2011 Missouri Revised Statutes
TITLE XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 369 Savings and Loan Associations
Section 369.014. Definitions.

369.014. As used in this chapter, unless the context clearly requires a different meaning, the following words and terms shall have the meanings indicated:

(1) "Account", the monetary interest of the owner thereof in the deposit capital of an association and consists of the withdrawal value of such interest;

(2) "Agency", a place of business other than the home office or a branch office at which an agent of the association transacts authorized business of the association;

(3) "Association", a savings and loan association or a savings association subject to the provisions of this chapter;

(4) "Board", the state banking and savings and loan board established under chapter 361;

(5) "Branch", a place of business other than the home office at which is transacted authorized business of the association;

(6) "Capital", the capital stock and any other capital contributions in a capital stock association;

(7) "Capital stock", shares of nonwithdrawable capital issued by a capital stock association which may be issued as permitted under chapter 351;

(8) "Capital stock association", an association which issues capital stock;

(9) "County" includes the City of St. Louis;

(10) "Deposit capital", the aggregate of deposits in accounts plus earnings credited thereto less lawful deductions therefrom;

(11) "Director of the division of finance", the chief officer of the division of finance;

(12) "Earnings", that part of the net income of an association which is payable to or credited to the owners of accounts. Earnings do not include capital stock, dividends paid or payable on capital stock or other distributions thereon. Earnings also may be referred to as interest;

(13) "Federal association" or "federal savings association", an association chartered by the Office of Thrift Supervision or any successor thereto as provided in section 5 of the Home Owners Loan Act of 1933, as amended;

(14) "Foreign association", any association or federal association with its principal office located outside Missouri;

(15) "Foreign holding company", any company or corporation authorized or existing under the laws of any jurisdiction or authority other than Missouri which directly or indirectly controls a foreign association;

(16) "Home office", the location named in the articles of incorporation or the new location in place thereof approved by the director of the division of finance. If no location is named in the articles of incorporation, the association shall file with the director of the division of finance the location of its home office;

(17) "Impaired condition", the inability of an association to pay its debts as they become due in the usual course of its business;

(18) "Insured association", an association the accounts of which are insured, fully or in part, as provided in this chapter;

(19) "Liquid assets", cash on hand and on deposit with banks including federal home loan banks and such other assets as may be so designated from time to time by the director of the division of finance;

(20) "Member", a person owning an account of a mutual association or a person borrowing from or assuming or obligated upon or owning property securing a loan held by a mutual association;

(21) "Mutual association", an association not having capital stock;

(22) "Office", any place at which business of the association is conducted on a regular and continuing basis;

(23) "Person", any individual, corporation, entity, voting trust, business trust, partnership, association, syndicate, or organized group of persons whether incorporated or not;

(24) "Security instrument", mortgage, deed of trust, or other instrument in which real or personal property is security for a debt;

(25) "Stockholder", a person owning capital stock of a capital stock association;

(26) "Withdrawal value", the amount deposited in an account in an association plus earnings credited thereto less lawful deductions therefrom.

(L. 1971 S.B. 3 2, A.L. 1982 S.B. 464, A.L. 1986 S.B. 730, A.L. 1994 H.B. 1165, A.L. 2011 H.B. 464)

Annotation Copyright Missouri Joint Committee on Legislative Research