362.910. Definitions.
Definitions.
362.910. As used in sections 362.910 to 362.940, unless the contextclearly indicates otherwise, the following terms mean:
(1) "Bank", any bank, trust company or national banking associationwhich accepts demand deposits and makes loans, and which has its principalbanking house in Missouri and a branch of any bank, trust company ornational banking association which accepts demand deposits and which has aphysical presence in Missouri, other than a branch located outside ofMissouri;
(2) "Bank holding company", any company which has control over anybank or over any company that is a bank holding company;
(3) "Company", any corporation, partnership, business trust,association, or similar organization, or any other trust unless by itsterms it must terminate within twenty-five years or not later thantwenty-one years and ten months after the death of individuals living onthe effective date of the trust, but shall not include any corporation themajority of the shares of which are owned by the United States or by anystate;
(4) "Control", a company has control over a bank, trust company, orcompany if:
(a) The company directly or indirectly or acting through one or moreother persons owns, controls, or has power to vote twenty-five percent ormore of any class of voting securities of the bank or company;
(b) The company controls in any manner the election of a majority ofthe directors or trustees of the bank or company; or
(c) The company directly or indirectly exercises a controllinginfluence over the management or policies of the bank or company;
(d) Provided, however, no company shall be deemed to have controlover a bank or a company by virtue of its ownership or control of sharesacquired by it in connection with its underwriting of securities and whichare held only for such period of time as will permit the sale thereof upona reasonable basis, or which is formed for the sole purpose ofparticipating in a proxy solicitation, or which acquires ownership orcontrol of shares in securing or collecting a debt previously contracted ingood faith, until two years after the date of acquisition, or whichacquires ownership or control of shares in a fiduciary capacity. For thepurpose of sections 362.910 to 362.940, bank shares shall not be deemed tohave been acquired in a fiduciary capacity if the acquiring bank or companyin its capacity as trustee of a trust has sole discretionary authority toexercise voting rights with reference thereto; except that this limitationis applicable in the case of a bank or company which acquired such sharesprior to December 31, 1970, only if the bank or company had the rightconsistent with its obligations under the instrument, agreement, or otherarrangement establishing the trust relationship to divest itself of suchvoting rights and failed to exercise that right to divest prior to December31, 1971;
(5) "Director" or "director of finance", the director of the divisionof finance;
(6) "Trust holding company", any company which has control over anytrust company or over any company that is a trust holding company.
(L. 1974 H.B. 1798 § 1 subsec. 1, A.L. 1986 S.B. 442, A.L. 1995 H.B. 63, et al., A.L. 2003 H.B. 221 merged with S.B. 346, A.L. 2008 S.B. 788)