362.040. Notice of refusal of certificate--appeal. - Missouri Statutes

Notice of refusal of certificate--appeal.

362.040. In case the director shall not be satisfied, as theresult of the examination, that the character, responsibility andgeneral fitness of the persons named in the articles of agreementare up to the standard above provided, or that the convenienceand needs of the community to be served justify and warrant theopening of the new bank or trust company therein, or that theprobable volume of business in such locality is sufficient toinsure and maintain the solvency of the new bank and the solvencyof the then existing banks or trust companies in the locality,without endangering the safety of any bank or trust company inthe locality as a place of deposit of public and private moneys;and on these accounts or any one of them shall refuse to grantthe certificate of incorporation, he shall forthwith give noticethereof to the proposed incorporators from whom the articles ofagreement were received, who, if they so desire, may within tendays thereafter appeal from the refusal to the state bankingboard.

(RSMo 1939 § 7942, A.L. 1941 p. 670, A. 1949 H.B. 2085, A.L. 1955 p. 266, A.L. 1967 p. 445)

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

(1959) Evidence held sufficient to sustain finding that the convenience and needs of the community to be served justify and warrant the opening of a bank. Suburban Bank of K.C. v. Jackson Co. State Bank (A.), 330 S.W.2d 183.