Section 362.285

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 1967, 2 histories, see footnote   (history) 

  362.285.  Report of directors' examination — penalty. — 1.  Within ten days succeeding any examination made pursuant to the requirements of section 362.280, a report in writing thereof, sworn to by the directors or stockholders making the same, shall be made to the board of directors of the bank or trust company, and placed on file in the bank or trust company, and a duplicate thereof filed in the office of the finance director.

  2.  The report shall particularly contain a statement of the assets and liabilities of the bank or trust company examined, as shown by the books, together with such deductions from the assets, and the addition of the liabilities, direct, indirect, contingent or otherwise, as the directors or committee, after the examination, may find necessary in order to determine the true condition of the bank or trust company.  It shall also contain a statement showing in detail every known liability to the bank or trust company, direct or indirect, contingent or otherwise, of every officer or director thereof and of every corporation in which the officer or director owns stock to the amount of twenty-five percent of the total outstanding stock, or of which the officer or director is also an officer or director.  It shall also contain a statement, in detail, of loans, if any, which in their opinion are doubtful or worthless, together with their reasons for so regarding them; also a statement of loans made on collateral security which in their opinion are insufficiently secured, giving in each case the amount of the loan, the name and market value of the collateral, if it has any market value, and, if not, a statement of that fact, and its actual value as nearly as possible.  The report shall also contain a statement of overdrafts, of the names and amounts of the ones considered worthless or doubtful, and a full statement of such other matters as affect the solvency and soundness of the institution.

  3.  If the directors of any bank or trust company shall fail to make, or to cause to be made or to file the report of examination in the manner and within the time specified, the bank or trust company shall forfeit to the state one hundred dollars for every day such report shall be delayed.

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(RSMo 1939 § 7966, A.L. 1967 p. 445)

Prior revisions: 1929 § 5371; 1919 § 11754