Effective - 06 Jul 1994
369.114. Bonds, who shall have, amount, how and when modified — issuance by fidelity insurance company, requirements, modification of, procedure — reciprocal organization, when and how established. — 1. Every person appointed or elected to any position requiring the receipt, payment, management or use of money belonging to any association, or whose duties permit such person to have access to or custody of any of its money or securities or whose duties permit such person regularly to make entries in the books or other records of the association, before assuming such person's duties shall become bonded by some fidelity insurance company licensed to do business in this state. The amount of each such bond shall be determined by the director of the division of finance in accordance with a table of coverage prepared by the director of the division of finance. The amount shall be modified annually in accordance with the table of coverages, which modification shall be made within ninety days following the close of the association's fiscal year.
2. The bond to be issued by each fidelity insurance company shall be substantially uniform, and the terms shall be approved by the director of the division of finance. No modification of the terms shall be made by any bond issuer without serving prior written notice on the director of the division of finance setting forth the proposed changes. Upon receipt of such notice, the director of the division of finance shall send copies to all associations covered by such bonds and invite comments thereon. The director of the division of finance may, in the director's discretion, order a hearing to be held. The requested change shall become effective within ninety days unless the director of the division of finance shall issue an order denying the change.
3. In the event it appears to the director of the division of finance that bonds in the nature of fidelity insurance as required by this section are not available or are not available at premium rates which the director of the division of finance deems reasonable, then the director of the division of finance, upon a petition signed by twenty or more associations covered by this chapter, may permit the establishment of a reciprocal organization on such terms as the director of the division of finance may require to provide bond coverage in the nature of fidelity insurance, and any association covered by this chapter or any federal association with its principal office in this state may become a member. Such reciprocal organization, if established, shall render an annual report to the director of the division of finance and shall be subject to examination by the director of the division of finance.
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(L. 1971 S.B. 3 § 22, A.L. 1983 H.B. 570, 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.