361.230. Branch offices--approval--certificate.

MISSOURI STATUTES AND CODES

361.230. Branch offices--approval--certificate.

Branch offices--approval--certificate.

361.230. 1. Upon receipt by the director of a written applicationfor leave to open a branch office from a corporation authorized by law toopen branch offices, he or she shall make such investigation as he or shemay deem necessary to ascertain whether the public convenience andadvantage will be promoted by the opening of the branch office and whetherthe corporation has the amount of actually paid-in capital required by law.

2. If satisfied that the granting of the application is expedient anddesirable, he or she shall make a certificate in duplicate under his or herhand and official seal authorizing the opening and occupation of the branchoffice and specifying the date on or after which and the condition underwhich it may be opened and the place where it shall be located, and shallfile one duplicate in the public records of the division of finance andshall transmit the other to the applicant.

3. If the director shall be satisfied that the opening of the branchoffice is undesirable or inexpedient or that the corporation has not therequisite amount of capital actually paid in, he or she shall refuse theapplication and notify the corporation of his or her determination;provided, that this section shall not be construed to empower the directorto grant a certificate for any bank or trust company organized under thelaws of this state to maintain in this state any branch bank or branchtrust company.