362.345. Penalties for receiving deposits when insolvent. - Missouri Statutes

Penalties for receiving deposits when insolvent.

362.345. 1. No president, director, manager, cashier,secretary or other officer or agent of any bank or trust companyorganized and doing business under the provisions of this chaptershall receive or assent to the reception of deposits, or createor assent to the creation of any debts of the bank or trustcompany, after he shall have knowledge of the fact that it isinsolvent or in failing circumstances.

2. Every person violating the provisions of this sectionshall be individually responsible for the deposits so received,and all the debts so contracted; provided, any director who mayhave paid more than his share of the liabilities mentioned inthis section may have his proper remedy at law against personswho have not paid their full share of the liabilities; andprovided, further, that in case of the insolvency of one or moreof these officers, agents or managers, the liabilities shall bepaid, for the time being, by those who are solvent, in equalproportions.

(RSMo 1939 § 7976, A.L. 1967 p. 445)

Prior revisions: 1929 § 5381; 1919 § 11763; 1909 § 1113