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Can you summarize MORS 362.023?
Banks and Trust Companies > Trust company may refuse demand deposits by its articles of incorporation, effect of.
Short Summary
This provision pertains to trust companies and their acceptance of demand deposits. It states that the articles of agreement of a trust company may prevent the acceptance of demand deposits. In such cases, the procedure for granting or denying a charter for the trust company will be determined by the provisions outlined in sections 362.025 to 362.040 of the Revised Statutes of Missouri. However, the determination of need and convenience will be limited to the need for fiduciary services as authorized under subsection 3 of section 362.105. Trust companies that are not permitted to accept demand deposits or do not regularly accept them as of September 28, 1977, must obtain a certificate from the director of finance to accept demand deposits. The application for this certificate will be treated as an application for a new charter and will be granted or denied based on the provisions in sections 362.030 to 362.040.
Whom does it apply to?
Trust companies
What does it govern?
Acceptance of demand deposits by trust companies
What are exemptions?
Trust companies whose articles of agreement preclude or do not affirmatively provide for the acceptance of demand deposits, and trust companies that do not regularly accept demand deposits on September 28, 1977, are required to obtain a certificate issued by the director of finance authorizing the acceptance of demand deposits.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Missouri