362.455. Rights and privileges of foreign banking corporation under license--effect of revocation. - Missouri Statutes

Rights and privileges of foreign banking corporation underlicense--effect of revocation.

362.455. 1. When the director shall have issued a licenseto any such banking corporation, it may engage in the businessspecified in section 362.435 at the location specified in suchlicense for a period of one year from the date of such license;and such license may, in the discretion of the director, bereissued from year to year upon the payment by such foreignbanking corporation of the sum of two hundred and fifty dollarsupon each date that such license is reissued.

2. No such license shall be transferable or assignable andshall be at all times conspicuously displayed in the place ofbusiness specified therein.

3. In the event that such license shall have been revoked bythe director, as provided in section 362.450, it shall besurrendered to the director within twenty-four hours after suchcorporation has received written notice of such revocation.

4. Whenever the director shall have revoked any such licenseand shall have taken the action to make such revocation effectivespecified in section 362.450, all the rights and privileges ofsuch foreign corporation to transact business in this state shallforthwith cease and determine.

(RSMo 1939 § 7994)

Prior revisions: 1929 § 5398; 1919 § 11777