362.030. Director to examine as to character and capital. — 1. When any bank or trust company has filed with the director its articles of agreement, paid all incorporation and other fees in full, as required by law and provided the cash required by law, the director, before the bank or trust company shall complete its incorporation, shall cause an examination to be made to ascertain whether the requisite capital of the bank or trust company has been subscribed in good faith and paid in actual cash and is ready for use in the transaction of business of the proposed bank or trust company, and whether the character, responsibility and general fitness of the persons named in the articles of agreement and any bank holding company on whose behalf they are acting are such as to command confidence and warrant belief that the business of the proposed corporation will be conducted honestly and efficiently in accordance with the intent and purpose of this chapter; and if the convenience and needs of the community to be served justify and warrant the opening of the bank or trust company therein, and if the probable volume of business in such locality is sufficient to insure and maintain the solvency of the new bank or trust company and the solvency of the then existing banks and trust companies in the locality, without endangering the safety of any bank or trust company in the locality as a place of deposit of public and private moneys.
2. The proponents shall be liable for all expenses incurred in making the examination, including the wages and other necessary expenses of each examiner making the examination; provided, however, that if the charter is granted, this obligation may be assumed by the bank or trust company so chartered.
Notes of Decisions
Cent. Bank of Clayton v. State Banking Bd. of Missouri, 509 S.W.2d 175 (Mo. Ct. App. 1974).
· cites it 9× “Following the application for a bank charter, the Commissioner ordered an investigation, pursuant to § 362.030, RSMo 1969, V.A.M.S., into the capital and management of the proposed bank, and into the convenience and needs of the community and the effects of the proposed bank on…”
Kostman v. Pine Lawn Bank & Trust Co., 540 S.W.2d 72 (Mo. 1976).
· cites it 6× “Said statute imposes no restraints or limitations whatsoever on the scope of the State Banking Board's review of specified matters coming before it on appeal from actions or refusals taken by the Commissioner; the Commissioner's actions or refusals, as the case may be, flow from…”
Washington Com. Bank v. Bollwerk, 582 S.W.2d 695 (Mo. Ct. App. 1979).
· cites it 7× “1 The Division opined that the application satisfied the criteria of § 362.030 RSMo 1969 and granted the charter on January 7, 1977.”
Glasnapp v. State Banking Bd., 545 S.W.2d 382 (Mo. Ct. App. 1976).
· cites it 3× “030 requires among other criteria for the issuance of a new bank charter, a determination “if the convenience and needs of the community to be served justify and warrant the opening of the bank or trust company therein, and if the probable volume of business in such locality is…”
Bank of Crestwood v. Gravois Bank, 616 S.W.2d 505 (Mo. 1981).
· cites it 2× “" In the Bank Code, the legislature clearly enunciated and spelled out for the director and the Banking Board a test for incorporation of a new bank, § 362.030, for authorizing the relocation of a bank, § 362.”
Citizens State Bank v. State Banking Bd., 602 S.W.2d 895 (Mo. Ct. App. 1980).
· cites it 2× “The Board specifically found in its Findings of Fact and concluded in its Conclusions of Law, in language similar to the statute, that all requirements of § 362.030 had been met. In their order they recite that “proponents have met all the statutory requirements of Chapter 362,…”
State ex rel. Manchester Bank West Cnty. v. Enright, 584 S.W.2d 416 (Mo. Ct. App. 1979).
· cites it 3× “Pursuant to § 362.030, RSMo 1969, the director thereafter conducted an investigation based on the criteria specified in that statute to consider the viability, reputability and necessity of the proposed bank.”
Marshfield Cmty. Bank v. State Banking Bd., 496 S.W.2d 17 (Mo. Ct. App. 1973).
· cites it 2× “Upon the filing of the application it became the duty of the Commissioner, under § 362.030(1), RSMo 1969, V. A.M.S., to “cause an examination to be made to ascertain,” (among other things), “if the convenience and needs of the community to be served justify and warrant the…”
Farmer's Bank of Antonia v. Kostman, 577 S.W.2d 915 (Mo. Ct. App. 1979).
“9 Their purposes, moreover, coincide with the provisions of law that the charter of new banks or relocations shall be only on determinations that the convenience and needs of the community warrant the bank presence, that business suffices for the solvency of the new bank or…”
Mark Twain Bancshares, Inc. v. Kostman, 541 S.W.2d 1 (Mo. Ct. App. 1975).
· cites it 6× “The new bank in this case, Mark Twain O’Fallon Bank, was chartered on January 2, 1973, by the Commissioner of Finance following an investigation conducted pursuant to § 362.030, RSMo 1969. The new bank’s incorporators, organizers, and first shareholders were fifteen (15)…”
Blue Ridge Bank v. State Banking Bd., 509 S.W.2d 763 (Mo. Ct. App. 1974).
“The only extensive consideration of that criterion has been in cases dealing with new bank charters under § 362.030(1). Under that section, when a charter for a new bank is requested, the Commissioner must inquire into the same convenience and solvency elements prescribed for…”
— Mo. Rev. Stat. § 362.030(1) — 2 cases
Marshfield Cmty. Bank v. State Banking Bd., 496 S.W.2d 17 (Mo. Ct. App. 1973).
“Upon the filing of the application it became the duty of the Commissioner, under § 362.030(1), RSMo 1969, V. A.M.S., to “cause an examination to be made to ascertain,” (among other things), “if the convenience and needs of the community to be served justify and warrant the…”
Blue Ridge Bank v. State Banking Bd., 509 S.W.2d 763 (Mo. Ct. App. 1974).
“The only extensive consideration of that criterion has been in cases dealing with new bank charters under § 362.030(1). Under that section, when a charter for a new bank is requested, the Commissioner must inquire into the same convenience and solvency elements prescribed for…”
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