State Codes and Statutes
Statutes > Missouri > T24 > C362 > 362_820Notice to director of division of finance prior to acquisition oftrust company--disapproval of acquisition--exceptions--disapproval,grounds.
362.820. 1. No person, acting directly, indirectly, orthrough or in concert with one or more other persons, shalldirectly or indirectly acquire control of any trust company orany company that controls a trust company unless the director ofthe division of finance has been given sixty days prior writtennotice of the proposed acquisition and within that period thedivision of finance has not issued a notice disapproving theproposed acquisition. This section shall not apply to any trustcompany that accepts deposits nor to any trust company which isowned or controlled by a bank holding company as that term isdefined in section 362.910.
2. The director of the division of finance may requirepersons seeking to acquire control of such a trust company tosubmit such information as he shall deem necessary. The directorof the division of finance may disapprove any acquisition upondetermining that:
(1) The competence, experience or integrity of anyacquiring person or of any of the proposed management personnelindicates that it would not be in the interest of the customersof the trust company or in the interest of the public to permitsuch person to control the trust company;
(2) The financial condition of any acquiring person is suchas might jeopardize the financial stability of the trust companyor prejudice the interests of its trust customers; or
(3) The acquiring person fails or refuses to furnish theinformation requested by the division of finance.
(L. 1993 H.B. 231 § 1)
