Section 361.230

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 2019, 2 histories   

  361.230.  Branch offices — approval — certificate. — 1.  Upon receipt by the director of a written application for leave to open a branch office from a corporation authorized by law to open branch offices, he or she shall make such investigation as he or she may deem necessary to ascertain whether the public convenience and advantage will be promoted by the opening of the branch office and whether the corporation has the amount of actually paid-in capital required by law.

  2.  If satisfied that the granting of the application is expedient and desirable, he or she shall make a certificate under his or her hand and official seal authorizing the opening and occupation of the branch office and specifying the date on or after which and the condition under which it may be opened and the place where it shall be located.

  3.  If the director shall be satisfied that the opening of the branch office is undesirable or inexpedient or that the corporation has not the requisite amount of capital actually paid in, he or she shall refuse the application and notify the corporation of his or her determination; provided, that this section shall not be construed to empower the director to grant a certificate for any bank or trust company organized under the laws of this state to maintain in this state any branch bank or branch trust company.

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(RSMo 1939 § 7902, A.L. 1967 p. 445, A.L. 2000 S.B. 896, A.L. 2019 S.B. 179)

Prior revisions: 1929 § 5308; 1919 § 11696