110.040. Depositary outside of territorial limits legal, when. - Missouri Statutes

Depositary outside of territorial limits legal, when.

110.040. In the event that there shall be no bankingcorporation, association, trust company or individual banker inthe territory within which the depositary or depositaries of anypublic fund must, under the applicable laws of this state, belocated to become eligible for selection, or in the event thatthe selected depositary or depositaries within such territoryshall fail to accept such award or awards of such public funds asmay be made, then the authority or authorities which are by lawempowered to make such selection of depositaries and awards ofpublic funds thereto are authorized and empowered to select asdepositary or depositaries such banking institutions locatedoutside the territorial limits aforesaid as such authority orauthorities may deem the safest and most convenient depositary ordepositaries for such public fund.

(RSMo 1939 § 8186)