362.230. No new loans until depleted reserves are restored.
174 words·~1 min read·
/mo/chapter-362/362-230A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
362.230. No new loans until depleted reserves are restored. — Whenever the reserve of a bank or trust company shall fall below the amount herein required of it and shall remain so for a period of one week, then the bank or trust company shall not make any new loans, discounts or acceptances, except the discount or purchase of bills of exchange, payable at sight, until it shall have restored its required reserve; provided, however, that if the averages of the daily reserves maintained for any calendar week beginning on Thursday are not less than the averages of the daily reserves required by sections 362.210 , 362.213 and 362.215 to be maintained for the week, the bank or trust company shall be deemed to have complied with the requirements of the sections for each day of the week.
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(RSMo 1939 § 7957, A.L. 1959 S.B. 194, A.L. 1967 p. 445, A.L. 1972 S.B. 464)
Prior revisions: 1929 § 5362; 1919 § 11745
CROSS REFERENCE:
Reserve requirements, federal regulations to take precedence, when, 362.231