369.361. Foreign associations adjoining states and principal business outside state, requirements to do business--principal business, how determined--control, defined.

MISSOURI STATUTES AND CODES

369.361. Foreign associations adjoining states and principal business outside state, requirements to do business--principal business, how determined--control, defined.

Foreign associations adjoining states and principal business outsidestate, requirements to do business--principal business, howdetermined--control, defined.

369.361. 1. Notwithstanding any law to the contrary,foreign associations which conduct their principal operations ina state adjoining Missouri, and which are not controlled by aforeign holding company incorporated in or which conducts itsprincipal operations in a state not adjoining Missouri, mayacquire control of associations in Missouri or may merge with oracquire control of associations conducting their principaloperations in Missouri, if the adjoining state permitsassociations which conduct their principal operations in Missourito acquire control of savings and loan associations in suchadjoining state, under conditions which are substantially thesame as those imposed by that state on savings and loanassociations conducting their principal operations in that stateexcept, any savings and loan association or savings and loanholding company having its principal office in this state, maymerge with or acquire control of, or be merged with or beacquired by, a savings and loan association or a savings and loanholding company having its principal office in any other state ifthe savings and loan association or savings and loan holdingcompany having its principal office in this state is conductingbusiness as a savings and loan association or savings and loanholding company in that state; and any savings and loanassociation or savings and loan holding company which has itsprincipal office outside of this state may continue to conductbusiness in this state if they were conducting such business onAugust 13, 1986.

2. As used in this section, the state in which a savings andloan association conducts its principal business shall be thestate in which the total deposits are the largest, and the term"control" shall mean control in any manner of the election of amajority of the directors of a savings and loan association.