362.140. Branch offices in foreign countries — how established — amount to be invested.

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

362.140. Branch offices in foreign countries — how established — amount to be invested. — Any bank or trust company possessing a capital and surplus of one million dollars or more may file application with the director, upon such conditions and under such regulations as may be prescribed by the director, for permission to exercise the following powers; provided, that any bank or trust company, without regard to the amount of its capital and surplus, may file an application for permission to exercise the powers specified in subdivision

(2)below:

(1)To establish branches in foreign countries or dependencies or insular possessions of the United States for the furtherance of foreign commerce of the United States and to act, if required to do so, as fiscal agents of the United States;

(2)To invest an amount not exceeding in the aggregate ten percent of its paid-in capital stock and surplus in the stock of one or more banks or corporations chartered or incorporated under the laws of the United States, or of any state thereof, and principally engaged in international or foreign banking or banking in a dependency or insular possession of the United States, either directly or through the agency, ownership or control of local institutions in foreign countries or in the dependencies or insular possessions, including the stock of one or more banks or corporations chartered or incorporated under section 25a of the Federal Reserve Act as approved December 24, 1919.

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(RSMo 1939 § 7948, A.L. 1967 p. 445)

Prior revisions: 1929 § 5353; 1919 § 11736