362.415. Prohibitions against encroachments upon certain powers of banks.

MISSOURI STATUTES AND CODES

362.415. Prohibitions against encroachments upon certain powers of banks.

Prohibitions against encroachments upon certain powers of banks.

362.415. 1. No person unauthorized by law shall subscribeto or become a member of, or be in any way interested in anyassociation, institution or company formed or to be formed forthe purpose of issuing notes or other evidences of debt to beloaned or put in circulation as money; nor shall any such personsubscribe to or become in any way interested in any bank or fundcreated or to be created for the like purposes or either of them.

2. No corporation, domestic or foreign, other than anational bank or a federal reserve bank, unless expresslyauthorized by the laws of this state, shall employ any part ofits property, or be in any way interested in any fund which shallbe employed for the purpose of receiving deposits, makingdiscounts, or issuing notes or other evidences of debt to beloaned or put into circulation as money.

3. All notes and other securities for the payment of anymoney or the delivery of any property made or given to any suchassociation, institution or company, or made or given to securethe payment of any money loaned or discounted by any corporationor its officers contrary to the provisions of this section shallbe void.

4. No person, association of persons or corporation, unlessexpressly authorized by law, shall keep any office for thepurpose of issuing any evidences of debt, to be loaned or put incirculation as money; nor shall they issue any bills orpromissory notes or other evidences of debt for the purpose ofloaning them or putting them in circulation as money, unlessthereto specially authorized by law.

5. Every person, and every corporation, director, agent,officer or member thereof, who shall violate any provision ofthis section, directly or indirectly, or assent to suchviolation, shall forfeit one thousand dollars to the state.