110.090. Selection of depositary--computation of interest--rejected bids. - Missouri Statutes

Selection of depositary--computation of interest--rejected bids.

110.090. 1. At twelve o'clock noon on the day named for theselection of the depositary, the board shall publicly open thebids and cause each bid to be entered upon the records of theboard, and shall select from the bidders, as depositaries of thefunds and moneys of the institution, the banking corporation,association or trust company, who bid the highest rate ofinterest, and shall notify the successful bidder selected; butthe board may reject any and all bids.

2. The interest upon the funds and moneys shall be computedupon the daily balances to the credit of the institution witheach of the depositaries, and shall be payable by each depositaryon the first day of each month, to the treasurer of theinstitution, who shall place the same to the credit of theinstitution. The depositaries shall, on the first day of eachmonth, render to the secretary of the board a statement, inwriting, showing the amount of interest paid by the depositary.

3. The secretary of the board shall return the certifiedchecks accompanying the bids to the banking corporations,associations, or trust companies whose bids which theyaccompanied were rejected, and, upon the approval of thesecurities provided for in section 110.010, return the certifiedcheck accompanying the accepted bids to the banking corporation,association, or trust company from whom it was received.

4. If, for any reason, no selection of a depositary is madeat the time fixed by sections 110.070 to 110.120, the board ofmanagers by whatever name called may, at any subsequent time,after twenty days' notice, receive bids and select depositariesin the manner herein provided, in which event the selection shallonly be for the period of time as may intervene until the nextregular period for the selection of the depositary.

(RSMo 1939 § 9375, A.L. 1959 S.B. 77)

Prior revisions: 1929 § 8678; 1919 § 12321