established or agreed upon in and by the order, judgment, decree,gift, grant, assignment, transfer, devise or bequest;
(4) Buy, invest in and sell all kinds of stocks or other investmentsecurities;
(5) Execute, as principal or surety, any bond or bonds required bylaw to be given in any proceeding, in law or equity, in any of the courtsof this state or other states, or of the United States;
(6) Act as trustee, personal representative, or conservator or in anyother like fiduciary capacity;
(7) Act as attorney-in-fact or agent of any person or corporation,foreign or domestic, in the management and control of real or personalproperty, the sale or conveyance of same, the investment of money, and forany other lawful purpose.
4. (1) In addition to the powers and authorities granted in thissection, the director of finance may, from time to time, with the approvalof the state banking board, issue orders granting such other powers andauthorities as have been granted to financial institutions subject to thesupervision of the federal government to:
(a) State-chartered banks and trust companies which are necessary toenable such banks and trust companies to compete;
(b) State-chartered banks and trust companies to establish branchesto the same extent that federal law permits national banks to establishbranches;
(c) Subsidiaries of state-chartered banks and trust companies to thesame extent powers are granted to national bank subsidiaries to enable suchbanks and trust companies to compete;
(d) State-chartered banks and trust companies to establish trustrepresentative offices to the same extent national banks are permitted suchoffices.
(2) The orders shall be promulgated as provided in section 361.105,RSMo, and shall not be inconsistent with the constitution and the laws ofthis state.
5. As used in this section, the term "subsidiary" shall include oneor more business entities of which the bank or trust company is the owner,provided the owner's liability is limited by the investment in and loans tothe subsidiary as otherwise provided for by law.
6. A bank or trust company to which authority is granted byregulation in subsection 4 of this section, based on the population of thepolitical subdivision, may continue to exercise such authority for up tofive years after the appropriate decennial census indicates that thepopulation of the town in which such bank or trust company is located hasexceeded the limits provided for by regulation pursuant to subsection 4 ofthis section.
Powers and authority of banks and trust companies.
362.105. 1. Every bank and trust company created under the laws ofthis state may for a fee or other consideration, directly or through asubsidiary company, and upon complying with any applicable licensingstatute:
(1) Conduct the business of receiving money on deposit and allowinginterest thereon not exceeding the legal rate or without allowing interestthereon, and of buying and selling exchange, gold, silver, coin of allkinds, uncurrent money, of loaning money upon real estate or personalproperty, and upon collateral of personal security at a rate of interestnot exceeding that allowed by law, and also of buying, investing in,selling and discounting negotiable and nonnegotiable paper of all kinds,including bonds as well as all kinds of commercial paper; and for all loansand discounts made, the corporation may receive and retain the interest inadvance;
(2) Accept for payment, at a future date, drafts drawn upon it by itscustomers and to issue letters of credit authorizing the holders thereof todraw drafts upon it or upon its correspondents at sight or on time notexceeding one year; provided, that no bank or trust company shall incurliabilities under this subdivision to an amount equal at any time in theaggregate to more than its paid-up and unimpaired capital stock and surplusfund, except with the approval of the director under such generalregulations as to amount of acceptances as the director may prescribe;
(3) Purchase and hold, for the purpose of becoming a member of aFederal Reserve Bank, so much of the capital stock thereof as will qualifyit for membership in the reserve bank pursuant to an act of Congress,approved December 23, 1913, entitled "The Federal Reserve Act" and anyamendments thereto; to become a member of the Federal Reserve Bank, and tohave and exercise all powers, not in conflict with the laws of this state,which are conferred upon any member by the Federal Reserve Act and anyamendments thereto. The member bank or trust company and its directors,officers and stockholders shall continue to be subject, however, to allliabilities and duties imposed upon them by any law of this state and toall the provisions of this chapter relating to banks or trust companies;
(4) Subscribe for and purchase such stock in the Federal DepositInsurance Corporation and to make such payments to and to make suchdeposits with the Federal Deposit Insurance Corporation and to pay suchassessments made by such corporation as will enable the bank or trustcompany to obtain the benefits of the insurance of deposits under the actof Congress known as "The Banking Act of 1933" and any amendments thereto;
(5) Invest in a bank service corporation as defined by the act ofCongress known as the "Bank Service Corporation Act", Public Law 87-856, asapproved October 23, 1962, to the same extent as provided by that act orany amendment thereto;
(6) Hold a noncontrolling equity interest in any business entity thatconducts only activities that are financial in nature or incidental tofinancial activity or that is established pursuant to subdivision (16) ofthis subsection where the majority of the stock or other interest is heldby Missouri banks, Missouri trust companies, national banks located inMissouri, or any foreign bank with a branch or branches in Missouri, or anycombination of these financial institutions; provided that if the entity isdefined pursuant to Missouri law as any type of financial institutionsubsidiary or other type of entity subject to special conditions orregulations, those conditions and regulations shall remain applicable, andprovided that such business entity may be formed as any type of businessentity, in which each investor's liability is limited to the investment inand loans to the business entity as otherwise provided by law;
(7) Receive upon deposit for safekeeping personal property of everydescription, and to own or control a safety vault and rent the boxestherein;
(8) Purchase and hold the stock of one safe deposit company organizedand existing under the laws of the state of Missouri and doing a safedeposit business on premises owned or leased by the bank or trust companyat the main banking house and any branch operated by the bank or trustcompany; provided, that the purchasing and holding of the stock is firstduly authorized by resolution of the board of directors of the bank ortrust company and by the written approval of the director, and that all ofthe shares of the safe deposit company shall be purchased and held, andshall not be sold or transferred except as a whole and not be pledged atall, all sales or transfers or pledges in violation hereof to be void;
(9) Act as the fiscal or transfer agent of the United States, of anystate, municipality, body politic or corporation and in such capacity toreceive and disburse money, to transfer, register and countersigncertificates of stock, bonds and other evidences of indebtedness;
(10) Acquire or convey real property for the following purposes:
(a) Real property conveyed to it in satisfaction or part satisfactionof debts previously contracted in the course of its business; and
(b) Real property purchased at sales under judgment, decrees or liensheld by it;
(11) Purchase, hold and become the owner and lessor of personalproperty acquired upon the specific request of and for use of a customer;and, in addition, leases that neither anticipate full purchase pricerepayment on the leased asset, nor require the lease to cover the physicallife of the asset, other than those for motor vehicles which will not beused by bank or trust company personnel, and may incur such additionalobligations as may be incident to becoming an owner and lessor of theproperty, subject to the following limitations:
(a) Lease transactions do not result in loans for the purpose ofsection 362.170, but the total amount disbursed under leasing obligationsor rentals by any bank to any person, partnership, association, orcorporation shall at no time exceed the legal loan limit permitted bystatute except upon the written approval of the director of finance;
(b) Lease payments are in the nature of rent rather than interest,and the provisions of chapter 408, RSMo, are not applicable;
(12) Contract with another bank or trust company, bank servicecorporation or other partnership, corporation, association or person,within or without the state, to render or receive services such as checkand deposit sorting and posting, computation and posting of interest andother credits and charges, preparation and mailing of checks, statements,notices, and similar items, or any other clerical, bookkeeping, accounting,statistical, financial counseling, or similar services, or the storage,transmitting or processing of any information or data; except that, thecontract shall provide, to the satisfaction of the director of finance,that the party providing such services to a bank or trust company will besubject to regulation and examination to the same extent as if the serviceswere being performed by the bank or trust company on its own premises.This subdivision shall not be deemed to authorize a bank or trust companyto provide any customer services through any system of electronic fundstransfer at places other than bank premises;
(13) Purchase and hold stock in a corporation whose only purpose isto purchase, lease, hold or convey real property of a character which thebank or trust company holding stock in the corporation could itselfpurchase, lease, hold or convey pursuant to the provisions of paragraph (a)of subdivision (10) of this subsection; provided, the purchase and holdingof the stock is first duly authorized by resolution of the board ofdirectors of the bank or trust company and by the written approval of thedirector, and that all of the shares of the corporation shall be purchasedand held by the bank or trust company and shall not be sold or transferredexcept as a whole;
(14) Purchase and sell investment securities, without recourse,solely upon order and for the account of customers; and establish andmaintain one or more mutual funds and offer to the public shares orparticipations therein. Any bank which engages in such activity shallcomply with all provisions of chapter 409, RSMo, regarding the licensingand registration of sales personnel for mutual funds so offered, providedthat such banks shall register as a broker-dealer with the office of thecommissioner of securities and shall consent to supervision and inspectionby that office and shall be subject to the continuing jurisdiction of thatoffice;
(15) Make debt or equity investments in corporations or projects,whether for profit or not for profit, designed to promote the developmentof the community and its welfare, provided that the aggregate investment inall such corporations and in all such projects does not exceed five percentof the unimpaired capital of the bank, and provided that this limitationshall not apply to loans made under the authority of other provisions oflaw, and other provisions of law shall not limit this subdivision;
(16) Offer through one or more subsidiaries any products and serviceswhich a national bank may offer through its financial subsidiaries, subjectto the limitations that are applicable to national bank financialsubsidiaries, and provided such bank or trust company meets the division offinance safety and soundness considerations. This subdivision is enactedto provide in part competitive equality with national banks' powers underthe Gramm-Leach-Bliley Act of 1999, Public Law 106-102.
2. In addition to the power and authorities granted in subsection 1of this section, and notwithstanding any limitations therein, a bank ortrust company may:
(1) Purchase or lease, in an amount not exceeding its legal loanlimit, real property and improvements thereto suitable for the convenientconduct of its functions. The bank may derive income from renting orleasing such real property or improvements or both. If the purchase orlease of such real property or improvements exceeds the legal loan limit oris from an officer, director, employee, affiliate, principal shareholder ora related interest of such person, prior approval shall be obtained fromthe director of finance; and
(2) Loan money on real estate and handle escrows, settlements andclosings on real estate for the benefit of the bank's customers, as a corepart of the banking business, notwithstanding any other provision of law tothe contrary.
3. In addition to the powers and authorities granted in subsection 1of this section, every trust company created under the laws of this stateshall be authorized and empowered to:
(1) Receive money in trust and to accumulate the same at such rate ofinterest as may be obtained or agreed upon, or to allow such interestthereon as may be prescribed or agreed;
(2) Accept and execute all such trusts and perform such duties ofevery description as may be committed to it by any person or personswhatsoever, or any corporation, and act as assignee, receiver, trustee anddepositary, and to accept and execute all such trusts and perform suchduties of every description as may be committed or transferred to it byorder, judgment or decree of any courts of record of this state or otherstates, or of the United States;
(3) Take, accept and hold, by the order, judgment or decree of anycourt of this state, or of any other state, or of the United States, or bygift, grant, assignment, transfer, devise or bequest of any person orcorporation, any real or personal property in trust, and to execute andperform any and all the legal and lawful trusts in regard to the same uponthe terms, conditions, limitations and restrictions which may be declared,imposed, established or agreed upon in and by the order, judgment, decree,gift, grant, assignment, transfer, devise or bequest;
(4) Buy, invest in and sell all kinds of stocks or other investmentsecurities;
(5) Execute, as principal or surety, any bond or bonds required bylaw to be given in any proceeding, in law or equity, in any of the courtsof this state or other states, or of the United States;
(6) Act as trustee, personal representative, or conservator or in anyother like fiduciary capacity;
(7) Act as attorney-in-fact or agent of any person or corporation,foreign or domestic, in the management and control of real or personalproperty, the sale or conveyance of same, the investment of money, and forany other lawful purpose.
4. (1) In addition to the powers and authorities granted in thissection, the director of finance may, from time to time, with the approvalof the state banking board, issue orders granting such other powers andauthorities as have been granted to financial institutions subject to thesupervision of the federal government to:
(a) State-chartered banks and trust companies which are necessary toenable such banks and trust companies to compete;
(b) State-chartered banks and trust companies to establish branchesto the same extent that federal law permits national banks to establishbranches;
(c) Subsidiaries of state-chartered banks and trust companies to thesame extent powers are granted to national bank subsidiaries to enable suchbanks and trust companies to compete;
(d) State-chartered banks and trust companies to establish trustrepresentative offices to the same extent national banks are permitted suchoffices.
(2) The orders shall be promulgated as provided in section 361.105,RSMo, and shall not be inconsistent with the constitution and the laws ofthis state.
5. As used in this section, the term "subsidiary" shall include oneor more business entities of which the bank or trust company is the owner,provided the owner's liability is limited by the investment in and loans tothe subsidiary as otherwise provided for by law.
6. A bank or trust company to which authority is granted byregulation in subsection 4 of this section, based on the population of thepolitical subdivision, may continue to exercise such authority for up tofive years after the appropriate decennial census indicates that thepopulation of the town in which such bank or trust company is located hasexceeded the limits provided for by regulation pursuant to subsection 4 ofthis section.
Powers and authority of banks and trust companies.
362.105. 1. Every bank and trust company created under the laws ofthis state may for a fee or other consideration, directly or through asubsidiary company, and upon complying with any applicable licensingstatute:
(1) Conduct the business of receiving money on deposit and allowinginterest thereon not exceeding the legal rate or without allowing interestthereon, and of buying and selling exchange, gold, silver, coin of allkinds, uncurrent money, of loaning money upon real estate or personalproperty, and upon collateral of personal security at a rate of interestnot exceeding that allowed by law, and also of buying, investing in,selling and discounting negotiable and nonnegotiable paper of all kinds,including bonds as well as all kinds of commercial paper; and for all loansand discounts made, the corporation may receive and retain the interest inadvance;
(2) Accept for payment, at a future date, drafts drawn upon it by itscustomers and to issue letters of credit authorizing the holders thereof todraw drafts upon it or upon its correspondents at sight or on time notexceeding one year; provided, that no bank or trust company shall incurliabilities under this subdivision to an amount equal at any time in theaggregate to more than its paid-up and unimpaired capital stock and surplusfund, except with the approval of the director under such generalregulations as to amount of acceptances as the director may prescribe;
(3) Purchase and hold, for the purpose of becoming a member of aFederal Reserve Bank, so much of the capital stock thereof as will qualifyit for membership in the reserve bank pursuant to an act of Congress,approved December 23, 1913, entitled "The Federal Reserve Act" and anyamendments thereto; to become a member of the Federal Reserve Bank, and tohave and exercise all powers, not in conflict with the laws of this state,which are conferred upon any member by the Federal Reserve Act and anyamendments thereto. The member bank or trust company and its directors,officers and stockholders shall continue to be subject, however, to allliabilities and duties imposed upon them by any law of this state and toall the provisions of this chapter relating to banks or trust companies;
(4) Subscribe for and purchase such stock in the Federal DepositInsurance Corporation and to make such payments to and to make suchdeposits with the Federal Deposit Insurance Corporation and to pay suchassessments made by such corporation as will enable the bank or trustcompany to obtain the benefits of the insurance of deposits under the actof Congress known as "The Banking Act of 1933" and any amendments thereto;
(5) Invest in a bank service corporation as defined by the act ofCongress known as the "Bank Service Corporation Act", Public Law 87-856, asapproved October 23, 1962, to the same extent as provided by that act orany amendment thereto;
(6) Hold a noncontrolling equity interest in any business entity thatconducts only activities that are financial in nature or incidental tofinancial activity or that is established pursuant to subdivision (16) ofthis subsection where the majority of the stock or other interest is heldby Missouri banks, Missouri trust companies, national banks located inMissouri, or any foreign bank with a branch or branches in Missouri, or anycombination of these financial institutions; provided that if the entity isdefined pursuant to Missouri law as any type of financial institutionsubsidiary or other type of entity subject to special conditions orregulations, those conditions and regulations shall remain applicable, andprovided that such business entity may be formed as any type of businessentity, in which each investor's liability is limited to the investment inand loans to the business entity as otherwise provided by law;
(7) Receive upon deposit for safekeeping personal property of everydescription, and to own or control a safety vault and rent the boxestherein;
(8) Purchase and hold the stock of one safe deposit company organizedand existing under the laws of the state of Missouri and doing a safedeposit business on premises owned or leased by the bank or trust companyat the main banking house and any branch operated by the bank or trustcompany; provided, that the purchasing and holding of the stock is firstduly authorized by resolution of the board of directors of the bank ortrust company and by the written approval of the director, and that all ofthe shares of the safe deposit company shall be purchased and held, andshall not be sold or transferred except as a whole and not be pledged atall, all sales or transfers or pledges in violation hereof to be void;
(9) Act as the fiscal or transfer agent of the United States, of anystate, municipality, body politic or corporation and in such capacity toreceive and disburse money, to transfer, register and countersigncertificates of stock, bonds and other evidences of indebtedness;
(10) Acquire or convey real property for the following purposes:
(a) Real property conveyed to it in satisfaction or part satisfactionof debts previously contracted in the course of its business; and
(b) Real property purchased at sales under judgment, decrees or liensheld by it;
(11) Purchase, hold and become the owner and lessor of personalproperty acquired upon the specific request of and for use of a customer;and, in addition, leases that neither anticipate full purchase pricerepayment on the leased asset, nor require the lease to cover the physicallife of the asset, other than those for motor vehicles which will not beused by bank or trust company personnel, and may incur such additionalobligations as may be incident to becoming an owner and lessor of theproperty, subject to the following limitations:
(a) Lease transactions do not result in loans for the purpose ofsection 362.170, but the total amount disbursed under leasing obligationsor rentals by any bank to any person, partnership, association, orcorporation shall at no time exceed the legal loan limit permitted bystatute except upon the written approval of the director of finance;
(b) Lease payments are in the nature of rent rather than interest,and the provisions of chapter 408, RSMo, are not applicable;
(12) Contract with another bank or trust company, bank servicecorporation or other partnership, corporation, association or person,within or without the state, to render or receive services such as checkand deposit sorting and posting, computation and posting of interest andother credits and charges, preparation and mailing of checks, statements,notices, and similar items, or any other clerical, bookkeeping, accounting,statistical, financial counseling, or similar services, or the storage,transmitting or processing of any information or data; except that, thecontract shall provide, to the satisfaction of the director of finance,that the party providing such services to a bank or trust company will besubject to regulation and examination to the same extent as if the serviceswere being performed by the bank or trust company on its own premises.This subdivision shall not be deemed to authorize a bank or trust companyto provide any customer services through any system of electronic fundstransfer at places other than bank premises;
(13) Purchase and hold stock in a corporation whose only purpose isto purchase, lease, hold or convey real property of a character which thebank or trust company holding stock in the corporation could itselfpurchase, lease, hold or convey pursuant to the provisions of paragraph (a)of subdivision (10) of this subsection; provided, the purchase and holdingof the stock is first duly authorized by resolution of the board ofdirectors of the bank or trust company and by the written approval of thedirector, and that all of the shares of the corporation shall be purchasedand held by the bank or trust company and shall not be sold or transferredexcept as a whole;
(14) Purchase and sell investment securities, without recourse,solely upon order and for the account of customers; and establish andmaintain one or more mutual funds and offer to the public shares orparticipations therein. Any bank which engages in such activity shallcomply with all provisions of chapter 409, RSMo, regarding the licensingand registration of sales personnel for mutual funds so offered, providedthat such banks shall register as a broker-dealer with the office of thecommissioner of securities and shall consent to supervision and inspectionby that office and shall be subject to the continuing jurisdiction of thatoffice;
(15) Make debt or equity investments in corporations or projects,whether for profit or not for profit, designed to promote the developmentof the community and its welfare, provided that the aggregate investment inall such corporations and in all such projects does not exceed five percentof the unimpaired capital of the bank, and provided that this limitationshall not apply to loans made under the authority of other provisions oflaw, and other provisions of law shall not limit this subdivision;
(16) Offer through one or more subsidiaries any products and serviceswhich a national bank may offer through its financial subsidiaries, subjectto the limitations that are applicable to national bank financialsubsidiaries, and provided such bank or trust company meets the division offinance safety and soundness considerations. This subdivision is enactedto provide in part competitive equality with national banks' powers underthe Gramm-Leach-Bliley Act of 1999, Public Law 106-102.
2. In addition to the power and authorities granted in subsection 1of this section, and notwithstanding any limitations therein, a bank ortrust company may:
(1) Purchase or lease, in an amount not exceeding its legal loanlimit, real property and improvements thereto suitable for the convenientconduct of its functions. The bank may derive income from renting orleasing such real property or improvements or both. If the purchase orlease of such real property or improvements exceeds the legal loan limit oris from an officer, director, employee, affiliate, principal shareholder ora related interest of such person, prior approval shall be obtained fromthe director of finance; and
(2) Loan money on real estate and handle escrows, settlements andclosings on real estate for the benefit of the bank's customers, as a corepart of the banking business, notwithstanding any other provision of law tothe contrary.
3. In addition to the powers and authorities granted in subsection 1of this section, every trust company created under the laws of this stateshall be authorized and empowered to:
(1) Receive money in trust and to accumulate the same at such rate ofinterest as may be obtained or agreed upon, or to allow such interestthereon as may be prescribed or agreed;
(2) Accept and execute all such trusts and perform such duties ofevery description as may be committed to it by any person or personswhatsoever, or any corporation, and act as assignee, receiver, trustee anddepositary, and to accept and execute all such trusts and perform suchduties of every description as may be committed or transferred to it byorder, judgment or decree of any courts of record of this state or otherstates, or of the United States;
(3) Take, accept and hold, by the order, judgment or decree of anycourt of this state, or of any other state, or of the United States, or bygift, grant, assignment, transfer, devise or bequest of any person orcorporation, any real or personal property in trust, and to execute andperform any and all the legal and lawful trusts in regard to the same uponthe terms, conditions, limitations and restrictions which may be declared,imposed, established or agreed upon in and by the order, judgment, decree,gift, grant, assignment, transfer, devise or bequest;
(4) Buy, invest in and sell all kinds of stocks or other investmentsecurities;
(5) Execute, as principal or surety, any bond or bonds required bylaw to be given in any proceeding, in law or equity, in any of the courtsof this state or other states, or of the United States;
(6) Act as trustee, personal representative, or conservator or in anyother like fiduciary capacity;
(7) Act as attorney-in-fact or agent of any person or corporation,foreign or domestic, in the management and control of real or personalproperty, the sale or conveyance of same, the investment of money, and forany other lawful purpose.
4. (1) In addition to the powers and authorities granted in thissection, the director of finance may, from time to time, with the approvalof the state banking board, issue orders granting such other powers andauthorities as have been granted to financial institutions subject to thesupervision of the federal government to:
(a) State-chartered banks and trust companies which are necessary toenable such banks and trust companies to compete;
(b) State-chartered banks and trust companies to establish branchesto the same extent that federal law permits national banks to establishbranches;
(c) Subsidiaries of state-chartered banks and trust companies to thesame extent powers are granted to national bank subsidiaries to enable suchbanks and trust companies to compete;
(d) State-chartered banks and trust companies to establish trustrepresentative offices to the same extent national banks are permitted suchoffices.
(2) The orders shall be promulgated as provided in section 361.105,RSMo, and shall not be inconsistent with the constitution and the laws ofthis state.
5. As used in this section, the term "subsidiary" shall include oneor more business entities of which the bank or trust company is the owner,provided the owner's liability is limited by the investment in and loans tothe subsidiary as otherwise provided for by law.
6. A bank or trust company to which authority is granted byregulation in subsection 4 of this section, based on the population of thepolitical subdivision, may continue to exercise such authority for up tofive years after the appropriate decennial census indicates that thepopulation of the town in which such bank or trust company is located hasexceeded the limits provided for by regulation pursuant to subsection 4 ofthis section.
