1. No person, acting directly, indirectly, or through or in concert with one or more other persons, shall directly or indirectly acquire control of any trust company or any company that controls a trust company unless the director of the division of finance has been given sixty days prior written notice of the proposed acquisition and within that period the division of finance has not issued a notice disapproving the proposed acquisition. This section shall not apply to any trust company that accepts deposits nor to any trust company which is owned or controlled by a bank holding company as that term is defined in section 362.910.

2. The director of the division of finance may require persons seeking to acquire control of such a trust company to submit such information as he shall deem necessary. The director of the division of finance may disapprove any acquisition upon determining that:

Terms Used In Missouri Laws 362.820

  • 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
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020

(1) The competence, experience or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the customers of the trust company or in the interest of the public to permit such person to control the trust company;

(2) The financial condition of any acquiring person is such as might jeopardize the financial stability of the trust company or prejudice the interests of its trust customers; or

(3) The acquiring person fails or refuses to furnish the information requested by the division of finance.

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