Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
< > Effective - 28 Aug 2001, 2 histories, see footnote (history)362.335. Officers and employees — limitation on powers. — 1. The directors may appoint and remove any cashier, secretary or other officer or employee at pleasure.
2. The cashier, secretary or any other officer or employee shall not endorse, pledge or hypothecate any notes, bonds or other obligations received by the corporation for money loaned, until such power and authority is given the cashier, secretary or other officer or employee by the board of directors, pursuant to a resolution of the board of directors, a written record of which proceedings shall first have been made; and a certified copy of the resolution, signed by the president and cashier or secretary with the corporate seal annexed, shall be conclusive evidence of the grant of this power; and all acts of endorsing, pledging and hypothecating done by the cashier, secretary or other officer or employee of the bank or trust company without the authority from the board of directors shall be null and void. The board of directors may designate a chief executive officer who is not the president, but who shall perform all the duties of the president required by this section.
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(RSMo 1939 § 7975, A.L. 1967 p. 445, A.L. 2001 H.B. 738 merged with S.B. 186)
Prior revisions: 1929 § 5380; 1919 § 11762; 1909 § 1112
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362.335 | 8/28/2002 | |||
362.335 | 8/28/2001 | 8/28/2002 |
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