362.050. Cash capital required.

405 words·~2 min read·/mo/chapter-362/362-050

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

362.050. Cash capital required. — 1. The amount of cash capital required of such bank or trust company shall amount to not less than:

(1)Fifty thousand dollars if the place where its business is to be transacted is an unincorporated or incorporated village or town the population of which does not exceed five thousand inhabitants;

(2)Seventy-five thousand dollars if the place where its business is to be transacted is an unincorporated or incorporated town the population of which exceeds five thousand but does not exceed ten thousand inhabitants;

(3)One hundred fifty thousand dollars if the place where its business is to be transacted is a city or town the population of which exceeds ten thousand but does not exceed fifty thousand inhabitants;

(4)Three hundred thousand dollars if the place where its business is to be transacted is a city the population of which exceeds fifty thousand inhabitants.

2. Any bank or trust company now existing, the capital of which is not equal to that limitation required of a bank or trust company in its location, may continue to do business under its present capital, but until the capital and surplus fund of a bank, or a trust company with deposit liability, equals forty percent more than the minimum of capital required for a bank or trust company in its location, one-tenth of its net earnings for each dividend period as provided in section 362.315 shall be credited to the surplus fund, and no such bank or trust company shall declare, credit or pay any dividends for any dividend period to its stockholders until it has made such credit for that period to its surplus fund; and until the capital and surplus fund of any trust company not having deposit liability equals the minimum of capital required of a trust company in its location, one-tenth of its net earnings for each dividend period as provided in section 362.315 shall be credited to the surplus fund, and no such trust company shall declare, credit or pay any dividends until it has made the credit for that period to its surplus fund.

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(RSMo 1939 § 7944, A.L. 1955 p. 261, A.L. 1961 p. 143, A.L. 1967 p. 445)

Prior revisions: 1929 § 5348; 1919 § 11731; 1909 § 1096

(1976)Held, amounts set out are minimums and state banking board may require greater capitalization. Glasnapp v. State Banking Board (A.), 545 S.W.2d 382.