Missouri Laws 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;
Terms Used In Missouri Laws 362.050
- Bank: means any corporation soliciting, receiving or accepting money, or its equivalent, on deposit as a business, whether the deposit is made subject to check, or is evidenced by a certificate of deposit, a passbook, a note, a receipt, or other writing, and specifically a commercial bank chartered under this chapter or a national bank located in this state. See Missouri Laws 362.010
- Dividend period: means the period from the date as of which the last dividend of any corporation to which this chapter is applicable was declared to the date selected for the declaration of the next dividend. See Missouri Laws 362.010
- Net earnings: means the excess of gross earnings of any corporation to which this chapter is applicable over expenses and losses chargeable against the earnings during any dividend period. See Missouri Laws 362.010
- Population: means population as determined by the last state or federal enumeration. See Missouri Laws 362.010
- Surplus: means the excess of assets over liabilities including liability to stockholders. See Missouri Laws 362.010
- Surplus fund: means a fund created pursuant to the provisions of this chapter by a bank or trust company from its net earnings or undivided profits, which to the amount specified in this chapter is not available for the payment of dividends and cannot be used for the payment of expenses or losses so long as any corporation has undivided profits. See Missouri Laws 362.010
(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.