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272
LAWS OF MISSOURI, 1955
SECTION
1. Repealing Section 362.245, Revised Statutes of Missouri, 1949,
and enacting one new section In
lieu thereof.
SECTION
362.245. Board of directors—qualifications.
Be it enacted by the General Assembly of the State of Missouri, as follows:
Section 1. Repealing Section 362.245, Revised Statutes of
Missouri, 1949, and enacting one new section in lieu thereof.—That
Section 362.245 RSMo 1949 be and the same is hereby repealed
and a new Section 362.245 enacted in lieu thereof to read as follows:
Section 362.245. Board of directors—qualifications.—1. The
affairs and business of the corporation shall be managed by a
board of directors or managers, consisting of not less than five nor
more than thirty shareholders, who shall be elected annually.
2. Each director shall be a citizen of the United States, and
at least three-fourths of the directors must be residents of this
state at the time of their election and during their continuance
in office; provided, however, that if a director actually resides
within a radius of fifty (50) miles of the banking house of said
bank, even though his residence be in another state adjoining
and contiguous to the State of Missouri, he shall for the purposes
of this section be considered as a resident of this state, and in
event such director shall be a nonresident of the state of Missouri
he shall upon his election as a director file with the President of
such banking house written consent to service of legal process
upon him in his capacity as a director by service of such legal
process upon the President as though the same were personally
served upon such director in Missouri.
3. If at a time when not more than three-fourths of the directors are residents of this state, any director shall cease to be
a resident of this state or adjoining state as next hereinabove defined, he shall forthwith cease to be a director of the bank, and
his office shall be vacant.
4. Every director of a bank having a capital of twenty-five
thousand dollars or over shall be a stockholder of the bank owning
in his own right an amount equal to at least five shares, and of a
bank having a capital of less than twenty-five thousand dollars,
a stockholder in his own right in an amount equal to at least two
shares; and every person elected to be a director who, after such
election, shall hypothecate, pledge or cease to be the owner in his
own right of the amount of stock aforesaid, shall cease to be a
director of the bank and his office shall be vacant, and he shall
not be eligible for re-election as a director for a period of one
year from the date of the next succeeding annual meeting, and
no person shall be a director in any bank against whom such bank
shall hold a judgment.
Approved June 20, 1955.
Object Description
| Title | 1955, Missouri Session Laws, Part I, Regular Session, A |
| Identifier | index.cpd |
| Collection Name | Missouri Session Laws, 1824-Present |
| Creator | Missouri. General Assembly |
| Subject.LCSH | Agricultural laws and legislation--Missouri; Banks and banking--Missouri; Brucellosis in cattle--Missouri--Prevention; Education--Missouri; Insecticides--Law and legislation--Missouri; Law and legislation--Missouri; Liquor laws--Missouri; Missouri--Appropriations and expenditures; Missouri. Department of Agriculture; Missouri. General Assembly; Politics and government--Missouri; Pensions--Law and legislation--Missouri; Savings and loan associations--Law and legislation--Missouri; Toberman, Walter Hendrix (1879-1960); University of Missouri. Board of Curators |
| Subject.Local | 68th General Assembly; Bang's Disease--Prevention--Missouri; Cities and towns--Law and legislation; Courts--Missouri; Laws of Missouri; Private legislation; Private relief; Schools--Missouri; Session Laws (Mo.) |
| Description | Laws of Missouri, 1955, Part I, Regular Session, A; convened January 5, 1955 and adjourned May 31, 1955 |
| Date | January 5, 1955 |
| Date.Digital | 2016-04-26 |
| Publisher | Missouri. General Assembly |
| Publisher.Digital | Missouri State Archives |
| Type | Government and political records |
| Format | JPEG2000 |
| Language | eng |
| Coverage | Missouri--Pettis County--Sedalia; Missouri--St. Louis |
| County |
Pettis County (Mo.) Saint Louis (Mo.) |
| Source | Missouri State Archives |
| Rights | Copyright is in the public domain. |
| Preferred Citation | Laws of Missouri, (number) General Assembly, (number) and type (Regular, Special, Extra Session), calendar year, page number; State Documents Collections, Missouri State Archives, Jefferson City. |
| Contributing Institution | Missouri State Archives |
| Copy Request | Email: archref@sos.mo.gov |
| Note | Due to electronic file size limitations, Laws of Missouri, 1955 has been electronically separated into three parts. Part I, A contains the regular session, pages 1-430. Original pagination has been kept. Blank pages have not been digitized. Images are the best available. |
Description
| Title | Missouri Session Laws |
| Identifier | LAWS_68th_ Extra-1_1955_0272.tif |
| Collection Name | Missouri Session Laws, 1824-present |
| Creator | Missouri. General Assembly |
| Subject.LCSH | Banks and banking--Missouri; Law and legislation--Missouri; Missouri--Appropriations and expenditures; Missouri. General Assembly; Revenue--Missouri; |
| Subject.Local | Laws of Missouri; Session Laws (Mo.) |
| Date.Digital | 2016-01-21 |
| Publisher | Missouri. General Assembly |
| Publisher.Digital | Missouri State Archives |
| Type | Government and political records |
| Format | JPEG2000 |
| Language | eng |
| Coverage | Missouri |
| Source | Missouri State Archives |
| Rights | Copyright is in the public domain. |
| Preferred Citation | Required citation: Laws of Missouri, (number) General Assembly, (number) and (type, Regular, Special, Extra) Session, Calendar Year, page number; State Documents Collections, Missouri State Archives, Jefferson City. |
| Contributing Institution | Missouri State Archives |
| Copy Request | Email: archref@sos.mo.gov |
| Transcript | 272 LAWS OF MISSOURI, 1955 SECTION 1. Repealing Section 362.245, Revised Statutes of Missouri, 1949, and enacting one new section In lieu thereof. SECTION 362.245. Board of directors—qualifications. Be it enacted by the General Assembly of the State of Missouri, as follows: Section 1. Repealing Section 362.245, Revised Statutes of Missouri, 1949, and enacting one new section in lieu thereof.—That Section 362.245 RSMo 1949 be and the same is hereby repealed and a new Section 362.245 enacted in lieu thereof to read as follows: Section 362.245. Board of directors—qualifications.—1. The affairs and business of the corporation shall be managed by a board of directors or managers, consisting of not less than five nor more than thirty shareholders, who shall be elected annually. 2. Each director shall be a citizen of the United States, and at least three-fourths of the directors must be residents of this state at the time of their election and during their continuance in office; provided, however, that if a director actually resides within a radius of fifty (50) miles of the banking house of said bank, even though his residence be in another state adjoining and contiguous to the State of Missouri, he shall for the purposes of this section be considered as a resident of this state, and in event such director shall be a nonresident of the state of Missouri he shall upon his election as a director file with the President of such banking house written consent to service of legal process upon him in his capacity as a director by service of such legal process upon the President as though the same were personally served upon such director in Missouri. 3. If at a time when not more than three-fourths of the directors are residents of this state, any director shall cease to be a resident of this state or adjoining state as next hereinabove defined, he shall forthwith cease to be a director of the bank, and his office shall be vacant. 4. Every director of a bank having a capital of twenty-five thousand dollars or over shall be a stockholder of the bank owning in his own right an amount equal to at least five shares, and of a bank having a capital of less than twenty-five thousand dollars, a stockholder in his own right in an amount equal to at least two shares; and every person elected to be a director who, after such election, shall hypothecate, pledge or cease to be the owner in his own right of the amount of stock aforesaid, shall cease to be a director of the bank and his office shall be vacant, and he shall not be eligible for re-election as a director for a period of one year from the date of the next succeeding annual meeting, and no person shall be a director in any bank against whom such bank shall hold a judgment. Approved June 20, 1955. |
