362.140. Branch offices in foreign countries--how established--amount to be invested. - Missouri Statutes

Branch offices in foreign countries--how established--amount to beinvested.

362.140. Any bank or trust company possessing a capital andsurplus of one million dollars or more may file application withthe director, upon such conditions and under such regulations asmay be prescribed by the director, for permission to exercise thefollowing powers; provided, that any bank or trust company,without regard to the amount of its capital and surplus, may filean application for permission to exercise the powers specified insubdivision (2) below:

(1) To establish branches in foreign countries ordependencies or insular possessions of the United States for thefurtherance of foreign commerce of the United States and to act,if required to do so, as fiscal agents of the United States;

(2) To invest an amount not exceeding in the aggregate tenpercent of its paid-in capital stock and surplus in the stock ofone or more banks or corporations chartered or incorporated underthe laws of the United States, or of any state thereof, andprincipally engaged in international or foreign banking orbanking in a dependency or insular possession of the UnitedStates, either directly or through the agency, ownership orcontrol of local institutions in foreign countries or in thedependencies or insular possessions, including the stock of oneor more banks or corporations chartered or incorporated undersection 25a of the Federal Reserve Act as approved December 24,1919.

(RSMo 1939 § 7948, A.L. 1967 p. 445)

Prior revisions: 1929 § 5353; 1919 § 11736