Effective - 28 Aug 2011
371.060. State banking and savings and loan board to direct issuance of certificate of incorporation, when. — 1. Immediately upon the filing of the certificate of organization by the applicants, the director of finance shall submit to the state banking and savings and loan board the proposed articles of incorporation and the certificate of organization of the applicants and as soon as practicable thereafter the state banking and savings and loan board shall direct the director of finance to issue to the applicants a certificate of incorporation in such form as it may prescribe, if the board, from the best information available, determines that:
(1) Public convenience and necessity require the development finance corporation;
(2) The holders of the fully paid stock of the corporation are at least ten in number;
(3) That not less than two hundred fifty shares of no par value stock issued at one hundred dollars per share have been subscribed and fully paid for in cash;
(4) The bylaws and regulations submitted, if any, are in conformity with the articles of incorporation and the provisions of this chapter and not in conflict with any law of this state.
2. The director of finance shall return to the applicants one of the articles of incorporation submitted to him and shall endorse thereon the issuance by him of the certificate of incorporation.
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(L. 1961 p. 157 § 6, A.L. 1963 p. 478, A.L. 2011 H.B. 464)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 371 - Development Finance Corporations
Section 371.010 - Purpose of chapter.
Section 371.020 - Number of incorporators required.
Section 371.030 - Director of finance to investigate and approve proposed articles.
Section 371.040 - Organization may be completed after approval.
Section 371.050 - Certificate of organization to be filed — contents.
Section 371.070 - Corporate existence begins, when — recording of articles.
Section 371.080 - Articles of incorporation — contents.
Section 371.090 - Amendment of articles, procedure — when effective.
Section 371.100 - Stockholders' meetings — election of directors — voting rights.
Section 371.110 - Board of directors to manage corporation — number, terms.
Section 371.120 - Members of corporation to be financial institutions — loans by members, limits.
Section 371.130 - Powers of corporation.
Section 371.150 - Accumulation of earned surplus, requirements.
Section 371.160 - Limit on obligations, exceptions.
Section 371.170 - Deposits and loans of funds, regulation — not to receive deposits.
Section 371.180 - Limitation on lending powers.
Section 371.190 - Examination by director of finance — reports.
Section 371.200 - Stockholders not to have preemptive rights.
Section 371.210 - Interest paid exempt from intangible and income taxes.
Section 371.220 - Corporate income exempt from income tax.
Section 371.230 - Compromise, arrangement or plan of reorganization, how adopted — effect.
Section 371.240 - Dissolution, when authorized — procedure.
Section 371.250 - Corporations and banks may own stock or securities of company, securities exempt.