Section 362.1010 – Citation of law.
Effective – 28 Aug 2017 362.1010. Citation of law. — Sections 362.1010 to 362.1115 shall be known and may be cited as the “Missouri Family Trust Company Act”. ——– (L. 2017 H.B. 292)
Section 362.1015 – Definitions.
Effective – 28 Aug 2020, 2 histories 362.1015. Definitions. — For purposes of sections 362.1010 to 362.1115, the following terms mean: (1) “Authorized representative”, if a family trust company is organized as a corporation, then an officer or director of the family trust company or, if a family trust company is organized as a limited […]
Section 362.1020 – Inapplicability of certain sections, when.
Effective – 28 Aug 2017 362.1020. Inapplicability of certain sections, when. — If a family trust company limits its activities to the activities authorized under sections 362.1010 to 362.1117, then section 361.160 and sections 362.010 to 362.950 shall not apply to the family trust company. ——– (L. 2017 H.B. 292)
Section 362.1030 – Family trust company fund established — requirements for domestic and foreign companies to conduct business — application, contents.
Effective – 28 Aug 2020, 2 histories 362.1030. Family trust company fund established — requirements for domestic and foreign companies to conduct business — application, contents. — 1. There is hereby established in the state treasury the “Family Trust Company Fund”, which shall consist of all fees collected by the secretary from family trust companies […]
Section 362.1035 – Capital account, minimum required — company’s duty to maintain, requirements.
Effective – 28 Aug 2017 362.1035. Capital account, minimum required — company’s duty to maintain, requirements. — 1. No family trust company shall be organized or operated with a capital account of less than two hundred fifty thousand dollars. The full amount of the initial capital account of a family trust company shall consist of […]
Section 362.1037 – Management authority, exclusively vested.
Effective – 28 Aug 2020, 2 histories 362.1037. Management authority, exclusively vested. — Exclusive authority to manage a family trust company shall be vested in: (1) If a corporation, a board of directors that consists of at least three directors; or (2) If a limited liability company, a board of directors or managers that consists […]
Section 362.1040 – Organizational instruments, requirements.
Effective – 28 Aug 2020, 2 histories 362.1040. Organizational instruments, requirements. — 1. One or more persons may subscribe to an organizational instrument in writing for the purpose of forming a family trust company, subject to the conditions prescribed by law. 2. The organizational instrument of a family trust company shall set forth all of […]
Section 362.1045 – Fidelity bonds, errors and omissions insurance policies, other insurance policies, company may procure and maintain.
Effective – 28 Aug 2017 362.1045. Fidelity bonds, errors and omissions insurance policies, other insurance policies, company may procure and maintain. — 1. A family trust company may procure and maintain fidelity bonds on all active officers, directors, managers, and members acting in a managerial capacity and on all employees of the company in order […]
Section 362.1050 – Fiduciary books and records, how maintained — assets not subject to debts or obligations of the company.
Effective – 28 Aug 2017 362.1050. Fiduciary books and records, how maintained — assets not subject to debts or obligations of the company. — 1. A family trust company shall maintain its fiduciary books and records separate and distinct from other records of the company and shall segregate all assets held in any fiduciary capacity […]
Section 362.1055 – Annual registration report, contents, filing fee.
Effective – 28 Aug 2017 362.1055. Annual registration report, contents, filing fee. — 1. A family trust company shall file an annual registration report with, and shall pay an annual filing fee of one thousand dollars to, the secretary. 2. The annual registration report filed by a family trust company that is not a foreign […]
Section 362.1060 – Permissible acts — foreign companies, exercise of trust powers.
Effective – 28 Aug 2017 362.1060. Permissible acts — foreign companies, exercise of trust powers. — 1. A family trust company may, but only for family members: (1) Act as a sole or copersonal representative, executor, or administrator for a probate estate within or outside this state; (2) Act as an attorney-in-fact or agent under […]
Section 362.1065 – Commercial banking, engagement in prohibited.
Effective – 28 Aug 2017 362.1065. Commercial banking, engagement in prohibited. — Notwithstanding any other provision of sections 362.1010 to 362.1117, no family trust company shall engage in commercial banking. However, a family trust company may establish accounts at financial institutions for its own purposes or on behalf of family members to whom it provides […]
Section 362.1070 – Capital account, minimum assets — rental of real or personal property — investment of funds — bonds and securities, purchase of — permissible acts of fiduciary — duty of loyalty.
Effective – 28 Aug 2020, 2 histories 362.1070. Capital account, minimum assets — rental of real or personal property — investment of funds — bonds and securities, purchase of — permissible acts of fiduciary — duty of loyalty. — 1. The assets forming the minimum capital account of a family trust company shall: (1) Consist […]
Section 362.1075 – Fiduciary capacity — oath, affirmation, affidavit, or acknowledgment.
Effective – 28 Aug 2017 362.1075. Fiduciary capacity — oath, affirmation, affidavit, or acknowledgment. — If a family trust company is required to make an oath, affirmation, affidavit, or acknowledgment regarding a fiduciary capacity in which the family trust company is acting or preparing to act, a director, officer, or if the company is a […]
Section 362.1080 – Advertising prohibited.
Effective – 28 Aug 2017 362.1080. Advertising prohibited. — No family trust company shall advertise its services to the public. ——– (L. 2017 H.B. 292)
Section 362.1085 – Examination and investigation of company, procedure.
Effective – 28 Aug 2017 362.1085. Examination and investigation of company, procedure. — 1. The secretary may designate an attorney-at-law or a certified public accountant to examine or investigate, or assist in the examination of, a family trust company. 2. The secretary or the secretary’s designee may examine or investigate a family trust company at […]
Section 362.1090 – Cease and desist order — notice of charges, when, procedure.
Effective – 28 Aug 2017 362.1090. Cease and desist order — notice of charges, when, procedure. — 1. The secretary or the secretary’s designee may issue and serve upon a family trust company or family trust company affiliated party a notice of charges if the secretary or the secretary’s designee has reason to believe that […]
Section 362.1095 – Failure to submit annual registration report, fine — termination of registration, when — reinstatement, when.
Effective – 28 Aug 2017 362.1095. Failure to submit annual registration report, fine — termination of registration, when — reinstatement, when. — If a family trust company fails to submit within the prescribed period its annual registration report or any other report required by sections 362.1010 to 362.1117 or rule, the secretary may impose a […]
Section 362.1100 – Order of removal — notice of charges, when, procedure.
Effective – 28 Aug 2017 362.1100. Order of removal — notice of charges, when, procedure. — 1. The secretary or the secretary’s designee may issue and serve upon a family trust company and a family trust company affiliated party a notice of charges if the secretary or the secretary’s designee has reason to believe that […]
Section 362.1105 – Books and records of company, confidentiality — inspection, when — violation, penalty.
Effective – 28 Aug 2017 362.1105. Books and records of company, confidentiality — inspection, when — violation, penalty. — 1. The books and records of a family trust company are confidential and shall be made available for inspection and examination only: (1) To the secretary or the secretary’s authorized representative; (2) To any person authorized […]