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Can you summarize MORS Chapter 362?
BUSINESS AND FINANCIAL INSTITUTIONS > Banks and Trust Companies
Short Summary
This legal document, found in the Revised Statutes of Missouri under the section for Banks and Trust Companies, governs various aspects of banks and trust companies operating in Missouri. It covers the merging and consolidation of banks and trust companies, including the requirements for out-of-state banks to relocate their main banking house to Missouri. The document also outlines the appraisal and review process for stock surrender in the context of mergers and consolidations. It further specifies the reporting requirements for banks and trust companies, including the information that must be included in the reports and the consequences of non-compliance. The document addresses the rights and obligations of merged or consolidating corporations, ensuring the continuity of liabilities and obligations to creditors. It provides definitions for terms related to banks and trust companies, clarifying the conditions under which a company is considered to have control over a bank or company. The document also covers the fiduciary capacities of trust companies and the examination process, including cooperative and reciprocal agreements with other regulatory authorities. Additionally, it governs the issuance of new certificates for old in the context of mergers or consolidations, the notification requirements for stock transfers or changes in voting control, and the merger of state-chartered banks or trust companies with nonbank subsidiaries or affiliates. Lastly, the document outlines the procedure for sharing information with banking institutions for the provision of financial services to marijuana facilities in Missouri. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks and trust companies operating in Missouri, out-of-state banks or trust companies, stockholders involved in mergers or consolidations, state-chartered banks or trust companies, entities licensed or certified under Article XIV of the Missouri Constitution
What does it govern?
Merging and consolidation of banks and trust companies, relocation of out-of-state banks, appraisal and review of stock surrender, reporting requirements for banks and trust companies, rights and obligations of merged or consolidating corporations, definitions of terms related to banks and trust companies, fiduciary capacities of trust companies, examination and cooperative agreements, issuance of new certificates for old, notification of stock transfers or changes in voting control, merger of state-chartered banks or trust companies with nonbank subsidiaries or affiliates, sharing of information with banking institutions for financial services to marijuana facilities
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
Failure to comply with reporting requirements may result in a penalty of $100 per day of delay or omission. Making false statements in the report is considered a misdemeanor and may lead to a fine not exceeding $500 and imprisonment for up to twelve months. Failure to report stock transfers or changes in voting control is considered a misdemeanor and is punishable by a fine of not less than one hundred dollars. Each day of delay in making the report is considered a separate offense.
Jurisdiction
Missouri