SB 97 - This act modifies provisions relating to certain banks and trust companies.ARTICLES OF AGREEMENT (Section 362.020)
The act allows the articles of agreement for any bank or trust company to provide for the issuance of additional shares of capital stock or other classes of stock pursuant to the same procedures and conditions as provided under current law, provided that such terms and procedures are acceptable to the Director of Finance and provided that any notice or other approval required to be given or obtained from the State of Missouri shall be given or obtained from the Director of the Division of Finance.
BOARD MEETINGS (Section 362.247 and 362.275)
The act allows directors to attend board meetings by phone or video unless otherwise specifically prohibited by law or by a memorandum of understanding entered into with the Director of Finances related to bank safety and soundness.
Additionally, a requirement that a fourth list required to be presented at board meetings related to tracking loans to directors, officers, and employees is repealed.
PUBLICATION OF FINANCIAL REPORTS (Section 362.295)
A provision requiring certain financial reports of a bank or trust company to be published in a newspaper is repealed and a provision is created in its place requiring a bank or trust company to provide a paper or electronic copy of any regular periodic report required to be filed with the Director of Finance to each customer that requests it.
DORMANT ACCOUNTS (Section 447.200)
The act repeals a provision of law relating to dormant accounts that requires certain financial institutions to notify the account holder of such dormancy.
SCOTT SVAGERA