368.070. No loan and investment company shall:
Terms Used In Missouri Laws 368.070
- corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- loan and investment company: as used in this chapter means any corporation formed under the provisions of this chapter. See Missouri Laws 368.010
- obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- quorum: The number of legislators that must be present to do business.
- trustee: A person or institution holding and administering property in trust.
(1) Hold the obligation of any person, firm or corporation for money borrowed, for an amount exceeding ten percent of the paid-in capital stock of such loan and investment company, and its surplus and undivided profit combined. The provisions of this section shall not apply to loans secured by collateral so long as the market value of such collateral shall exceed by twenty percent the total liabilities secured in each case by such collateral, but no loan on collateral shall at any time exceed twenty percent of the paid-in capital stock of such loan and investment company and its surplus and undivided profits combined.
(2) Make any loan under the provisions of this chapter for a longer period than eighteen months from the date thereof.
(3) Deposit any of its funds in any banking corporation, unless such corporation has been designated as such depositary by a vote of a majority of the directors or of the executive committee, exclusive of any director who is an officer, director or trustee of the depositary so designated, present at any meeting duly called at which a quorum is in attendance.
(RSMo 1939 § 5423, A.L. 1943 p. 502)
Prior revisions: 1929 § 4983; 1919 § 10193