362.230. No new loans until depleted reserves are restored. - Missouri Statutes

No new loans until depleted reserves are restored.

362.230. Whenever the reserve of a bank or trust companyshall fall below the amount herein required of it and shallremain so for a period of one week, then the bank or trustcompany shall not make any new loans, discounts or acceptances,except the discount or purchase of bills of exchange, payable atsight, until it shall have restored its required reserve;provided, however, that if the averages of the daily reservesmaintained for any calendar week beginning on Thursday are notless than the averages of the daily reserves required by sections362.210, 362.213 and 362.215 to be maintained for the week, thebank or trust company shall be deemed to have complied with therequirements of the sections for each day of the week.

(RSMo 1939 § 7957, A.L. 1959 S.B. 194, A.L. 1967 p. 445, A.L. 1972 S.B. 464)

Prior revisions: 1929 § 5362; 1919 § 11745

CROSS REFERENCE:

Reserve requirements, federal regulations to take precedence, when, RSMo 362.231