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Section: 362.0910 Definitions. Rsmo 362.910


Published: 2015

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Missouri Revised Statutes













Chapter 362

Banks and Trust Companies

←362.900

Section 362.910.1

362.915→

August 28, 2015

Definitions.

362.910. As used in sections 362.910 to 362.940, unless the context

clearly indicates otherwise, the following terms mean:



(1) "Bank", any bank, trust company or national banking association

which accepts demand deposits and makes loans, and which has its principal

banking house in Missouri and a branch of any bank, trust company or national

banking association which accepts demand deposits and which has a physical

presence in Missouri, other than a branch located outside of Missouri;



(2) "Bank holding company", any company which has control over any bank

or over any company that is a bank holding company;



(3) "Company", any corporation, partnership, business trust,

association, or similar organization, or any other trust unless by its terms

it must terminate within twenty-five years or not later than twenty-one years

and ten months after the death of individuals living on the effective date of

the trust, but shall not include any corporation the majority of the shares

of which are owned by the United States or by any state;



(4) "Control", a company has control over a bank, trust company, or

company if:



(a) The company directly or indirectly or acting through one or more

other persons owns, controls, or has power to vote twenty-five percent or

more of any class of voting securities of the bank or company;



(b) The company controls in any manner the election of a majority of the

directors or trustees of the bank or company; or



(c) The company directly or indirectly exercises a controlling influence

over the management or policies of the bank or company;



(d) Provided, however, no company shall be deemed to have control over a

bank or a company by virtue of its ownership or control of shares acquired by

it in connection with its underwriting of securities and which are held only

for such period of time as will permit the sale thereof upon a reasonable

basis, or which is formed for the sole purpose of participating in a proxy

solicitation, or which acquires ownership or control of shares in securing or

collecting a debt previously contracted in good faith, until two years after

the date of acquisition, or which acquires ownership or control of shares in

a fiduciary capacity. For the purpose of sections 362.910 to 362.940, bank

shares shall not be deemed to have been acquired in a fiduciary capacity if

the acquiring bank or company in its capacity as trustee of a trust has sole

discretionary authority to exercise voting rights with reference thereto;

except that this limitation is applicable in the case of a bank or company

which acquired such shares prior to December 31, 1970, only if the bank or

company had the right consistent with its obligations under the instrument,

agreement, or other arrangement establishing the trust relationship to divest

itself of such voting rights and failed to exercise that right to divest

prior to December 31, 1971;



(5) "Director" or "director of finance", the director of the division of

finance;



(6) "Trust holding company", any company which has control over any

trust company or over any company that is a trust holding company.



(L. 1974 H.B. 1798 § 1 subsec. 1, A.L. 1986 S.B. 442, A.L. 1995 H.B.

63, et al., A.L. 2003 H.B. 221 merged with S.B. 346, A.L. 2008

S.B. 788)





2003

1995



2003



362.910. As used in sections 362.910 to 362.940, unless the context

clearly indicates otherwise, the following terms mean:



(1) "Bank", any bank, trust company or national banking association

which accepts demand deposits and makes loans, and which has its principal

banking house in Missouri and a branch of any bank, trust company or

national banking association which accepts demand deposits and which has a

physical presence in Missouri, other than a branch located outside of

Missouri;



(2) "Bank holding company", any company which has control over any

bank or over any company that is a bank holding company;



(3) "Company", any corporation, partnership, business trust,

association, or similar organization, or any other trust unless by its

terms it must terminate within twenty-five years or not later than

twenty-one years and ten months after the death of individuals living on

the effective date of the trust, but shall not include any corporation the

majority of the shares of which are owned by the United States or by any

state;



(4) "Control", a company has control over a bank, trust company, or

company if:



(a) The company directly or indirectly or acting through one or more

other persons owns, controls, or has power to vote twenty-five percent or

more of any class of voting securities of the bank or company;



(b) The company controls in any manner the election of a majority of

the directors or trustees of the bank or company; or



(c) The company directly or indirectly exercises a controlling

influence over the management or policies of the bank or company;



(d) Provided, however, no company shall be deemed to have control

over a bank or a company by virtue of its ownership or control of shares

acquired by it in connection with its underwriting of securities and which

are held only for such period of time as will permit the sale thereof upon

a reasonable basis, or which is formed for the sole purpose of

participating in a proxy solicitation, or which acquires ownership or

control of shares in securing or collecting a debt previously contracted in

good faith, until two years after the date of acquisition, or which

acquires ownership or control of shares in a fiduciary capacity. For the

purpose of sections 362.910 to 362.940, bank shares shall not be deemed to

have been acquired in a fiduciary capacity if the acquiring bank or company

in its capacity as trustee of a trust has sole discretionary authority to

exercise voting rights with reference thereto; except that this limitation

is applicable in the case of a bank or company which acquired such shares

prior to December 31, 1970, only if the bank or company had the right

consistent with its obligations under the instrument, agreement, or other

arrangement establishing the trust relationship to divest itself of such

voting rights and failed to exercise that right to divest prior to December

31, 1971;



(5) "Director" or "director of finance", the director of the division

of finance of the department of economic development;



(6) "Trust holding company", any company which has control over any

trust company or over any company that is a trust holding company.



1995



362.910. As used in sections 362.910 to 362.940, except for section

362.925, unless the context clearly indicates otherwise, the following

terms mean:



(1) "Bank", any bank, trust company or national banking association

which accepts demand deposits and makes loans, and which has its principal

banking house in Missouri and a branch of any bank, trust company or

national banking association which accepts demand deposits and which has a

physical presence in Missouri, other than a branch located outside of

Missouri;



(2) "Bank holding company", any company which has control over any

bank or over any company that is a bank holding company;



(3) "Company", any corporation, partnership, business trust,

association, or similar organization, or any other trust unless by its

terms it must terminate within twenty-five years or not later than

twenty-one years and ten months after the death of individuals living on

the effective date of the trust, but shall not include any corporation the

majority of the shares of which are owned by the United States or by any

state;



(4) "Control", a company has control over a bank or company if:



(a) The company directly or indirectly or acting through one or more

other persons owns, controls, or has power to vote twenty-five percent or

more of any class of voting securities of the bank or company;



(b) The company controls in any manner the election of a majority of

the directors or trustees of the bank or company; or



(c) The company directly or indirectly exercises a controlling

influence over the management or policies of the bank or company;



(d) Provided, however, no company shall be deemed to have control

over a bank or a company by virtue of its ownership or control of shares

acquired by it in connection with its underwriting of securities and which

are held only for such period of time as will permit the sale thereof upon

a reasonable basis, or which is formed for the sole purpose of

participating in a proxy solicitation, or which acquires ownership or

control of shares in securing or collecting a debt previously contracted in

good faith, until two years after the date of acquisition, or which

acquires ownership or control of shares in a fiduciary capacity. For the

purpose of sections 362.910 to 362.940, bank shares shall not be deemed to

have been acquired in a fiduciary capacity if the acquiring bank or company

in its capacity as trustee of a trust has sole discretionary authority to

exercise voting rights with reference thereto; except that this limitation

is applicable in the case of a bank or company which acquired such shares

prior to December 31, 1970, only if the bank or company had the right

consistent with its obligations under the instrument, agreement, or other

arrangement establishing the trust relationship to divest itself of such

voting rights and failed to exercise that right to divest prior to December

31, 1971;



(5) "Director" or "director of finance", the director of the division

of finance of the department of economic development.



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