||Makes numerous changes in banking law
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Current Bill Summary
|Committee:||FINA||LR Number:||L0717.02T |
|Last Action:||05/31/95 - Signed by Governor |
|Title:||HCS/SB 178 |
|Effective Date:||August 28, 1995|
HCS/SB 178 - This act modifies Chapters 361, 362, 400, and
404, RSMo, in the following ways:
This act allows the Director of the Division of Finance to
focus the Division's financial examination efforts on banks or
trust companies that manifest "safety or soundness concerns".
All real property interests purchased or acquired by a bank
or trust company must be sold within 10 years. If a bank or
trust company changes its location, it has 10 years in which to
dispose of the former location. Current law gives banks and
trust companies 6 years to dispose of real property interests and
The board of directors of any bank or trust company must
hold a regular meeting at least once per month, or upon
application and approval by the Director, at least once per
Currently, financial reports of banks and trust companies
must be published in at least one newspaper. This requirement
may be waived if the bank or trust company provides such report
free of charge to the public.
This act allows a bank or trust company to "honor, dishonor
or place conditions on any contract, agency agreement or other
document presented by a third party" until the bank or trust
company agrees in writing to honor such document.
Banks and trust companies shall not be required to reduce or
waive any fees resulting from the investment and management of
assets in a mutual fund.
This act states that a third party may require an attorney
to indemnify the third party against forgery of a power of
This act also modifies Chapter 402, RSMo, in the following
The terms "gift instrument", "historic dollar value",
"institution", "institutional endowment fund" and "institutional
trustee" in section 402.010, RSMo, were modified to allow gifts
to 501(c)(3)/institutional endowment funds.
Section 402.015 authorizes the fund trustee to accumulate or
expend the net income generated from the fund if there are no
restrictions imposed by the gift instrument.
Section 402.035 details the "prudent man standard" the fund
trustee must follow when making investment decisions.
Lastly, section 402.040 has been modified to allow the fund
trustee to petition the circuit court to release the restrictions
imposed by the gift instrument if the written consent of the
donor cannot be obtained as a result of death, disability,
RONALD J. LEONE