362.435. Foreign banking corporation may transact business in this state, when.

341 words·~2 min read·/mo/chapter-362/362-435

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362.435. Foreign banking corporation may transact business in this state, when. — 1. No foreign banking corporation, other than a bank organized under the laws of the United States, shall transact in this state the business of buying, selling or collecting bills of exchange, or of issuing letters of credit or of receiving money for transmission or transmitting the same by draft, check, cable or otherwise, or of making sterling or other loans or transacting any part of such business, or maintaining in this state any agency for carrying on such business, or any part thereof, unless such corporation shall have:

(1)Been authorized by its charter to carry on such business and shall have complied with the laws of the state or country under which it is incorporated;

(2)Furnish to the director such proof as to the nature and character of its business and as to its financial condition as he may require;

(3)Designated the director by a duly executed instrument in writing its true and lawful attorney, upon whom all process in any action or proceeding by any resident of the state against it may be served with the same effect as if it were a domestic corporation and had been lawfully served with process within the state;

(4)Paid to the state director of revenue a license fee of two hundred and fifty dollars;

(5)Received a license duly issued to it by the director as provided in section 362.440 .

2. This section shall not be construed to prohibit foreign banking corporations which do not maintain an office in this state for the transaction of business from making loans in this state secured by mortgages on real property, nor from accepting assignments of mortgages covering real property situated in this state, nor from making loans through correspondents which are engaged in the business of a bank or trust company in this state under the laws of the state.

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(RSMo 1939 § 7993, A. 1949 H.B. 2085)

Prior revisions: 1929 § 5397; 1919 § 11776