362.119. Investment in trust companies by bank, limitations--definitions. - Missouri Statutes

Investment in trust companies by bank, limitations--definitions.

362.119. Any bank organized pursuant to the laws of this state mayinvest not to exceed five percent of its capital, surplus and undividedprofits in shares of stock in any new or existing trust company orcompanies or any new or existing holding company or companies controlling atrust company or companies, provided that such holding company is either abank holding company or is a holding company with the sole purpose ofowning a trust company, if the direct or indirect ownership of a majorityof such stock or class of stock in such entity or entities is restricted tobanks authorized to do business in the state of Missouri. For purposes ofthis section, the term "ownership of a majority of such stock or class ofstock" does not mean or infer that such owner or owners have a controllinginterest or voting interest in such trust company or companies, and theterm "entity" means a trust company, bank holding company or a holdingcompany that is not a bank holding company but that has the sole purpose ofowning a trust company.

(L. 1983 S.B. 331 § 362.116, subsec. 7, A.L. 1996 S.B. 494, A.L. 2000 S.B. 896, A.L. 2001 H.B. 738 merged with S.B. 186)