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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

previous next Effective - 28 Aug 1967bottom

  362.200.  Money not to be employed in trade or commerce. — No corporation organized under any law of this state, whether general or special, as a bank or trust company, or to carry on a banking business, shall, except as otherwise permitted by law, employ its moneys, directly or indirectly, in trade or commerce, by buying and selling ordinary goods, chattels, wares and merchandise, or by owning or operating industrial plants; provided, that it may sell all kinds of property which may come into its possession as collateral security for loans, or in the ordinary collection of debts.

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(RSMo 1939 § 7953, A.L. 1967 p. 445)

Prior revisions: 1929 § 5358; 1919 § 11741; 1909 § 1109

(1952) The purchase by bank of group life insurance policy on lives of its depositors as means of stimulating deposits and issuance by it of certificates to persons making certain monthly deposits, held to be appropriate means of promoting its business and not in violation of § 362.200 or 363.270.  Mutual Bank & Tr. Co. v. Shaffner (Mo.), 248 S.W.2d 585.


---- end of effective   28 Aug 1967 ----

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