Effective - 28 Aug 2011
369.024. Director to approve or deny petition — tentative approval — protest, how filed — final approval, effect of. — 1. Upon receipt of a petition for certificate of incorporation, the director of the division of finance shall, based upon the petition and all supporting information and upon such independent investigation and examination as the director may make, either refuse the petition or tentatively approve it. The petition shall be refused if the director of the division of finance finds that the proposed association is to be formed for any other than legitimate savings and loan purposes, or that the character and general fitness of the incorporators, or of the initial stockholders, if any, are not such as to command public confidence, or that the proposed directors and officers are not such as to tend to the success of the proposed association, or that the public convenience and advantage will not be promoted by its establishment, or that there is no public need for, or the volume of business in the location is insufficient to justify, another association. The refusal shall be in writing with the reasons therefor stated and shall be sent by registered mail to the chairman of incorporators.
2. If the director of the division of finance tentatively approves the petition, the director shall give written notice to each association and each federal association with an office in the county or in a county adjoining the county in which the proposed association is to be located, stating the name of the proposed association, where it proposes to establish the principal office of the association and that a petition for certificate of incorporation has been approved tentatively. Any association entitled to receive notice may within thirty days from the date of mailing of the notice make written protest to the director of the division of finance against the granting of the petition for incorporation. If no protest is filed within that time, the director of the division of finance shall make a final decision upon the petition either denying or granting the petition and notice thereof shall be sent by registered mail to the chairman of incorporators.
3. If a protest is filed, the director of the division of finance shall, if requested, and may on the director's own motion, conduct a hearing not less than ten nor more than thirty days following the end of the time for protest. Upon application of any party for good cause, or upon the director of the division of finance's own motion, the date of the hearing may be postponed. Notice shall be given stating the time and place of the hearing to the chairman of incorporators and to each protesting party. Any interested person may appear at the hearing in person or by counsel and offer any relevant evidence. Following the hearing the director of the division of finance shall deny or grant the petition and give written notice of the director's decision to all interested parties.
4. The petition shall not be granted, either with or without the hearing provided for in this section, except upon affirmative findings from all the evidence that the requirements of sections 369.010 to 369.369 have been complied with and that:
(1) The persons named in the petition are citizens of the United States of good character and responsibility; and
(2) There is a necessity for the proposed association in the area to be served by it; and
(3) There is a reasonable probability of usefulness and success of the proposed association; and
(4) The proposed association can be established without undue injury to any properly conducted association or federal association.
5. The director of the division of finance may, either with or without the hearing provided for in this section, and the state banking and savings and loan board may upon an appeal from the ruling of the director of the division of finance, require as a condition of approving the petition that the proposed association obtain a firm commitment for insurance of its accounts from the Federal Deposit Insurance Corporation or any successor thereto or from any agency of this state insuring savings accounts or from any other insurer approved by the director of the division of finance.
6. If the petition is approved, the director of the division of finance shall, upon receipt of the sworn statement of the chairman of incorporators that the initial savings accounts and the expense fund provided for in sections 369.010 to 369.369 have been paid in full in cash, or, if a capital stock association, all subscriptions for capital stock have been paid in full, certify the approval of the petition in writing to the secretary of state and deliver to the secretary of state the incorporation fee and one copy of the articles of incorporation. From the time of such approval, the association shall be subject to all provisions of sections 369.010 to 369.369 and to supervision and control by the director of the division of finance. The secretary of state shall thereupon issue the certificate of incorporation.
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(L. 1971 S.B. 3 § 4, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165, A.L. 2011 H.B. 464)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 369 - Savings and Loan Associations
Section 369.010 - Short title.
Section 369.014 - Definitions.
Section 369.019 - Incorporation, requirements, procedure, contents of petition, fees.
Section 369.029 - Perpetual existence, when commenced.
Section 369.034 - Incorporation fee, how computed, bond required.
Section 369.044 - Bylaws, when and how adopted — approval by members.
Section 369.059 - Amendment of articles of incorporation, procedure.
Section 369.064 - Failure to commence business within six months, effect of.
Section 369.069 - Conversion to federal association, procedure, effect of.
Section 369.074 - Conversion to state association, procedure, effect of.
Section 369.084 - Merger, effect of.
Section 369.089 - Dissolution.
Section 369.094 - Meetings, when, notice, voting.
Section 369.099 - Inspection of records, by whom — credit reporting, allowed when.
Section 369.104 - Publication of financial statement.
Section 369.109 - Directors, election, powers, qualifications, meetings.
Section 369.129 - Association records, how kept.
Section 369.134 - Reserve account required.
Section 369.139 - Emergency rules and regulations, when.
Section 369.144 - Powers of an association.
Section 369.145 - Safe deposit boxes, same rights, powers and duties as bank and trust companies.
Section 369.159 - Fee or service charge authorized.
Section 369.161 - Savings and loan association or savings bank may act as custodian, when.
Section 369.164 - Attorney in fact, association may recognize, when.
Section 369.169 - Minors, association may treat as an adult, when.
Section 369.174 - Joint tenants' accounts, how handled.
Section 369.179 - Accounts in trust, how handled.
Section 369.184 - Fiduciary accounts, how handled.
Section 369.191 - Association may own or control safety vault.
Section 369.192 - Remedies in enforcement of liabilities and right of renters of safe deposit boxes.
Section 369.194 - Accounts declared legal investments for fiduciaries.
Section 369.204 - Earnings of accounts, how determined and distributed.
Section 369.211 - Joint renters of safe deposit box — survivor's rights.
Section 369.212 - Death of all lessees of safe deposit box, duties of association.
Section 369.214 - Redemption of accounts, how and when, effect of.
Section 369.219 - Approved investments.
Section 369.224 - Association to maintain liquid assets — minimum percentage, how set.
Section 369.229 - Approved transactions and loans.
Section 369.234 - Preference given association holding first lien.
Section 369.249 - Director may regulate lending practices.
Section 369.254 - Association may invest in real property and mobile homes, when.
Section 369.259 - Unapproved transfer of encumbered property, effect of.
Section 369.279 - Examiners, appointment, duties — attorney authorized.
Section 369.299 - Powers and duties of director.
Section 369.301 - Rulemaking, procedure.
Section 369.314 - Powers and duties of board.
Section 369.334 - Reports may be required — examiners to have access to records.
Section 369.339 - Director to take over association, when — procedure.
Section 369.344 - Powers of director during take-over of association.
Section 369.349 - Liquidation by director, procedure.
Section 369.364 - Federal associations may have same powers as state associations.
Section 369.367 - Other provisions of law, applicable, when.
Section 369.369 - Penalty for false statement or certificate.
Section 369.670 - Definitions.
Section 369.675 - Savings bank, establishment — articles of agreement, requirements.
Section 369.684 - Examination required, expenses.
Section 369.689 - Certificate of organization, recorded.
Section 369.695 - Powers of savings bank — taxed, how.
Section 369.699 - Limits on investment.
Section 369.703 - Merger — conversion — trust powers — director's powers.