Section 362.120

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 1939   

  362.120.  Capital notes may be issued and sold by banks and trust companies. — 1.  Any bank or trust company organized under the laws of this state may, through action of its board of directors and without requiring any action by stockholders, with the written consent of the finance director, issue and sell at not less than par its capital notes.

  2.  If, at the time of the issuance of such capital notes the capital of such bank or trust company is impaired, and there shall have been issued and sold capital notes of such bank or trust company in accordance with the provisions of sections 362.120 to 362.135, in an amount equal to or more than the impairment of the capital of such bank or trust company, as found by the director of finance, then the capital of such bank or trust company shall for all purposes be deemed to be restored and unimpaired.

  3.  Such capital notes may be sold for cash or, with the written consent and approval of the director of finance, for property and they shall be of a nature specified in, and conform to, the requirements of the several provisions of sections 362.120 to 362.135.

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(RSMo 1939 § 7906)

Prior revision: 1929 § 5312