354.315. Data processing system authorized, cost, amount allowed--amortization not to exceed ten years. - Missouri Statutes

Data processing system authorized, cost, amount allowed--amortizationnot to exceed ten years.

354.315. Notwithstanding any prohibitions or restrictionscontained in the statutes, any corporation subject to theprovisions of sections 354.010 to 354.380 may acquire bypurchase electronic or mechanical machines constituting a dataprocessing system, and thereafter may hold the system as anadmitted asset for use in connection with the business of thecompany if

(1) The system shall have an aggregate cost of not lessthan twenty-five thousand dollars and its aggregate cost shallnot exceed five percent of the admitted assets of the company;

(2) The cost of the component machines constituting thesystem shall be fully amortized over a period not to exceed tencalendar years. If a data processing system consists ofseparate component machines which are acquired at differenttimes, then the cost of each component shall be fully amortizedover a period not to exceed ten calendar years commencing withthe date of acquisition of each component.

(L. 1983 H.B. 127)