Section 362.015 - No private banks shall be established - who may incorporate - when1. From and after the passage of this law no private banks shall be established in this state.2. When authorized by the finance director as provided in section 362.035 any five or more persons who shall have associated themselves by articles of agreement, in writing, as provided by law, for the purpose of establishing a bank or trust company may be incorporated under any name or title designating such business. Such persons may act on behalf of a bank holding company.Prior revisions: 1929 § 5344; 1919 § 11727; 1909 § 1092