362.030. Director to examine as to character and capital. - Missouri Statutes

Director to examine as to character and capital.

362.030. 1. When any bank or trust company has filed withthe director proper copies of its articles of agreement, paid allincorporation and other fees in full, as required by law andprovided the cash required by law, the director, before the bankor trust company shall complete its incorporation, shall cause anexamination to be made to ascertain whether the requisite capitalof the bank or trust company has been subscribed in good faithand paid in actual cash and is ready for use in the transactionof business of the proposed bank or trust company, and whetherthe character, responsibility and general fitness of the personsnamed in the articles of agreement and any bank holding companyon whose behalf they are acting are such as to command confidenceand warrant belief that the business of the proposed corporationwill be conducted honestly and efficiently in accordance with theintent and purpose of this chapter; and if the convenience andneeds of the community to be served justify and warrant theopening of the bank or trust company therein, and if the probablevolume of business in such locality is sufficient to insure andmaintain the solvency of the new bank or trust company and thesolvency of the then existing banks and trust companies in thelocality, without endangering the safety of any bank or trustcompany in the locality as a place of deposit of public andprivate moneys.

2. The proponents shall be liable for all expenses incurredin making the examination, including the wages and othernecessary expenses of each examiner making the examination;provided, however, that if the charter is granted, thisobligation may be assumed by the bank or trust company sochartered.

(RSMo 1939 § 7942, A.L. 1941 p. 670, A. 1949 H.B. 2085, A.L. 1951 p. 283, A.L. 1959 H.B. 389, A.L. 1967 p. 445, A.L. 1984 H.B. 1373)

Prior revisions: 1929 § 5347; 1919 § 11730; 1909 § 1095

(1975) Opinions of experts, highway usage charts and census tracts are all admissible in evidence before banking board. Lemay Bank and Trust Co. v. Oakville Bank and Trust Co. (A.), 518 S.W.2d 128.