362.1030. Family trust company fund established — requirements for domestic and foreign companies to conduct business — application, contents.

761 words·~3 min read·/mo/chapter-362/362-1030

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362.1030. Family trust company fund established — requirements for domestic and foreign companies to conduct business — application, contents. — 1. There is hereby established in the state treasury the "Family Trust Company Fund", which shall consist of all fees collected by the director from family trust companies registering as provided in this section. The state treasurer shall be custodian of the fund. In accordance with sections 30.170 and 30.180 , the state treasurer may approve disbursements.

The fund shall be a dedicated fund, and moneys in the fund shall be used solely to support the director's role and fulfillment of duties under sections 362.1010 to 362.1117. Notwithstanding the provisions of section 33.080 to the contrary, any moneys remaining in the fund at the end of the biennium that exceed twenty thousand dollars shall revert to the credit of the general revenue fund. The state treasurer shall invest moneys in the fund in the same manner as other funds are invested.

Any interest and moneys earned on such investments shall be credited to the fund.

2. A family trust company that is not a foreign family trust company shall not conduct business in this state unless such family trust company:

(1)Files with the director an initial registration application in a format prescribed by the director, a one-time original filing fee of five thousand dollars, the proposed organizational instruments to be filed with the secretary of state, and all required filing fees; and

(2)Receives from the director an order approving the application, instruction as to who shall file the order, the proposed organizational instruments and all required filing fees with the secretary of state.

A family trust company that is not a foreign family trust company that is, as of August 28, 2024, a registered family trust company in good standing with the secretary of state shall be deemed to have complied with the requirements of this subsection.

3. A foreign family trust company shall not conduct business in this state unless such foreign family trust company:

(1)Files with the director an initial registration application in a format prescribed by the director, a one-time original filing fee of five thousand dollars, the proposed application for a certificate of authority if a corporation or application for registration if a limited liability company to be filed with the secretary of state, and all required filing fees; and

(2)Receives from the director an order approving the application, instruction as to who shall file the order, the proposed application for a certificate of authority if a corporation, or application for registration if a limited liability company, to be filed with the secretary of state and all required filing fees.

A foreign family trust company that is, as of August 28, 2024, a registered family trust company in good standing with the secretary of state shall be deemed to have complied with the requirements of this subsection.

4. The director shall deposit all family trust company filing fees into the family trust company fund established under subsection 1 of this section.

5. A foreign family trust company application shall be submitted on a form prescribed by the director and be signed, under penalty of perjury, by an authorized representative. At a minimum, the application shall include:

(1)A statement attesting that the foreign family trust company:

(a)Will comply with the provisions of sections 362.1010 to 362.1117 ; and

(b)Is in compliance with the family trust company laws and regulations of the jurisdiction of its incorporation or organization;

(2)The current telephone number and street address of:

(a)The foreign family trust company's principal place of business in the jurisdiction of its incorporation or organization;

(b)The foreign family trust company's principal place of operations; and

(c)Any other offices located within this state;

(3)The name and current street address in this state of its registered agent;

(4)A certified copy of a certificate of good standing, or an equivalent document, authenticated by the official having custody of records in the jurisdiction where the foreign family trust company is incorporated or organized;

(5)Satisfactory proof, as determined by the director, that the foreign family trust company is organized in a manner similar to a Missouri family trust company and is in compliance with the family trust company laws and regulations of the jurisdiction in which the foreign family trust company was incorporated or organized; and

(6)Any other information reasonably required by the director.

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(L. 2017 H.B. 292, A.L. 2020 S.B. 599, A.L. 2024 S.B. 1359)