Missouri Laws 362.1105 – Books and records of company, confidentiality — inspection, when — ..
1. The books and records of a family trust company are confidential and shall be made available for inspection and examination only:
(1) To the secretary or the secretary’s authorized representative;
Attorney's Note
Under the Missouri Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class E felony | up to 4 years | up to $10,000 |
Terms Used In Missouri Laws 362.1105
- 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.
- 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.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- 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
- Stockholder: unless otherwise qualified, means a person who appears by the books of a stock corporation to be the owner and holder of one or more shares of the stock of the corporation. See Missouri Laws 362.010
- Subpoena: A command to a witness to appear and give testimony.
(2) To any person authorized to act for the family trust company;
(3) As compelled by a court, pursuant to a subpoena issued in accordance with state or federal law. Before the production of the books and records, the party seeking production shall agree to reimburse the company for the reasonable costs and fees incurred in compliance with the production. If the parties disagree on the amount of reimbursement, the party seeking the records may request the court that issued the subpoena to set the amount of reimbursement;
(4) Pursuant to a subpoena held by any federal or state law enforcement or prosecutorial instrumentality authorized to investigate suspected criminal activity;
(5) As authorized by, if a corporation, the board of directors or, if a limited liability company, the managers; or
(6) As provided under subsection 2 of this section.
2. (1) If a corporation, each customer and stockholder, or if a limited liability company, each member has the right to inspect the books and records of a family trust company as they pertain to such person’s accounts or the determination of such person’s voting rights.
(2) The books and records pertaining to customers, members, and stockholders of a family trust company shall be kept confidential by the company and its directors, managers, officers, and employees. The books and records of customers, members, and stockholders shall not be released except upon the express authorization of the customer as to his or her own accounts or a stockholder or member regarding his or her voting rights. However, information may be released without the authorization of a customer, member, or shareholder in a manner prescribed by the board of directors of a corporation or managers of a limited liability company for the purposes of verifying or corroborating the existence or amount of a customer’s account if such information is reasonably provided to meet the needs of commerce and to ensure accurate credit information. Notwithstanding this subdivision, this subsection shall not prohibit a family trust company from disclosing financial information as permitted under 15 U.S.C. § 6802, as amended.
(3) The willful unlawful disclosure of confidential information in violation of this section shall be a class E felony.
(4) This subsection shall not apply to a foreign family trust company. The laws of the jurisdiction in which a foreign family trust company was incorporated or organized govern the rights of its customers, members, and stockholders to inspect its books and records.
3. For purposes of this section, the term “books and records” shall include, but is not limited to, the initial registration documents of a family trust company under section 362.1030 and the annual registration report made by a family trust company under section 362.1055.