369.695. Powers of savings bank--taxed, how. - Missouri Statutes

Powers of savings bank--taxed, how.

369.695. 1. The powers of a savings bank shall be limited to thoseof a bank or trust company pursuant to chapter 362, RSMo. Where suchpowers may be exercised only upon obtaining the approval of the director,the procedures and standards in chapter 362, RSMo, shall be used indetermining whether a savings bank shall be permitted to exercise suchpowers and the savings bank shall be treated for such purposes as if itwere a bank. Any appeal from a decision on such an application shall behandled as if it were an appeal by a bank pursuant to chapter 362, RSMo.

2. Except where expressly stated otherwise in sections 369.670 to369.714, a savings bank shall be subject to the provisions of this chapterpertaining to the organization, operation, examination, assessment,reorganization, conversion, merger and liquidation of associations to thesame extent as if it were an association. Sections 369.019, 369.024 and369.034 shall not apply to the incorporation of a savings bank.

3. For purposes of sections 148.610 to 148.710, RSMo, a savings bankshall be taxed as if it were a savings and loan association.

(L. 1997 H.B. 257 § 369.425)