362.023. Trust company may refuse demand deposits by its articles of incorporation, effect of. - Missouri Statutes

Trust company may refuse demand deposits by its articles ofincorporation, effect of.

362.023. 1. Other provisions of the law to the contrarynotwithstanding, the articles of agreement of any trust companymay preclude the acceptance of demand deposits, in which case theprocedure for granting or denying a charter for the proposedtrust company shall be as provided in sections 362.025 to362.040, except that the determination of need and convenience asprovided in section 362.030 shall be limited to the need forfiduciary services as authorized under subsection 2 of section362.105.

2. No trust company the articles of which preclude or do notaffirmatively provide for the acceptance of demand deposits, andno trust company which does not regularly accept demand depositson September 28, 1977, shall accept demand deposits without acertificate issued by the director of finance authorizing theacceptance of demand deposits. The application for suchcertificate shall be treated as an application for a new charterand shall be granted or denied as provided in sections 362.030 to362.040.

(L. 1977 S.B. 420)