369.194. Accounts declared legal investments for fiduciaries.
Accounts declared legal investments for fiduciaries.
369.194. 1. Accounts in insured associations are legal andproper investments or depositaries for fiduciaries of every kindand nature, all political subdivisions or instrumentalities ofthis state, insurance companies, business and nonprofitcorporations, charitable or educational corporations orassociations, all financial institutions of every kind andcharacter, all pension, endowment and scholarship funds bothpublic and private, and each and all of them may invest funds inaccounts in such associations. The director of the division offinance shall by regulation permit associations to pledge fundsor assets in connection with the investment of public funds inaccounts of associations, and may provide that accounts inassociations shall be legal investments for any persons, firms,corporations or entities not herein specifically referred to.Notwithstanding anything to the contrary, accounts prohibited toa mutual association are prohibited to a capital stockassociation.
2. Notwithstanding any restrictions or limitationscontained in any other law of this state, accounts in anyassociation may be accepted by any agency, department or officialof the state of Missouri in any case wherein such agency,department or official acting in its or the person's officialcapacity requires that securities be deposited with such agency,department or official.
(L. 1971 S.B. 3 § 38, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)Effective 7-6-94