362.435. Foreign banking corporation may transact business in this state, when.
Foreign banking corporation may transact business in this state,when.
362.435. 1. No foreign banking corporation, other than abank organized under the laws of the United States, shalltransact in this state the business of buying, selling orcollecting bills of exchange, or of issuing letters of credit orof receiving money for transmission or transmitting the same bydraft, check, cable or otherwise, or of making sterling or otherloans or transacting any part of such business, or maintaining inthis state any agency for carrying on such business, or any partthereof, unless such corporation shall have:
(1) Been authorized by its charter to carry on such businessand shall have complied with the laws of the state or countryunder which it is incorporated;
(2) Furnish to the director such proof as to the nature andcharacter of its business and as to its financial condition as hemay require;
(3) Designated the director by a duly executed instrument inwriting its true and lawful attorney, upon whom all process inany action or proceeding by any resident of the state against itmay be served with the same effect as if it were a domesticcorporation and had been lawfully served with process within thestate;
(4) Paid to the state director of revenue a license fee oftwo hundred and fifty dollars;
(5) Received a license duly issued to it by the director asprovided in section 362.440.
2. This section shall not be construed to prohibit foreignbanking corporations which do not maintain an office in thisstate for the transaction of business from making loans in thisstate secured by mortgages on real property, nor from acceptingassignments of mortgages covering real property situated in thisstate, nor from making loans through correspondents which areengaged in the business of a bank or trust company in this stateunder the laws of the state.
(RSMo 1939 § 7993, A. 1949 H.B. 2085)Prior revisions: 1929 § 5397; 1919 § 11776