Definitions

PURPOSE: This rule defines certain terms used in the administration of the Missouri Family Trust Company Act and in the corresponding rules, forms, and orders made. (1) As used in this chapter or in the forms prescribed by this chapter, the words defined in section 362.1015, RSMo, shall have the same meaning, and the following terms and phrases (whether or not capitalized) shall have the meanings stated below unless the context clearly indicates otherwise: (A) “Affiliate” means any company that owns or controls, is owned or controlled by, or is under common ownership or control by any company that owns or controls, a family trust company or foreign family trust company; (B) “Applicant” means the corporation or limited liability company on whose behalf an application to register as a family trust company is submitted under section 362.1030, RSMo; or the corporation or limited liability company on whose behalf an application to register as foreign family trust company is submitted under section 362.1030, RSMo; (C) “Cash” means legal tender, coin, demand deposit accounts, and time-deposit accounts, as valued in United States dollars; (D) “Company” means any corporation, association, partnership, limited liability company, business trust, sole proprietorship, joint venture, or charitable organization or foundation, or other similar organization or business entity; and (E) “Owns” or “controls” means owns, controls, or has power to vote twenty-five percent (25%) or more of any class of voting securities or membership interests of a company or family trust company or foreign family trust company; or controls in any manner the election of a majority of the directors, or managers or other similar governing body of a company or family trust company or foreign family trust company; owns, controls, or has power to vote ten percent (10%) or more of any class of voting securities or membership interests of a company or family trust company or foreign family trust company and exercises a controlling influence over the management or policies of the company or family trust company or foreign family trust company; or as determined by the director of the Missouri Division of Finance. AUTHORITY: sections 362.1015(3), 362.1035.2(4), 362.1037, 362.1070, 362.1085, and 362.1116, RSMo Supp. 2017.* This rule originally filed as 15 CSR 30-120.010. Emergency rule filed Aug. 15, 2017, effective Aug. 28, 2017, expired Feb. 22, 2018. Original rule filed Aug. 15, 2017, effective March 30, 2018. Moved to 20 CSR 1140120.010, effective Aug. 28, 2024. Non-substantive change filed Aug. 28, 2024, published Oct. 31, 2024. *Original authority: 362.1015, RSMo 2017, amended 2020, 2024; 362.1035, RSMo 2017, amended 2024; 362.1037, RSMo 2017, amended 2020; 362.1070, RSMo 2017, amended 2020; 362.1085, RSMo 2017, amended 2024; and 362.1116, RSMo 2017, amended 2024.