Missouri Laws 362.1035 – Capital account, minimum required — company’s duty to maintain, requirements
1. No family trust company shall be organized or operated with a capital account of less than two hundred fifty thousand dollars. The full amount of the initial capital account of a family trust company shall consist of one or more asset groups described under subsection 1 of section 362.1070, exclusive of all organization expenses.
2. A family trust company shall maintain:
Terms Used In Missouri Laws 362.1035
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
(1) A physical office in this state where original or true copies, including electronic copies, of all material business records and accounts of the family trust company may be accessed and are readily available for examination by the secretary. A family trust company may also maintain one or more branch offices within or outside of this state;
(2) A registered agent who maintains an office in this state;
(3) All applicable state and local business licenses, charters, and permits; and
(4) A deposit account with a state-chartered or national financial institution that has a principal or branch office in this state.
3. In addition to the requirements of subsection 2 of this section, a foreign family trust company shall also:
(1) Be in good standing in the jurisdiction in which it is incorporated or organized; and
(2) Stay in compliance with the family trust company laws and regulations of such jurisdiction.