Effective - 06 Jul 1994
369.034. Incorporation fee, how computed, bond required. — 1. The incorporators shall appoint one of their number as chairman. The incorporators of a mutual association, before a certificate of incorporation is issued, shall pay in cash to the chairman, as the initial accounts of the proposed association, an amount, fixed as follows in relation to the population of the city, or the largest city in the county, in which the home office of the association is to be located:
(1) In a county having no city in excess of ten thousand population, the minimum sum of one hundred thousand dollars;
(2) In a city not in excess, or a county having no city in excess, of one hundred thousand population, the minimum sum of three hundred thousand dollars;
(3) In all other cities or counties, the minimum sum of five hundred thousand dollars; but the director of the division of finance may, in the director's discretion, require a larger amount to be paid in. The population shall be determined by the director of the division of finance based upon the latest federal census.
2. The initial stockholders of a capital stock association, before a certificate of incorporation is issued, shall pay in cash to the chairman of the incorporators a minimum amount in subscriptions for capital stock determined and fixed by the director of the division of finance.
3. The chairman of the incorporators shall be bonded by a fidelity insurance company licensed to do business in this state, in the form approved by the director of the division of finance, ensuring proper application of all funds and in an amount equal to the amount subscribed by the incorporators plus the expense fund or the paid-in surplus. The bond shall name the director of the division of finance as obligee and shall be delivered to the director and shall be in such form as to permit suit thereon by any interested person.
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(L. 1971 S.B. 3 § 6, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)
Effective 7-06-94
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.