362.120. Capital notes may be issued and sold by banks and trust companies.
Capital notes may be issued and sold by banks and trust companies.
362.120. 1. Any bank or trust company organized under thelaws of this state may, through action of its board of directorsand without requiring any action by stockholders, with thewritten consent of the finance director, issue and sell at notless than par its capital notes.
2. If, at the time of the issuance of such capital notes thecapital of such bank or trust company is impaired, and thereshall have been issued and sold capital notes of such bank ortrust company in accordance with the provisions of sections362.120 to 362.135, in an amount equal to or more than theimpairment of the capital of such bank or trust company, as foundby the director of finance, then the capital of such bank ortrust company shall for all purposes be deemed to be restored andunimpaired.
3. Such capital notes may be sold for cash or, with thewritten consent and approval of the director of finance, forproperty and they shall be of a nature specified in, and conformto, the requirements of the several provisions of sections362.120 to 362.135.
(RSMo 1939 § 7906)Prior revision: 1929 § 5312