362.505. Audit of bank by director--approval of reopening plans. - Missouri Statutes

Audit of bank by director--approval of reopening plans.

362.505. During said sixty-day period next following thetaking charge of any such bank or trust company, by the statefinance director, a careful audit and inventory of the assets andliabilities of said bank or trust company shall also be made bysaid state finance director to determine if said bank or trustcompany shall be permitted to continue in business, and when saidstate finance director shall approve a contract or plan wherebysuch bank or trust company is permitted to receive deposits, paychecks and continue to do a banking business, or reorganize,entered into between the depositors of such institution, owningor controlling eighty-five percent or more of the depositstherein, which are not preferred claims, special deposits ordeposits secured by bonds or collateral, on the one hand, and thebank or trust company or its board of directors on the other,then and in that event all other depositors and creditors shallbe held to be bound by such contract or plan to the same extentand with the same effect as if they had joined in the executionthereof, and their claims shall be treated in all respects as ifthey had joined in the execution of said contract or plan, inevent said bank is permitted to reopen for business as limited bysaid contract or plan; provided, nevertheless, all depositors andcreditors of the same class shall be treated alike.

(RSMo 1939 § 8005)