Missouri Laws 362.500 – Shall notify finance director of suspension — duties of commissioner
1. Upon the suspension of the payment of checks and withdrawal of assets as authorized by section 362.495, it shall be the duty of the president, cashier, or the chairman of the board of directors of the bank, or trust company doing a banking business, so suspending payment to notify the state finance director immediately.
2. Upon the receipt of the notice required by law, it shall be the duty of the state finance director to take charge of said bank, or trust company doing a banking business, and to supervise the receipt of the deposits and payment of checks and withdrawals of assets during a period of sixty days next following the taking charge thereof, and such state finance director shall have power and is hereby authorized, during said period of sixty days, to limit, upon a basis of equality, prorate or prohibit entirely, all withdrawals of deposits or assets from said bank or trust company; provided, however, that no preferences shall be given any depositor or creditor of said bank or trust company.
Terms Used In Missouri Laws 362.500
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. 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