Terms Used In Missouri Laws 362.119

  • Bank: means any corporation soliciting, receiving or accepting money, or its equivalent, on deposit as a business, whether the deposit is made subject to check, or is evidenced by a certificate of deposit, a passbook, a note, a receipt, or other writing, and specifically a commercial bank chartered under this chapter or a national bank located in this state. See Missouri Laws 362.010
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
  • Surplus: means the excess of assets over liabilities including liability to stockholders. See Missouri Laws 362.010
  • Undivided profits: means the credit balance of the profit and loss account of any corporation to which this chapter is applicable. See Missouri Laws 362.010

Any bank organized pursuant to the laws of this state may invest not to exceed five percent of its capital, surplus and undivided profits in shares of stock in any new or existing trust company or companies or any new or existing holding company or companies controlling a trust company or companies, provided that such holding company is either a bank holding company or is a holding company with the sole purpose of owning a trust company, if the direct or indirect ownership of a majority of such stock or class of stock in such entity or entities is restricted to banks authorized to do business in the state of Missouri. For purposes of this section, the term “ownership of a majority of such stock or class of stock” does not mean or infer that such owner or owners have a controlling interest or voting interest in such trust company or companies, and the term “entity” means a trust company, bank holding company or a holding company that is not a bank holding company but that has the sole purpose of owning a trust company.

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