Missouri Laws 362.070 – Compensation for organizing bank or trust company prohibited — penalty
1. No individual, partnership, unincorporated association or corporation shall, directly or indirectly, receive or contract to receive any commission, compensation, bonus, right or privilege of any kind for organizing any bank or trust company in this state, or for securing a subscription to the original capital stock or surplus of any bank or trust company in this state, or to any increase thereof; provided, that this section shall not be construed as prohibiting an attorney at law from receiving compensation for legal service in connection therewith.
2. Each and every individual, partnership, unincorporated association or corporation violating the provisions of this section shall forfeit to the state one hundred dollars for each and every violation, and in addition thereto double the amount of the commission, compensation or bonus.
Terms Used In Missouri Laws 362.070
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
- Surplus: means the excess of assets over liabilities including liability to stockholders. See Missouri Laws 362.010