362.070. Compensation for organizing bank or trust company prohibited--penalty. - Missouri Statutes

Compensation for organizing bank or trust company prohibited--penalty.

362.070. 1. No individual, partnership, unincorporatedassociation or corporation shall, directly or indirectly, receiveor contract to receive any commission, compensation, bonus, rightor privilege of any kind for organizing any bank or trust companyin this state, or for securing a subscription to the originalcapital stock or surplus of any bank or trust company in thisstate, or to any increase thereof; provided, that this sectionshall not be construed as prohibiting an attorney at law fromreceiving compensation for legal service in connection therewith.

2. Each and every individual, partnership, unincorporatedassociation or corporation violating the provisions of thissection shall forfeit to the state one hundred dollars for eachand every violation, and in addition thereto double the amount ofthe commission, compensation or bonus.

(RSMo 1939 § 7946, A.L. 1967 p. 445)

Prior revisions: 1929 § 5350; 1919 § 11733