362.160. May purchase stock in corporations to develop and maintain market for foreign and domestic exchange. - Missouri Statutes

May purchase stock in corporations to develop and maintain marketfor foreign and domestic exchange.

362.160. Every such corporation shall be authorized andempowered to subscribe for, purchase, hold, pledge and sell thestock of a corporation organized and existing under the laws ofthe state of Missouri, or under any act of Congress of the UnitedStates, for the purpose of developing and maintaining a stableand open market for foreign and domestic bills of exchange,notes, acceptances, and other evidences of debt originating inconnection with foreign and domestic trade, by the purchase,investment in, and sale thereof, or for the purpose of engagingin international or foreign banking or other international orforeign financial operations, or in banking or other financialoperations in a dependency or insular possessions of the UnitedStates, either directly or through the agency, ownership, orcontrol of local institutions in foreign countries, or in suchdependencies or insular possessions as provided by this section,and to act when required by the Secretary of the Treasury asfiscal agents of the United States; provided, that the investmentof a bank in the stock of such a corporation shall not exceed tenpercent of its capital and surplus.

(RSMo 1939 § 7950)

Prior revisions: 1929 § 5355; 1919 § 11738