Bank may exercise powers of trustcompanies--application--examination--certificate--trustdepartment.
362.115. 1. Any bank organized under the laws of this state having apaid-up capital of at least fifty thousand dollars in any unincorporated orincorporated village or city having a population of less than ten thousandinhabitants; a capital of at least one hundred thousand dollars in any cityhaving a population of at least ten thousand and not more than fiftythousand inhabitants; and having a capital of two hundred thousand dollarsin any city that exceeds fifty thousand inhabitants shall have and mayexercise any part or all of the fiduciary powers now or hereafter grantedunder the laws of this state to trust companies, subject, however, to allconditions, restrictions and limitations which now exist or may hereafterbe adopted applicable to trust companies.
2. Any bank desiring to exercise the fiduciary powers granted totrust companies shall make application therefor in writing to the financedirector, stating under oath that a meeting of its stockholders duly andregularly called in accordance with the provisions of law, a majority ofthe stockholders present and voting, voted to have the appropriate officersof the bank make application to the finance director for the exercise offiduciary powers above referred to.
3. Upon the making of the application the finance director shallexamine or cause an examination to be made of the bank in order toascertain whether or not the requirements of the law have been compliedwith, and to determine:
(1) The needs of the community for fiduciary services and theprobable volume of such fiduciary business available to the bank;
(2) The general condition of the bank, including the adequacy of itscapital and surplus in relation to the character and condition of itsassets 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 fiduciaryactivities, including the qualifications, experience and character of theproposed officer or officers of the trust department;
(5) Whether the bank has available legal counsel to advise and passupon fiduciary matters wherever necessary.
4. In case the director shall find that all of the provisions of thelaw have been complied with and that on the basis of the above factors thebank is qualified for and should be given fiduciary powers, he or she shallgrant a certificate setting forth that the bank is entitled to exercise allor any part of the fiduciary powers granted to trust companies, and onecertified copy shall be filed in the public records of the division offinance and the original certificate sent to the bank or trust company.
5. Before any such bank shall exercise any of the powers abovereferred to in this section, it shall organize a separate trust departmentfor the exercise of its fiduciary powers, which department shall be incharge of a trust officer. Upon the granting of the certificate the bankmay use the words "trust company" as a part of its corporate name.
(RSMo 1939 § 7949, A. 1949 H.B. 2085, A.L. 1967 p. 445, A.L. 2000 S.B. 896)
Bank may exercise powers of trustcompanies--application--examination--certificate--trustdepartment.
362.115. 1. Any bank organized under the laws of this state having apaid-up capital of at least fifty thousand dollars in any unincorporated orincorporated village or city having a population of less than ten thousandinhabitants; a capital of at least one hundred thousand dollars in any cityhaving a population of at least ten thousand and not more than fiftythousand inhabitants; and having a capital of two hundred thousand dollarsin any city that exceeds fifty thousand inhabitants shall have and mayexercise any part or all of the fiduciary powers now or hereafter grantedunder the laws of this state to trust companies, subject, however, to allconditions, restrictions and limitations which now exist or may hereafterbe adopted applicable to trust companies.
2. Any bank desiring to exercise the fiduciary powers granted totrust companies shall make application therefor in writing to the financedirector, stating under oath that a meeting of its stockholders duly andregularly called in accordance with the provisions of law, a majority ofthe stockholders present and voting, voted to have the appropriate officersof the bank make application to the finance director for the exercise offiduciary powers above referred to.
3. Upon the making of the application the finance director shallexamine or cause an examination to be made of the bank in order toascertain whether or not the requirements of the law have been compliedwith, and to determine:
(1) The needs of the community for fiduciary services and theprobable volume of such fiduciary business available to the bank;
(2) The general condition of the bank, including the adequacy of itscapital and surplus in relation to the character and condition of itsassets 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 fiduciaryactivities, including the qualifications, experience and character of theproposed officer or officers of the trust department;
(5) Whether the bank has available legal counsel to advise and passupon fiduciary matters wherever necessary.
4. In case the director shall find that all of the provisions of thelaw have been complied with and that on the basis of the above factors thebank is qualified for and should be given fiduciary powers, he or she shallgrant a certificate setting forth that the bank is entitled to exercise allor any part of the fiduciary powers granted to trust companies, and onecertified copy shall be filed in the public records of the division offinance and the original certificate sent to the bank or trust company.
5. Before any such bank shall exercise any of the powers abovereferred to in this section, it shall organize a separate trust departmentfor the exercise of its fiduciary powers, which department shall be incharge of a trust officer. Upon the granting of the certificate the bankmay use the words "trust company" as a part of its corporate name.
(RSMo 1939 § 7949, A. 1949 H.B. 2085, A.L. 1967 p. 445, A.L. 2000 S.B. 896)
Bank may exercise powers of trustcompanies--application--examination--certificate--trustdepartment.
362.115. 1. Any bank organized under the laws of this state having apaid-up capital of at least fifty thousand dollars in any unincorporated orincorporated village or city having a population of less than ten thousandinhabitants; a capital of at least one hundred thousand dollars in any cityhaving a population of at least ten thousand and not more than fiftythousand inhabitants; and having a capital of two hundred thousand dollarsin any city that exceeds fifty thousand inhabitants shall have and mayexercise any part or all of the fiduciary powers now or hereafter grantedunder the laws of this state to trust companies, subject, however, to allconditions, restrictions and limitations which now exist or may hereafterbe adopted applicable to trust companies.
2. Any bank desiring to exercise the fiduciary powers granted totrust companies shall make application therefor in writing to the financedirector, stating under oath that a meeting of its stockholders duly andregularly called in accordance with the provisions of law, a majority ofthe stockholders present and voting, voted to have the appropriate officersof the bank make application to the finance director for the exercise offiduciary powers above referred to.
3. Upon the making of the application the finance director shallexamine or cause an examination to be made of the bank in order toascertain whether or not the requirements of the law have been compliedwith, and to determine:
(1) The needs of the community for fiduciary services and theprobable volume of such fiduciary business available to the bank;
(2) The general condition of the bank, including the adequacy of itscapital and surplus in relation to the character and condition of itsassets 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 fiduciaryactivities, including the qualifications, experience and character of theproposed officer or officers of the trust department;
(5) Whether the bank has available legal counsel to advise and passupon fiduciary matters wherever necessary.
4. In case the director shall find that all of the provisions of thelaw have been complied with and that on the basis of the above factors thebank is qualified for and should be given fiduciary powers, he or she shallgrant a certificate setting forth that the bank is entitled to exercise allor any part of the fiduciary powers granted to trust companies, and onecertified copy shall be filed in the public records of the division offinance and the original certificate sent to the bank or trust company.
5. Before any such bank shall exercise any of the powers abovereferred to in this section, it shall organize a separate trust departmentfor the exercise of its fiduciary powers, which department shall be incharge of a trust officer. Upon the granting of the certificate the bankmay use the words "trust company" as a part of its corporate name.
(RSMo 1939 § 7949, A. 1949 H.B. 2085, A.L. 1967 p. 445, A.L. 2000 S.B. 896)
