362.500. Shall notify finance director of suspension--duties of commissioner. - Missouri Statutes

Shall notify finance director of suspension--duties of commissioner.

362.500. 1. Upon the suspension of the payment of checksand withdrawal of assets as authorized by section 362.495, itshall be the duty of the president, cashier, or the chairman ofthe board of directors of the bank, or trust company doing abanking business, so suspending payment to notify the statefinance director immediately.

2. Upon the receipt of the notice required by law, it shallbe the duty of the state finance director to take charge of saidbank, or trust company doing a banking business, and to supervisethe receipt of the deposits and payment of checks and withdrawalsof assets during a period of sixty days next following the takingcharge thereof, and such state finance director shall have powerand is hereby authorized, during said period of sixty days, tolimit, upon a basis of equality, prorate or prohibit entirely,all withdrawals of deposits or assets from said bank or trustcompany; provided, however, that no preferences shall be givenany depositor or creditor of said bank or trust company.

(RSMo 1939 § 8004)