Missouri Revised Statutes
Chapter 362
Banks and Trust Companies
←362.100
Section 362.105.1
362.106→
August 28, 2015
Powers and authority of banks and trust companies.
362.105. 1. Every bank and trust company created under the laws of
this state may for a fee or other consideration, directly or through a
subsidiary company, and upon complying with any applicable licensing
statute:
(1) Conduct the business of receiving money on deposit and allowing
interest thereon not exceeding the legal rate or without allowing interest
thereon, and of buying and selling exchange, gold, silver, coin of all
kinds, uncurrent money, of loaning money upon real estate or personal
property, and upon collateral of personal security at a rate of interest
not 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 loans
and discounts made, the corporation may receive and retain the interest in
advance;
(2) Accept for payment, at a future date, drafts drawn upon it by its
customers and to issue letters of credit authorizing the holders thereof to
draw drafts upon it or upon its correspondents at sight or on time not
exceeding one year; provided, that no bank or trust company shall incur
liabilities under this subdivision to an amount equal at any time in the
aggregate to more than its paid-up and unimpaired capital stock and surplus
fund, except with the approval of the director under such general
regulations as to amount of acceptances as the director may prescribe;
(3) Purchase and hold, for the purpose of becoming a member of a
Federal Reserve Bank, so much of the capital stock thereof as will qualify
it for membership in the reserve bank pursuant to an act of Congress,
approved December 23, 1913, entitled "The Federal Reserve Act" and any
amendments thereto; to become a member of the Federal Reserve Bank, and to
have 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 any
amendments thereto. The member bank or trust company and its directors,
officers and stockholders shall continue to be subject, however, to all
liabilities and duties imposed upon them by any law of this state and to
all the provisions of this chapter relating to banks or trust companies;
(4) Subscribe for and purchase such stock in the Federal Deposit
Insurance Corporation and to make such payments to and to make such
deposits with the Federal Deposit Insurance Corporation and to pay such
assessments made by such corporation as will enable the bank or trust
company to obtain the benefits of the insurance of deposits under the act
of Congress known as "The Banking Act of 1933" and any amendments thereto;
(5) Invest in a bank service corporation as defined by the act of
Congress known as the "Bank Service Corporation Act", Public Law 87-856, as
approved October 23, 1962, to the same extent as provided by that act or
any amendment thereto;
(6) Hold a noncontrolling equity interest in any business entity that
conducts only activities that are financial in nature or incidental to
financial activity or that is established pursuant to subdivision (16) of
this subsection where the majority of the stock or other interest is held
by Missouri banks, Missouri trust companies, national banks located in
Missouri, or any foreign bank with a branch or branches in Missouri, or any
combination of these financial institutions; provided that if the entity is
defined pursuant to Missouri law as any type of financial institution
subsidiary or other type of entity subject to special conditions or
regulations, those conditions and regulations shall remain applicable, and
provided that such business entity may be formed as any type of business
entity, in which each investor's liability is limited to the investment in
and loans to the business entity as otherwise provided by law;
(7) Receive upon deposit for safekeeping personal property of every
description, and to own or control a safety vault and rent the boxes
therein;
(8) Purchase and hold the stock of one safe deposit company organized
and existing under the laws of the state of Missouri and doing a safe
deposit business on premises owned or leased by the bank or trust company
at the main banking house and any branch operated by the bank or trust
company; provided, that the purchasing and holding of the stock is first
duly authorized by resolution of the board of directors of the bank or
trust company and by the written approval of the director, and that all of
the shares of the safe deposit company shall be purchased and held, and
shall not be sold or transferred except as a whole and not be pledged at
all, 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 any
state, municipality, body politic or corporation and in such capacity to
receive and disburse money, to transfer, register and countersign
certificates 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 satisfaction
of debts previously contracted in the course of its business; and
(b) Real property purchased at sales under judgment, decrees or liens
held by it;
(11) Purchase, hold and become the owner and lessor of personal
property acquired upon the specific request of and for use of a customer;
and, in addition, leases that neither anticipate full purchase price
repayment on the leased asset, nor require the lease to cover the physical
life of the asset, other than those for motor vehicles which will not be
used by bank or trust company personnel, and may incur such additional
obligations as may be incident to becoming an owner and lessor of the
property, subject to the following limitations:
(a) Lease transactions do not result in loans for the purpose of
section 362.170, but the total amount disbursed under leasing obligations
or rentals by any bank to any person, partnership, association, or
corporation shall at no time exceed the legal loan limit permitted by
statute 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 are not applicable;
(12) Contract with another bank or trust company, bank service
corporation or other partnership, corporation, association or person,
within or without the state, to render or receive services such as check
and deposit sorting and posting, computation and posting of interest and
other 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, the
contract shall provide, to the satisfaction of the director of finance,
that the party providing such services to a bank or trust company will be
subject to regulation and examination to the same extent as if the services
were being performed by the bank or trust company on its own premises.
This subdivision shall not be deemed to authorize a bank or trust company
to provide any customer services through any system of electronic funds
transfer at places other than bank premises;
(13) Purchase and hold stock in a corporation whose only purpose is
to purchase, lease, hold or convey real property of a character which the
bank or trust company holding stock in the corporation could itself
purchase, lease, hold or convey pursuant to the provisions of paragraph (a)
of subdivision (10) of this subsection; provided, the purchase and holding
of the stock is first duly authorized by resolution of the board of
directors of the bank or trust company and by the written approval of the
director, and that all of the shares of the corporation shall be purchased
and held by the bank or trust company and shall not be sold or transferred
except as a whole;
(14) Purchase and sell investment securities, without recourse,
solely upon order and for the account of customers; and establish and
maintain one or more mutual funds and offer to the public shares or
participations therein. Any bank which engages in such activity shall
comply with all provisions of chapter 409 regarding the licensing and
registration of sales personnel for mutual funds so offered, provided that
such banks shall register as a broker-dealer with the office of the
commissioner of securities and shall consent to supervision and inspection
by that office and shall be subject to the continuing jurisdiction of that
office;
(15) Make debt or equity investments in corporations or projects,
whether for profit or not for profit, designed to promote the development
of the community and its welfare, provided that the aggregate investment in
all such corporations and in all such projects does not exceed five percent
of the unimpaired capital of the bank, and provided that this limitation
shall not apply to loans made under the authority of other provisions of
law, and other provisions of law shall not limit this subdivision;
(16) Offer through one or more subsidiaries any products and services
which a national bank may offer through its financial subsidiaries, subject
to the limitations that are applicable to national bank financial
subsidiaries, and provided such bank or trust company meets the division of
finance safety and soundness considerations. This subdivision is enacted
to provide in part competitive equality with national banks' powers under
the Gramm-Leach-Bliley Act of 1999, Public Law 106-102.
2. In addition to the power and authorities granted in subsection 1
of this section, and notwithstanding any limitations therein, a bank or
trust company may:
(1) Purchase or lease, in an amount not exceeding its legal loan
limit, real property and improvements thereto suitable for the convenient
conduct of its functions. The bank may derive income from renting or
leasing such real property or improvements or both. If the purchase or
lease of such real property or improvements exceeds the legal loan limit or
is from an officer, director, employee, affiliate, principal shareholder or
a related interest of such person, prior approval shall be obtained from
the director of finance; and
(2) Loan money on real estate as defined in section 442.010, and
handle escrows, settlements and closings on real estate for the benefit of
the bank's customers, as a core part of the banking business,
notwithstanding any other provision of law to the contrary.
3. In addition to the powers and authorities granted in subsection 1
of this section, every trust company created under the laws of this state
shall be authorized and empowered to:
(1) Receive money in trust and to accumulate the same at such rate of
interest as may be obtained or agreed upon, or to allow such interest
thereon as may be prescribed or agreed;
(2) Accept and execute all such trusts and perform such duties of
every description as may be committed to it by any person or persons
whatsoever, or any corporation, and act as assignee, receiver, trustee and
depositary, and to accept and execute all such trusts and perform such
duties of every description as may be committed or transferred to it by
order, judgment or decree of any courts of record of this state or other
states, or of the United States;
(3) Take, accept and hold, by the order, judgment or decree of any
court of this state, or of any other state, or of the United States, or by
gift, grant, assignment, transfer, devise or bequest of any person or
corporation, any real or personal property in trust, and to execute and
perform any and all the legal and lawful trusts in regard to the same upon
the 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 investment
securities;
(5) Execute, as principal or surety, any bond or bonds required by
law to be given in any proceeding, in law or equity, in any of the courts
of this state or other states, or of the United States;
(6) Act as trustee, personal representative, or conservator or in any
other 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 personal
property, the sale or conveyance of same, the investment of money, and for
any other lawful purpose.
4. (1) In addition to the powers and authorities granted in this
section, the director of finance may, from time to time, with the approval
of the state banking and savings and loan board, issue orders granting such
other powers and authorities as have been granted to financial institutions
subject to the supervision of the federal government to:
(a) State-chartered banks and trust companies which are necessary to
enable such banks and trust companies to compete;
(b) State-chartered banks and trust companies to establish branches
to the same extent that federal law permits national banks to establish
branches;
(c) Subsidiaries of state-chartered banks and trust companies to the
same extent powers are granted to national bank subsidiaries to enable such
banks and trust companies to compete;
(d) State-chartered banks and trust companies to establish trust
representative offices to the same extent national banks are permitted such
offices.
(2) The orders shall be promulgated as provided in section 361.105
and shall not be inconsistent with the constitution and the laws of this
state.
5. As used in this section, the term "subsidiary" shall include one
or 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 to
the subsidiary as otherwise provided for by law.
6. A bank or trust company to which authority is granted by
regulation in subsection 4 of this section, based on the population of the
political subdivision, may continue to exercise such authority for up to
five years after the appropriate decennial census indicates that the
population of the town in which such bank or trust company is located has
exceeded the limits provided for by regulation pursuant to subsection 4 of
this section.
(RSMo 1939 § 7949, A. 1949 H.B. 2085, A.L. 1963 p. 449, A.L. 1965 p.
560, A.L. 1967 p. 445, A.L. 1977 S.B. 420, A.L. 1983 S.B. 44 &
45, A.L. 1986 H.B. 1207, A.L. 1990 H.B. 1456, A.L. 1991 H.B. 206,
A.L. 1992 S.B. 688, A.L. 1995 S.B. 215, A.L. 2000 S.B. 896, A.L.
2001 H.B. 738 merged with S.B. 186, A.L. 2003 H.B. 221 merged
with S.B. 346, A.L. 2010 S.B. 630, A.L. 2011 H.B. 464)
Prior revisions: 1929 § 5354; 1919 § 11737; 1909 § 1094
CROSS REFERENCE:
Savings accounts in insured savings and loan associations, investment
in authorized, 369.194
2003
2003
2001
2000
2003
362.105. 1. Every bank and trust company created under
the laws of this state may for a fee or other consideration,
directly or through a subsidiary company, and upon complying
with any applicable licensing statute:
(1) Conduct the business of receiving money on deposit and
allowing interest thereon not exceeding the legal rate or
without allowing interest thereon, and of buying and selling
exchange, gold, silver, coin of all kinds, uncurrent money, of
loaning money upon real estate or personal property, and upon
collateral of personal security at a rate of interest not
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 loans and discounts made, the corporation may
receive and retain the interest in advance; except that, no bank
or trust company shall maintain in this state a branch bank or
trust company, or receive deposits or pay checks except in its
own banking house or as provided in this section or in section
362.107;
(2) Accept for payment, at a future date, drafts drawn upon
it by its customers and to issue letters of credit authorizing
the holders thereof to draw drafts upon it or upon its
correspondents at sight or on time not exceeding one year;
provided, that no bank or trust company shall incur liabilities
under this subdivision to an amount equal at any time in the
aggregate to more than its paid-up and unimpaired capital stock
and surplus fund, except with the approval of the director under
such general regulations as to amount of acceptances as the
director may prescribe;
(3) Purchase and hold, for the purpose of becoming a member
of a Federal Reserve Bank, so much of the capital stock thereof
as will qualify it for membership in the reserve bank pursuant
to an act of Congress, approved December 23, 1913, entitled "The
Federal Reserve Act" and any amendments thereto; to become a
member of the Federal Reserve Bank, and to have 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 any
amendments thereto. The member bank or trust company and its
directors, officers and stockholders shall continue to be
subject, however, to all liabilities and duties imposed upon
them by any law of this state and to all the provisions of this
chapter relating to banks or trust companies;
(4) Subscribe for and purchase such stock in the Federal
Deposit Insurance Corporation and to make such payments to and
to make such deposits with the Federal Deposit Insurance
Corporation and to pay such assessments made by such corporation
as will enable the bank or trust company to obtain the benefits
of the insurance of deposits under the act of Congress known as
"The Banking Act of 1933" and any amendments thereto;
(5) Invest in a Bank Service Corporation as defined by the
act of Congress known as the "Bank Service Corporation Act",
Public Law 87-856, as approved October 23, 1962, to the same
extent as provided by that act or any amendment thereto;
(6) Receive upon deposit for safekeeping personal property
of every description, and to own or control a safety vault and
rent the boxes therein;
(7) Purchase and hold the stock of one safe deposit company
organized and existing under the laws of the state of Missouri
and doing a safe deposit business on premises owned or leased by
the bank or trust company at the main banking house and any
facility operated by the bank or trust company; provided, that
the purchasing and holding of the stock is first duly authorized
by resolution of the board of directors of the bank or trust
company and by the written approval of the director, and that
all of the shares of the safe deposit company shall be purchased
and held, and shall not be sold or transferred except as a whole
and not be pledged at all, all sales or transfers or pledges in
violation hereof to be void;
(8) Act as the fiscal or transfer agent of the United
States, of any state, municipality, body politic or corporation
and in such capacity to receive and disburse money, to transfer,
register and countersign certificates of stock, bonds and other
evidences of indebtedness;
(9) Purchase, lease, hold or convey real property for the
following purposes:
(a) With the approval of the director, plots whereon there
is or may be erected a building or buildings suitable for the
convenient conduct of its functions or business or for customer
or employee parking even though a revenue may be derived from
portions not required for its own use, and as otherwise
permitted by law;
(b) Real property conveyed to it in satisfaction or part
satisfaction of debts previously contracted in the course of
its business;
(c) Real property purchased at sales under judgment,
decrees or liens held by it;
(10) Purchase, hold and become the owner and lessor of
personal property acquired upon the specific request of and for
use of a customer; and, in addition, leases that neither
anticipate full purchase price repayment on the leased asset,
nor require the lease to cover the physical life of the asset,
other than those for motor vehicles which will not be used by
bank or trust company personnel, and may incur such additional
obligations as may be incident to becoming an owner and lessor
of the property, subject to the following limitations:
(a) Lease transactions do not result in loans for the
purpose of section 362.170, but the total amount disbursed under
leasing obligations or rentals by any bank to any person,
partnership, association, or corporation shall at no time exceed
the legal loan limit permitted by statute 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;
(11) Contract with another bank or trust company, bank
service corporation or other partnership, corporation,
association or person, within or without the state, to render or
receive services such as check and deposit sorting and posting,
computation and posting of interest and other 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, the contract shall provide, to
the satisfaction of the director of finance, that the party
providing such services to a bank or trust company will be
subject to regulation and examination to the same extent as if
the services were being performed by the bank or trust company
on its own premises. This subdivision shall not be deemed to
authorize a bank or trust company to provide any customer
services through any system of electronic funds transfer at
places other than bank premises;
(12) Purchase and hold stock in a corporation whose only
purpose is to purchase, lease, hold or convey real property of a
character which the bank or trust company holding stock in the
corporation could itself purchase, lease, hold or convey
pursuant to the provisions of paragraph (a) of subdivision (9)
of this subsection; provided, the purchase and holding of the
stock is first duly authorized by resolution of the board of
directors of the bank or trust company and by the written
approval of the director, and that all of the shares of the
corporation shall be purchased and held by the bank or trust
company and shall not be sold or transferred except as a whole;
(13) Purchase and sell investment securities, without
recourse, solely upon order and for the account of customers;
and establish and maintain one or more mutual funds and offer to
the public shares or participations therein. Any bank which
engages in such activity shall comply with all provisions of
chapter 409, RSMo, regarding the licensing and registration of
sales personnel for mutual funds so offered, provided that such
banks shall register as a broker-dealer with the office of the
commissioner of securities and shall consent to supervision and
inspection by that office and shall be subject to the continuing
jurisdiction of that office.
2. In addition to the powers and authorities granted in
subsection 1, every trust company created under the laws of this
state shall be authorized and empowered to:
(1) Receive money in trust and to accumulate the same at
such rate of interest as may be obtained or agreed upon, or to
allow such interest thereon as may be prescribed or agreed;
(2) Accept and execute all such trusts and perform such
duties of every description as may be committed to them by any
person or persons whatsoever, or any corporation, and act as
assignee, receiver, trustee and depositary, and to accept and
execute all such trusts and perform such duties of every
description as may be committed or transferred to them by order,
judgment or decree of any courts of record of this state or
other states, or of the United States;
(3) Take, accept and hold, by the order, judgment or decree
of any court of this state, or of any other state, or of the
United States, or by gift, grant, assignment, transfer, devise
or bequest of any person or corporation, any real or personal
property in trust, and to execute and perform any and all the
legal and lawful trusts in regard to the same upon the 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
investment securities;
(5) Execute, as principal or surety, any bond or bonds
required by law to be given in any proceeding, in law or equity,
in any of the courts of this state or other states, or of the
United States;
(6) Act as trustee, personal representative, or conservator
or in any other 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 personal property, the sale or conveyance of same,
the investment of money, and for any other lawful purpose.
3. In addition to the powers and authorities granted in
this section, the director of finance may, from time to time,
with the approval of the state banking board, issue orders
granting such other powers and authorities as have been granted
to financial institutions subject to the supervision of the
federal government and which are necessary to enable banks and
trust companies to compete. The powers and authorities
contained in such orders may include the power to establish
branches to the same extent that federal law permits national
banks to establish branches in this state. The orders shall be
promulgated as provided in section 361.105, RSMo, and shall not
be inconsistent with the constitution and the laws of this
state.
2003
362.105. 1. Every bank and trust company created under
the laws of this state may for a fee or other consideration,
directly or through a subsidiary company, and upon complying
with any applicable licensing statute:
(1) Conduct the business of receiving money on deposit and
allowing interest thereon not exceeding the legal rate or
without allowing interest thereon, and of buying and selling
exchange, gold, silver, coin of all kinds, uncurrent money, of
loaning money upon real estate or personal property, and upon
collateral of personal security at a rate of interest not
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 loans and discounts made, the corporation may
receive and retain the interest in advance; except that, no bank
or trust company shall maintain in this state a branch bank or
trust company, or receive deposits or pay checks except in its
own banking house or as provided in this section or in section
362.107;
(2) Accept for payment, at a future date, drafts drawn upon
it by its customers and to issue letters of credit authorizing
the holders thereof to draw drafts upon it or upon its
correspondents at sight or on time not exceeding one year;
provided, that no bank or trust company shall incur liabilities
under this subdivision to an amount equal at any time in the
aggregate to more than its paid-up and unimpaired capital stock
and surplus fund, except with the approval of the director under
such general regulations as to amount of acceptances as the
director may prescribe;
(3) Purchase and hold, for the purpose of becoming a member
of a Federal Reserve Bank, so much of the capital stock thereof
as will qualify it for membership in the reserve bank pursuant
to an act of Congress, approved December 23, 1913, entitled "The
Federal Reserve Act" and any amendments thereto; to become a
member of the Federal Reserve Bank, and to have 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 any
amendments thereto. The member bank or trust company and its
directors, officers and stockholders shall continue to be
subject, however, to all liabilities and duties imposed upon
them by any law of this state and to all the provisions of this
chapter relating to banks or trust companies;
(4) Subscribe for and purchase such stock in the Federal
Deposit Insurance Corporation and to make such payments to and
to make such deposits with the Federal Deposit Insurance
Corporation and to pay such assessments made by such corporation
as will enable the bank or trust company to obtain the benefits
of the insurance of deposits under the act of Congress known as
"The Banking Act of 1933" and any amendments thereto;
(5) Invest in a Bank Service Corporation as defined by the
act of Congress known as the "Bank Service Corporation Act",
Public Law 87-856, as approved October 23, 1962, to the same
extent as provided by that act or any amendment thereto;
(6) Receive upon deposit for safekeeping personal property
of every description, and to own or control a safety vault and
rent the boxes therein;
(7) Purchase and hold the stock of one safe deposit company
organized and existing under the laws of the state of Missouri
and doing a safe deposit business on premises owned or leased by
the bank or trust company at the main banking house and any
facility operated by the bank or trust company; provided, that
the purchasing and holding of the stock is first duly authorized
by resolution of the board of directors of the bank or trust
company and by the written approval of the director, and that
all of the shares of the safe deposit company shall be purchased
and held, and shall not be sold or transferred except as a whole
and not be pledged at all, all sales or transfers or pledges in
violation hereof to be void;
(8) Act as the fiscal or transfer agent of the United
States, of any state, municipality, body politic or corporation
and in such capacity to receive and disburse money, to transfer,
register and countersign certificates of stock, bonds and other
evidences of indebtedness;
(9) Purchase, lease, hold or convey real property for the
following purposes:
(a) With the approval of the director, plots whereon there
is or may be erected a building or buildings suitable for the
convenient conduct of its functions or business or for customer
or employee parking even though a revenue may be derived from
portions not required for its own use, and as otherwise
permitted by law;
(b) Real property conveyed to it in satisfaction or part
satisfaction of debts previously contracted in the course of
its business;
(c) Real property purchased at sales under judgment,
decrees or liens held by it;
(10) Purchase, hold and become the owner and lessor of
personal property acquired upon the specific request of and for
use of a customer; and, in addition, leases that neither
anticipate full purchase price repayment on the leased asset,
nor require the lease to cover the physical life of the asset,
other than those for motor vehicles which will not be used by
bank or trust company personnel, and may incur such additional
obligations as may be incident to becoming an owner and lessor
of the property, subject to the following limitations:
(a) Lease transactions do not result in loans for the
purpose of section 362.170, but the total amount disbursed under
leasing obligations or rentals by any bank to any person,
partnership, association, or corporation shall at no time exceed
the legal loan limit permitted by statute 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;
(11) Contract with another bank or trust company, bank
service corporation or other partnership, corporation,
association or person, within or without the state, to render or
receive services such as check and deposit sorting and posting,
computation and posting of interest and other 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, the contract shall provide, to
the satisfaction of the director of finance, that the party
providing such services to a bank or trust company will be
subject to regulation and examination to the same extent as if
the services were being performed by the bank or trust company
on its own premises. This subdivision shall not be deemed to
authorize a bank or trust company to provide any customer
services through any system of electronic funds transfer at
places other than bank premises;
(12) Purchase and hold stock in a corporation whose only
purpose is to purchase, lease, hold or convey real property of a
character which the bank or trust company holding stock in the
corporation could itself purchase, lease, hold or convey
pursuant to the provisions of paragraph (a) of subdivision (9)
of this subsection; provided, the purchase and holding of the
stock is first duly authorized by resolution of the board of
directors of the bank or trust company and by the written
approval of the director, and that all of the shares of the
corporation shall be purchased and held by the bank or trust
company and shall not be sold or transferred except as a whole;
(13) Purchase and sell investment securities, without
recourse, solely upon order and for the account of customers;
and establish and maintain one or more mutual funds and offer to
the public shares or participations therein. Any bank which
engages in such activity shall comply with all provisions of
chapter 409, RSMo, regarding the licensing and registration of
sales personnel for mutual funds so offered, provided that such
banks shall register as a broker-dealer with the office of the
commissioner of securities and shall consent to supervision and
inspection by that office and shall be subject to the continuing
jurisdiction of that office.
2. In addition to the powers and authorities granted in
subsection 1, every trust company created under the laws of this
state shall be authorized and empowered to:
(1) Receive money in trust and to accumulate the same at
such rate of interest as may be obtained or agreed upon, or to
allow such interest thereon as may be prescribed or agreed;
(2) Accept and execute all such trusts and perform such
duties of every description as may be committed to them by any
person or persons whatsoever, or any corporation, and act as
assignee, receiver, trustee and depositary, and to accept and
execute all such trusts and perform such duties of every
description as may be committed or transferred to them by order,
judgment or decree of any courts of record of this state or
other states, or of the United States;
(3) Take, accept and hold, by the order, judgment or decree
of any court of this state, or of any other state, or of the
United States, or by gift, grant, assignment, transfer, devise
or bequest of any person or corporation, any real or personal
property in trust, and to execute and perform any and all the
legal and lawful trusts in regard to the same upon the 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
investment securities;
(5) Execute, as principal or surety, any bond or bonds
required by law to be given in any proceeding, in law or equity,
in any of the courts of this state or other states, or of the
United States;
(6) Act as trustee, personal representative, or conservator
or in any other 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 personal property, the sale or conveyance of same,
the investment of money, and for any other lawful purpose.
3. In addition to the powers and authorities granted in
this section, the director of finance may, from time to time,
with the approval of the state banking board, issue orders
granting such other powers and authorities as have been granted
to financial institutions subject to the supervision of the
federal government and which are necessary to enable banks and
trust companies to compete. The powers and authorities
contained in such orders may include the power to establish
branches to the same extent that federal law permits national
banks to establish branches in this state. The orders shall be
promulgated as provided in section 361.105, RSMo, and shall not
be inconsistent with the constitution and the laws of this
state.
2001
362.105. 1. Every bank and trust company created under the laws of
this state may for a fee or other consideration, directly or through a
subsidiary company, and upon complying with any applicable licensing
statute:
(1) Conduct the business of receiving money on deposit and allowing
interest thereon not exceeding the legal rate or without allowing interest
thereon, and of buying and selling exchange, gold, silver, coin of all
kinds, uncurrent money, of loaning money upon real estate or personal
property, and upon collateral of personal security at a rate of interest
not 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 loans
and discounts made, the corporation may receive and retain the interest in
advance;
(2) Accept for payment, at a future date, drafts drawn upon it by its
customers and to issue letters of credit authorizing the holders thereof to
draw drafts upon it or upon its correspondents at sight or on time not
exceeding one year; provided, that no bank or trust company shall incur
liabilities under this subdivision to an amount equal at any time in the
aggregate to more than its paid-up and unimpaired capital stock and surplus
fund, except with the approval of the director under such general
regulations as to amount of acceptances as the director may prescribe;
(3) Purchase and hold, for the purpose of becoming a member of a
Federal Reserve Bank, so much of the capital stock thereof as will qualify
it for membership in the reserve bank pursuant to an act of Congress,
approved December 23, 1913, entitled "The Federal Reserve Act" and any
amendments thereto; to become a member of the Federal Reserve Bank, and to
have 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 any
amendments thereto. The member bank or trust company and its directors,
officers and stockholders shall continue to be subject, however, to all
liabilities and duties imposed upon them by any law of this state and to
all the provisions of this chapter relating to banks or trust companies;
(4) Subscribe for and purchase such stock in the Federal Deposit
Insurance Corporation and to make such payments to and to make such
deposits with the Federal Deposit Insurance Corporation and to pay such
assessments made by such corporation as will enable the bank or trust
company to obtain the benefits of the insurance of deposits under the act
of Congress known as "The Banking Act of 1933" and any amendments thereto;
(5) Invest in a bank service corporation as defined by the act of
Congress known as the "Bank Service Corporation Act", Public Law 87-856, as
approved October 23, 1962, to the same extent as provided by that act or
any amendment thereto;
(6) Hold a noncontrolling equity interest in any business entity that
conducts only activities that are financial in nature or incidental to
financial activity or that is established pursuant to subdivision (16) of
this subsection where the majority of the stock or other interest is held
by Missouri banks, Missouri trust companies, national banks located in
Missouri, or any foreign bank with a branch or branches in Missouri, or any
combination of these financial institutions; provided that if the entity is
defined pursuant to Missouri law as any type of financial institution
subsidiary or other type of entity subject to special conditions or
regulations, those conditions and regulations shall remain applicable, and
provided that such business entity may be formed as any type of business
entity, in which each investor's liability is limited to the investment in
and loans to the business entity as otherwise provided by law;
(7) Receive upon deposit for safekeeping personal property of every
description, and to own or control a safety vault and rent the boxes
therein;
(8) Purchase and hold the stock of one safe deposit company organized
and existing under the laws of the state of Missouri and doing a safe
deposit business on premises owned or leased by the bank or trust company
at the main banking house and any branch operated by the bank or trust
company; provided, that the purchasing and holding of the stock is first
duly authorized by resolution of the board of directors of the bank or
trust company and by the written approval of the director, and that all of
the shares of the safe deposit company shall be purchased and held, and
shall not be sold or transferred except as a whole and not be pledged at
all, 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 any
state, municipality, body politic or corporation and in such capacity to
receive and disburse money, to transfer, register and countersign
certificates of stock, bonds and other evidences of indebtedness;
(10) Purchase, lease, hold or convey real property for the following
purposes:
(a) With the approval of the director, plots whereon there is or may
be erected a building or buildings suitable for the convenient conduct of
its functions or business or for customer or employee parking even though a
revenue may be derived from portions not required for its own use, and as
otherwise permitted by law;
(b) Real property conveyed to it in satisfaction or part satisfaction
of debts previously contracted in the course of its business;
(c) Real property purchased at sales under judgment, decrees or liens
held by it;
(11) Purchase, hold and become the owner and lessor of personal
property acquired upon the specific request of and for use of a customer;
and, in addition, leases that neither anticipate full purchase price
repayment on the leased asset, nor require the lease to cover the physical
life of the asset, other than those for motor vehicles which will not be
used by bank or trust company personnel, and may incur such additional
obligations as may be incident to becoming an owner and lessor of the
property, subject to the following limitations:
(a) Lease transactions do not result in loans for the purpose of
section 362.170, but the total amount disbursed under leasing obligations
or rentals by any bank to any person, partnership, association, or
corporation shall at no time exceed the legal loan limit permitted by
statute 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 service
corporation or other partnership, corporation, association or person,
within or without the state, to render or receive services such as check
and deposit sorting and posting, computation and posting of interest and
other 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, the
contract shall provide, to the satisfaction of the director of finance,
that the party providing such services to a bank or trust company will be
subject to regulation and examination to the same extent as if the services
were being performed by the bank or trust company on its own premises.
This subdivision shall not be deemed to authorize a bank or trust company
to provide any customer services through any system of electronic funds
transfer at places other than bank premises;
(13) Purchase and hold stock in a corporation whose only purpose is
to purchase, lease, hold or convey real property of a character which the
bank or trust company holding stock in the corporation could itself
purchase, lease, hold or convey pursuant to the provisions of paragraph (a)
of subdivision (10) of this subsection; provided, the purchase and holding
of the stock is first duly authorized by resolution of the board of
directors of the bank or trust company and by the written approval of the
director, and that all of the shares of the corporation shall be purchased
and held by the bank or trust company and shall not be sold or transferred
except as a whole;
(14) Purchase and sell investment securities, without recourse,
solely upon order and for the account of customers; and establish and
maintain one or more mutual funds and offer to the public shares or
participations therein. Any bank which engages in such activity shall
comply with all provisions of chapter 409, RSMo, regarding the licensing
and registration of sales personnel for mutual funds so offered, provided
that such banks shall register as a broker-dealer with the office of the
commissioner of securities and shall consent to supervision and inspection
by that office and shall be subject to the continuing jurisdiction of that
office;
(15) Make debt or equity investments in corporations or projects,
whether for profit or not for profit, designed to promote the development
of the community and its welfare, provided that the aggregate investment in
all such corporations and in all such projects does not exceed five percent
of the unimpaired capital of the bank, and provided that this limitation
shall not apply to loans made under the authority of other provisions of
law, and other provisions of law shall not limit this subdivision;
(16) Offer through one or more subsidiaries any products and services
which a national bank may offer through its financial subsidiaries, subject
to the limitations that are applicable to national bank financial
subsidiaries, and provided such bank or trust company meets the division of
finance safety and soundness considerations. This subdivision is enacted
to provide in part competitive equality with national banks' powers under
the Gramm-Leach-Bliley Act of 1999, Public Law 106-102.
2. In addition to the power and authorities granted in subsection 1
of this section, and notwithstanding any limitations therein, a bank or
trust company may:
(1) Invest up to its legal loan limit in a building or buildings
suitable for the convenient conduct of its business, including, but not
limited to, a building or buildings suitable for the convenient conduct of
its functions, parking for bank, trust company and leasehold employees and
customers and real property for landscaping. Revenue may be derived from
renting or leasing a portion of the building or buildings and the
contiguous real estate; provided that, such bank or trust company has
assets of at least two hundred million dollars; and
(2) Loan money on real estate and handle escrows, settlements and
closings on real estate for the benefit of the bank's customers, as a core
part of the banking business, notwithstanding any other provision of law to
the contrary.
3. In addition to the powers and authorities granted in subsection 1
of this section, every trust company created under the laws of this state
shall be authorized and empowered to:
(1) Receive money in trust and to accumulate the same at such rate of
interest as may be obtained or agreed upon, or to allow such interest
thereon as may be prescribed or agreed;
(2) Accept and execute all such trusts and perform such duties of
every description as may be committed to it by any person or persons
whatsoever, or any corporation, and act as assignee, receiver, trustee and
depositary, and to accept and execute all such trusts and perform such
duties of every description as may be committed or transferred to it by
order, judgment or decree of any courts of record of this state or other
states, or of the United States;
(3) Take, accept and hold, by the order, judgment or decree of any
court of this state, or of any other state, or of the United States, or by
gift, grant, assignment, transfer, devise or bequest of any person or
corporation, any real or personal property in trust, and to execute and
perform any and all the legal and lawful trusts in regard to the same upon
the 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 investment
securities;
(5) Execute, as principal or surety, any bond or bonds required by
law to be given in any proceeding, in law or equity, in any of the courts
of this state or other states, or of the United States;
(6) Act as trustee, personal representative, or conservator or in any
other 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 personal
property, the sale or conveyance of same, the investment of money, and for
any other lawful purpose.
4. (1) In addition to the powers and authorities granted in this
section, the director of finance may, from time to time, with the approval
of the state banking board, issue orders granting such other powers and
authorities as have been granted to financial institutions subject to the
supervision of the federal government to:
(a) State-chartered banks and trust companies which are necessary to
enable such banks and trust companies to compete;
(b) State-chartered banks and trust companies to establish branches
to the same extent that federal law permits national banks to establish
branches;
(c) Subsidiaries of state-chartered banks and trust companies to the
same extent powers are granted to national bank subsidiaries to enable such
banks and trust companies to compete;
(d) State-chartered banks and trust companies to establish trust
representative offices to the same extent national banks are permitted such
offices.
(2) The orders shall be promulgated as provided in section 361.105,
RSMo, and shall not be inconsistent with the constitution and the laws of
this state.
5. As used in this section, the term "subsidiary" shall include one
or 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 to
the subsidiary as otherwise provided for by law.
6. A bank or trust company to which authority is granted by
regulation in subsection 4 of this section, based on the population of the
political subdivision, may continue to exercise such authority for up to
five years after the appropriate decennial census indicates that the
population of the town in which such bank or trust company is located has
exceeded the limits provided for by regulation pursuant to subsection 4 of
this section.
2000
362.105. 1. Every bank and trust company created under the laws of
this state may for a fee or other consideration, directly or through a
subsidiary company, and upon complying with any applicable licensing
statute:
(1) Conduct the business of receiving money on deposit and allowing
interest thereon not exceeding the legal rate or without allowing interest
thereon, and of buying and selling exchange, gold, silver, coin of all
kinds, uncurrent money, of loaning money upon real estate or personal
property, and upon collateral of personal security at a rate of interest
not 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 loans
and discounts made, the corporation may receive and retain the interest in
advance;
(2) Accept for payment, at a future date, drafts drawn upon it by its
customers and to issue letters of credit authorizing the holders thereof to
draw drafts upon it or upon its correspondents at sight or on time not
exceeding one year; provided, that no bank or trust company shall incur
liabilities under this subdivision to an amount equal at any time in the
aggregate to more than its paid-up and unimpaired capital stock and surplus
fund, except with the approval of the director under such general
regulations as to amount of acceptances as the director may prescribe;
(3) Purchase and hold, for the purpose of becoming a member of a
Federal Reserve Bank, so much of the capital stock thereof as will qualify
it for membership in the reserve bank pursuant to an act of Congress,
approved December 23, 1913, entitled "The Federal Reserve Act" and any
amendments thereto; to become a member of the Federal Reserve Bank, and to
have 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 any
amendments thereto. The member bank or trust company and its directors,
officers and stockholders shall continue to be subject, however, to all
liabilities and duties imposed upon them by any law of this state and to
all the provisions of this chapter relating to banks or trust companies;
(4) Subscribe for and purchase such stock in the Federal Deposit
Insurance Corporation and to make such payments to and to make such
deposits with the Federal Deposit Insurance Corporation and to pay such
assessments made by such corporation as will enable the bank or trust
company to obtain the benefits of the insurance of deposits under the act
of Congress known as "The Banking Act of 1933" and any amendments thereto;
(5) Invest in a bank service corporation as defined by the act of
Congress known as the "Bank Service Corporation Act", Public Law 87-856, as
approved October 23, 1962, to the same extent as provided by that act or
any amendment thereto;
(6) Receive upon deposit for safekeeping personal property of every
description, and to own or control a safety vault and rent the boxes
therein;
(7) Purchase and hold the stock of one safe deposit company organized
and existing under the laws of the state of Missouri and doing a safe
deposit business on premises owned or leased by the bank or trust company
at the main banking house and any branch operated by the bank or trust
company; provided, that the purchasing and holding of the stock is first
duly authorized by resolution of the board of directors of the bank or
trust company and by the written approval of the director, and that all of
the shares of the safe deposit company shall be purchased and held, and
shall not be sold or transferred except as a whole and not be pledged at
all, all sales or transfers or pledges in violation hereof to be void;
(8) Act as the fiscal or transfer agent of the United States, of any
state, municipality, body politic or corporation and in such capacity to
receive and disburse money, to transfer, register and countersign
certificates of stock, bonds and other evidences of indebtedness;
(9) Purchase, lease, hold or convey real property for the following
purposes:
(a) With the approval of the director, plots whereon there is or may
be erected a building or buildings suitable for the convenient conduct of
its functions or business or for customer or employee parking even though a
revenue may be derived from portions not required for its own use, and as
otherwise permitted by law;
(b) Real property conveyed to it in satisfaction or part satisfaction
of debts previously contracted in the course of its business;
(c) Real property purchased at sales under judgment, decrees or liens
held by it;
(10) Purchase, hold and become the owner and lessor of personal
property acquired upon the specific request of and for use of a customer;
and, in addition, leases that neither anticipate full purchase price
repayment on the leased asset, nor require the lease to cover the physical
life of the asset, other than those for motor vehicles which will not be
used by bank or trust company personnel, and may incur such additional
obligations as may be incident to becoming an owner and lessor of the
property, subject to the following limitations:
(a) Lease transactions do not result in loans for the purpose of
section 362.170, but the total amount disbursed under leasing obligations
or rentals by any bank to any person, partnership, association, or
corporation shall at no time exceed the legal loan limit permitted by
statute 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;
(11) Contract with another bank or trust company, bank service
corporation or other partnership, corporation, association or person,
within or without the state, to render or receive services such as check
and deposit sorting and posting, computation and posting of interest and
other 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, the
contract shall provide, to the satisfaction of the director of finance,
that the party providing such services to a bank or trust company will be
subject to regulation and examination to the same extent as if the services
were being performed by the bank or trust company on its own premises.
This subdivision shall not be deemed to authorize a bank or trust company
to provide any customer services through any system of electronic funds
transfer at places other than bank premises;
(12) Purchase and hold stock in a corporation whose only purpose is
to purchase, lease, hold or convey real property of a character which the
bank or trust company holding stock in the corporation could itself
purchase, lease, hold or convey pursuant to the provisions of paragraph (a)
of subdivision (9) of this subsection; provided, the purchase and holding
of the stock is first duly authorized by resolution of the board of
directors of the bank or trust company and by the written approval of the
director, and that all of the shares of the corporation shall be purchased
and held by the bank or trust company and shall not be sold or transferred
except as a whole;
(13) Purchase and sell investment securities, without recourse,
solely upon order and for the account of customers; and establish and
maintain one or more mutual funds and offer to the public shares or
participations therein. Any bank which engages in such activity shall
comply with all provisions of chapter 409, RSMo, regarding the licensing
and registration of sales personnel for mutual funds so offered, provided
that such banks shall register as a broker-dealer with the office of the
commissioner of securities and shall consent to supervision and inspection
by that office and shall be subject to the continuing jurisdiction of that
office;
(14) Make debt or equity investments in corporations or projects,
whether for profit or not for profit, designed to promote the development
of the community and its welfare, provided that the aggregate investment in
all such corporations and in all such projects does not exceed five percent
of the unimpaired capital of the bank, and provided that this limitation
shall not apply to loans made under the authority of other provisions of
law, and other provisions of law shall not limit this subdivision;
(15) Offer through one or more subsidiaries any products and services
which a national bank may offer through its financial subsidiaries, subject
to the limitations that are applicable to national bank financial
subsidiaries, and provided such bank or trust company meets the division of
finance safety and soundness considerations. This subdivision is enacted
to provide in part competitive equality with national banks' powers under
the Gramm-Leach-Bliley Act of 1999, Public Law 106-102.
2. In addition to the power and authorities granted in subsection 1
of this section, and notwithstanding any limitations therein, a bank or
trust company may invest up to its legal loan limit in a building or
buildings suitable for the convenient conduct of its business, including,
but not limited to, a building or buildings suitable for the convenient
conduct of its functions, parking for bank, trust company and leasehold
employees and customers and real property for landscaping. Revenue may be
derived from renting or leasing a portion of the building or buildings and
the contiguous real estate; provided that, such bank or trust company has
assets of at least two hundred million dollars.
3. In addition to the powers and authorities granted in subsection 1
of this section, every trust company created under the laws of this state
shall be authorized and empowered to:
(1) Receive money in trust and to accumulate the same at such rate of
interest as may be obtained or agreed upon, or to allow such interest
thereon as may be prescribed or agreed;
(2) Accept and execute all such trusts and perform such duties of
every description as may be committed to it by any person or persons
whatsoever, or any corporation, and act as assignee, receiver, trustee and
depositary, and to accept and execute all such trusts and perform such
duties of every description as may be committed or transferred to it by
order, judgment or decree of any courts of record of this state or other
states, or of the United States;
(3) Take, accept and hold, by the order, judgment or decree of any
court of this state, or of any other state, or of the United States, or by
gift, grant, assignment, transfer, devise or bequest of any person or
corporation, any real or personal property in trust, and to execute and
perform any and all the legal and lawful trusts in regard to the same upon
the 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 investment
securities;
(5) Execute, as principal or surety, any bond or bonds required by
law to be given in any proceeding, in law or equity, in any of the courts
of this state or other states, or of the United States;
(6) Act as trustee, personal representative, or conservator or in any
other 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 personal
property, the sale or conveyance of same, the investment of money, and for
any other lawful purpose.
4. (1) In addition to the powers and authorities granted in this
section, the director of finance may, from time to time, with the approval
of the state banking board, issue orders granting such other powers and
authorities as have been granted to financial institutions subject to the
supervision of the federal government to:
(a) State-chartered banks and trust companies which are necessary to
enable such banks and trust companies to compete;
(b) State-chartered banks and trust companies to establish branches
to the same extent that federal law permits national banks to establish
branches;
(c) Subsidiaries of state-chartered banks and trust companies to the
same extent powers are granted to national bank subsidiaries to enable such
banks and trust companies to compete;
(d) State-chartered banks and trust companies to establish trust
representative offices to the same extent national banks are permitted such
offices.
(2) The orders shall be promulgated as provided in section 361.105,
RSMo, and shall not be inconsistent with the constitution and the laws of
this state.
5. As used in this section, the term "subsidiary" shall include one
or 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 to
the subsidiary as otherwise provided for by law.
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Missouri General Assembly
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