362.200. Money not to be employed in trade or commerce. - Missouri Statutes

Money not to be employed in trade or commerce.

362.200. No corporation organized under any law of thisstate, whether general or special, as a bank or trust company, orto carry on a banking business, shall, except as otherwisepermitted by law, employ its moneys, directly or indirectly, intrade or commerce, by buying and selling ordinary goods,chattels, wares and merchandise, or by owning or operatingindustrial plants; provided, that it may sell all kinds ofproperty which may come into its possession as collateralsecurity for loans, or in the ordinary collection of debts.

(RSMo 1939 § 7953, A.L. 1967 p. 445)

Prior revisions: 1929 § 5358; 1919 § 11741; 1909 § 1109

(1952) The purchase by bank of group life insurance policy on lives of its depositors as means of stimulating deposits and issuance by it of certificates to persons making certain monthly deposits, held to be appropriate means of promoting its business and not in violation of § 362.200 or 363.270. Mutual Bank & Tr. Co. v. Shaffner (Mo.), 248 S.W.2d 585.