Section 362.500

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 1939   

  362.500.  Shall notify finance director of suspension — duties of commissioner. — 1.  Upon the suspension of the payment of checks and withdrawal of assets as authorized by section 362.495, it shall be the duty of the president, cashier, or the chairman of the board of directors of the bank, or trust company doing a banking business, so suspending payment to notify the state finance director immediately.

  2.  Upon the receipt of the notice required by law, it shall be the duty of the state finance director to take charge of said bank, or trust company doing a banking business, and to supervise the receipt of the deposits and payment of checks and withdrawals of assets during a period of sixty days next following the taking charge thereof, and such state finance director shall have power and is hereby authorized, during said period of sixty days, to limit, upon a basis of equality, prorate or prohibit entirely, all withdrawals of deposits or assets from said bank or trust company; provided, however, that no preferences shall be given any depositor or creditor of said bank or trust company.

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(RSMo 1939 § 8004)