Effective - 28 Aug 2019, 2 histories
369.074. Conversion to state association, procedure, effect of. — At a meeting of the members of a mutual association or of the stockholders of a capital stock association, any federal association may convert itself into an association under sections 369.010 to 369.369 upon a vote of the majority of the votes of the members or of the stockholders cast in person or by proxy at such meeting. Copies of the minutes of the proceedings of the meeting of the members, verified by the affidavit of the secretary of the federal association, shall be filed in the office of the director of the division of finance and mailed to the Office of Thrift Supervision or any successor thereto within ten days after the meeting and shall be presumptive evidence of the holding and action of the meeting. At the meeting the members or stockholders also shall elect the persons to serve as directors of the association after conversion takes place. The persons so designated as directors shall execute the articles of incorporation in form as required by sections 369.010 to 369.369, together with the proposed bylaws, and deliver them to the director of the division of finance. If the director of the division of finance finds the articles of incorporation in proper form, the director shall endorse thereon the statement, "This association is a conversion from a federal association.", and forward the articles of incorporation to the secretary of state who, thereupon, shall issue a certificate of incorporation. The director of the division of finance, by regulation, may provide for the procedure to be followed in carrying out the conversion of a federal association into an association under sections 369.010 to 369.369. All the provisions regarding property and other rights contained in section 369.069 shall apply in reverse manner to the conversion of a federal association into an association subject to sections 369.010 to 369.369. The association may continue to operate all branch offices and agencies. Neither the rights of creditors nor any liens upon the property of the federal association shall be impaired by the conversion.
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(L. 1971 S.B. 3 § 14, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165, A.L. 2019 S.B. 179)
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.