Missouri § 368.070 - Limitation of powers.
Full text of Missouri Revised Statutes of Missouri § 368.070 — Limitation of powers., with citation guidance and answers to common questions.
§ 368.070. Limitation of powers.
No loan and investment company shall:
(1) Hold the obligation of any person, firm or corporation for money borrowed, for an amount exceeding ten percent of the paid-in capital stock of such loan and investment company, and its surplus and undivided profit combined. The provisions of this section shall not apply to loans secured by collateral so long as the market value of such collateral shall exceed by twenty percent the total liabilities secured in each case by such collateral, but no loan on collateral shall at any time exceed twenty percent of the paid-in capital stock of such loan and investment company and its surplus and undivided profits combined.
(2) Make any loan under the provisions of this chapter for a longer period than eighteen months from the date thereof.
(3) Deposit any of its funds in any banking corporation, unless such corporation has been designated as such depositary by a vote of a majority of the directors or of the executive committee, exclusive of any director who is an officer, director or trustee of the depositary so designated, present at any meeting duly called at which a quorum is in attendance.
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(RSMo 1939 § 5423, A.L. 1943 p. 502)
Prior revisions: 1929 § 4983; 1919 § 10193
---- end of effective 28 Aug 1943 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 368.070
What does Revised Statutes of Missouri § 368.070 cover?
Section 368.070 ("Limitation of powers.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 368.070?
A common citation format is "Revised Statutes of Missouri § 368.070" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 368.070 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.