362.117. State bank may become trust company--procedure.

MISSOURI STATUTES AND CODES

362.117. State bank may become trust company--procedure.

State bank may become trust company--procedure.

362.117. 1. Any bank may become a trust company with all the powersand subject to all the obligations and duties of trust companies organizedunder the provisions of this chapter.

2. A bank desiring to become a trust company shall proceed in thefollowing manner:

(1) It shall call a meeting of its stockholders and shall give noticethereof as provided in section 362.044;

(2) At the meeting so called the stockholders of the bank may, by avote of at least two-thirds of the entire capital stock issued, outstandingand entitled to vote, direct that the bank shall be transformed into atrust company. In the event that such action is taken by the prescribedvote, a resolution may be adopted fixing a future date certain upon whichthe state bank shall be transformed into a trust company and directing notless than five nor more than thirty of the stockholders of the bank, whoshall be designated by name in the resolution, to proceed with theorganization of the trust company;

(3) The designated stockholders shall proceed in all respects as isprovided by law for other individuals in incorporating a trust company,except that the articles of agreement may provide that instead of thecapital stock being paid up in lawful money the same may be paid up by anassignment of the assets of the state bank about to dissolve, theassignment to take effect at the aforesaid future date certain, and thedirector may allow the assignment to be accepted instead of cash, if theincorporators shall have certified in the articles of agreement that thenet value of the assigned assets is equal to at least the full amount ofthe stock of the proposed trust company, and the director, as the result ofan examination by himself, his deputies or his examiners, is satisfied thatthe assets are of such value, and except further that the stockholders mayrequest in the resolution referred to in subdivision (2) of this subsectionthat the new charter contain the original incorporation date for such statebank to be dissolved and the director shall grant such request to beincluded in the new trust company public charter to be issued.