362.015. No private banks shall be established--who may incorporate--when. - Missouri Statutes

No private banks shall be established--who may incorporate--when.

362.015. 1. From and after the passage of this law noprivate banks shall be established in this state.

2. When authorized by the finance director as provided insection 362.035 any five or more persons who shall haveassociated themselves by articles of agreement, in writing, asprovided by law, for the purpose of establishing a bank or trustcompany may be incorporated under any name or title designatingsuch business. Such persons may act on behalf of a bank holdingcompany.

(RSMo 1939 §§ 7939, 7999, A.L. 1967 p. 445, A.L. 1984 H.B. 1373)

Prior revisions: 1929 § 5344; 1919 § 11727; 1909 § 1092

(1975) A banking corporation is not a "person" for the purposes of this section. Mark Twain Cape Girardeau Bank v. State Banking Board (Mo.), 528 S.W.2d 443. (1976) Held, a "corporation" is not a "person" and may not be an incorporator and applicant for a new bank. Mark Twain Bancshares v. Kostman (A.), 541 S.W.2d 1.