362.923. Bank holding companies, examination of, when--considered new business entity, when.
Bank holding companies, examination of, when--considered newbusiness entity, when.
362.923. 1. The director of the division of finance may enter intocooperative and reciprocal agreements with the federal reserve banks forperiodic examination of bank holding companies on a joint or alternatingbasis, but, except in extraordinary situations, no such agreements may beconcluded which would result in a bank holding company being examined morefrequently than once every twelve months. The director may accept reportsof examination and other exchanges of information from such agencies inlieu of conducting his own examinations and compiling his own reports, andmay provide reports of examination and other information to such agencies.
2. A trust holding company or a company formed to be a trust holdingcompany, as hereinafter described, is a new business entity under Missourilaw and is not subject to federal reserve examination. The director of thedivision of finance shall contract with the parties that charter suchentity to obtain safety and soundness authority as a condition for suchentity's acquisition of a trust company. To simplify such process:
(1) A trust holding company or a company formed to be a trust holdingcompany which seeks to acquire control of any nondepositary trust companyshall file an application with the division of finance;
(2) The director shall determine if the proposed acquisition of anondepositary trust company by a trust holding company is consistent withthe interests of promoting and maintaining sound trust companies;
(3) The director may issue an order approving or disapproving theproposed acquisition of a nondepositary trust company by a trust holdingcompany and may present, enforce, advocate, or defend the order in anyjudicial or administrative proceeding; and
(4) The director may examine and investigate any trust holdingcompany as appropriate or necessary to carry out the director's duties.The director may enter into cooperative and reciprocal agreements withfederal and state regulatory authorities appropriate to such functions andmay share reports and information or pursue joint actions or concurrentjurisdiction with federal and state regulatory authorities.
(L. 1986 H.B. 1195, A.L. 2003 H.B. 221 merged with S.B. 346)