Source: http://www.moga.mo.gov/mostatutes/chapters/chapText357.html
Timestamp: 2017-10-21 06:45:08
Document Index: 778357840

Matched Legal Cases: ['§ 14407', '§ 12749', '§ 10248', '§ 14411', '§ 12753', '§ 10251', '§ 14408', '§ 12750', '§ 14413', '§ 12755', '§ 10253', '§ 14409', '§ 12751', '§ 10249', '§ 14412', '§ 12754', '§ 10252', '§ 14414', '§ 12756', '§ 10254', '§ 14415', '§ 12757', '§ 10255', '§ 14416', '§ 12758', '§ 10256', '§ 14424', '§ 12766', '§ 14418', '§ 12760', '§ 14422', '§ 12764', '§ 10260', '§ 14423', '§ 12765', '§ 10261', '§ 14419', '§ 12761', '§ 10258', '§ 14421', '§ 12763', '§ 10259']

Chapter 357 RSMO
←Chapter: 356
Chapter: 358→ August 28, 2016
Authorization of cooperative plan--purposes--other corporations mayconvert to cooperatives, procedure.
357.010. 1. Any number of persons, not less than twelve, may associate themselves together as a cooperative association, society or exchange, having all the incidents, powers and privileges of corporations, for the purpose of producing or furnishing goods, services, or housing, or for the purpose of conducting any agricultural or mercantile business on the cooperative plan, including the buying, selling, manufacturing, storage, transportation or other handling or dealing in or with, by associations of agriculturists, of agricultural, dairy or similar products, and including the manufacturing transformation of such articles into products derived therefrom, and for the purpose of the purchasing of or selling to all shareholders and others groceries, provisions and all other articles of merchandise.
Housing cooperative, defined, limitations.
357.015. 1. For the purposes of this section, a "housing cooperative" means a cooperative incorporated under this chapter, as modified by this section, for the purpose of producing or furnishing housing.
Articles of incorporation--filing--certificate.
357.020. The persons so desiring to associate themselves together shall all sign, and at least five of them acknowledge before a notary public, written articles of association or agreement, which shall contain the name of the said association; the names and residences of the persons forming the same; a statement of the purposes of such association; designation of the city, town, or village, or other place, where its principal place of business shall be located; a statement of the amount of capital stock; and the number of shares and par value of each. When thus signed and acknowledged, the said articles shall be recorded in the office of the recorder of deeds in the county or city in which the principal place of business of such corporation is to be located, and a certified copy thereof shall be filed in the office of the secretary of state, who, upon receiving the same and the fees required by law, shall issue a certificate of incorporation.
(RSMo 1939 § 14407)
Prior revisions: 1929 § 12749; 1919 § 10248
Amendments to articles--change in number of authorized shares--fees.
357.030. Any such association may amend its articles of incorporation by a majority vote of its shareholders at any regular shareholders' meeting or at any special shareholders' meeting called for that purpose on sixty days' written notice by mail to all shareholders. Said power to amend shall include the power to increase or diminish the amount of capital stock and the number of shares, but the amount of capital stock shall not be so diminished below the amount of paid-up capital at the time the amendment is adopted. Within thirty days after the adoption of an amendment to its articles of incorporation, such association shall cause a copy of such amendment to be recorded in the office of the recorder of deeds of the county or city wherein its principal place of business is located, and a certified copy thereof in the office of the secretary of state. The fee of the secretary of state for filing an article of amendment shall be one dollar, and no increase in the authorized shares of the corporation shall be valid or effectual unless the corporation has paid the director of revenue five dollars for each ten thousand dollars or less of the increase in the authorized shares of the corporation, and the corporation shall file a duplicate receipt issued by the director of revenue for the payments required by this section to be made with the secretary of state.
(RSMo 1939 § 14411, A.L. 1978 S.B. 755)
Prior revisions: 1929 § 12753; 1919 § 10251
Issuance of common and preferred stock.
357.040. By unanimous agreement persons desiring to associate themselves together for the purpose of forming a corporation to conduct any agricultural or mercantile business for the purpose of producing or furnishing goods, services or housing on the cooperative plan under this chapter may issue both preferred and common stock in such corporation.
(RSMo 1939 § 14408, A.L. 1985 S.B. 300)
Prior revision: 1929 § 12750
Limit of shares.
357.050. No shareholder in any such association shall own shares of a greater aggregate par value than ten percent of the aggregate par value of all shares of stock of such association.
(RSMo 1939 § 14413)
Prior revisions: 1929 § 12755; 1919 § 10253
Fees for incorporation.
357.060. 1. For incorporation under this chapter as herein provided, there shall be paid to and collected by the state director of revenue a fee of fifty dollars for the first fifty thousand dollars or less of capital stock, and the further sum of five dollars for each additional ten thousand dollars of its capital stock. The limitation upon the aggregate amount of capital stock shall be the same as in respect to other corporations.
2. Fees mandated in subsection 1 of this section shall be waived if the association of persons signing the written articles of association and agreement includes a member of the Missouri National Guard or any other active duty military, who resides in the state of Missouri, and provides proof of such service to the secretary of state.
(RSMo 1939 § 14409, A.L. 1947 V. I p. 16, A.L. 2014 S.B. 600)
Prior revisions: 1929 § 12751; 1919 § 10249
Fees of recorder of deeds.
357.070. The fees of the recorder of deeds for any service required by this chapter shall be the same as those now customarily appertaining to his office for similar services.
(RSMo 1939 § 14412)
Prior revisions: 1929 § 12754; 1919 § 10252
Management by board--election--removal.
357.080. 1. Every such association shall be managed by a board of not less than five directors, who shall be elected by and from the shareholders, subject to such restrictions and with such qualifications as may be prescribed by the bylaws, at such time and for such term of office as the bylaws may prescribe, and shall hold office for the time for which elected, and until their successors are elected and qualified; but the shareholders shall have the power as herein provided, at any regular or special shareholders' meeting, legally called, to remove any director for cause and to fill the vacancy, and thereupon the director so removed shall cease to be a director of said association.
357.090. In the election of directors of such associations, each shareholder, regardless of the number of shares held by him or her in said association, shall have the right to cast only one vote for each director to be elected, which vote may be cast either in person or by proxy.
(RSMo 1939 § 14414, A.L. 1945 p. 77)
Prior revisions: 1929 § 12756; 1919 § 10254
Business policies--control--vote.
357.100. Notwithstanding the foregoing provision for the management of the general affairs of each such association by its board of directors, the control of the policies of such association is hereby reserved to and conferred upon their respective shareholders, who shall by direct vote govern the policies of such associations, including their policies with reference to the declaring of dividends, the setting aside of reserve funds, the method of distributing profits, the amendment of articles of association, the increasing and diminishing of capital stock, and other general policies; each shareholder shall be entitled to but one vote, irrespective of the number of shares owned, which vote may be cast by proxy as herein provided.
(RSMo 1939 § 14415)
Prior revisions: 1929 § 12757; 1919 § 10255
Proxies, how voted.
357.110. At any regularly called general or special meeting of shareholders for the purpose of electing directors, a written vote signed by and received by mail or messenger from any absent shareholders shall be accepted as the vote of such absentee. This rule shall apply also to any such written vote of an absentee at any regularly called general or special meeting of shareholders for the purpose of determining the business policies of such association.
(RSMo 1939 § 14416)
Prior revisions: 1929 § 12758; 1919 § 10256
Stock, who may purchase.
357.120. Any part or all of the common stock of any corporation organized for the purpose of producing or furnishing goods, services, or housing, or for the purpose of conducting any agricultural or mercantile business on the cooperative plan as provided for by sections 276.160 to 276.230 may be legally purchased and owned in all respects as if purchased and owned by a natural person, by any other corporation incorporated under the laws of Missouri on the cooperative plan, including any other corporation organized under this chapter.
(RSMo 1939 § 14424, A.L. 1985 S.B. 300)
Prior revision: 1929 § 12766
Method of distribution of earnings of association--provisions ofbylaws.
357.130. 1. The shareholders of such an association at any general or special meeting, shall apportion the earnings by first setting aside not less than ten percent of the net profits for a reserve fund until an amount has accumulated in the said reserve fund equal to fifty percent of the paid-up capital stock, and then shall be declared a dividend upon paid-up capital stock, to be determined by the said shareholders, which dividends shall not exceed ten percent and the remainder of the said net profits shall then be divided by a uniform dividend, determined and based upon the amount of sales or purchases or upon both the sales and purchases of those who have done business with such association. In case the association is both a selling and productive company, such last mentioned dividends may be determined by and based upon both raw material delivered and goods purchased by patrons. The net profits of said association shall be distributed at least once in each period of twelve months at such time and in such manner as may be provided by its bylaws. Each association may, by a majority vote of its shareholders or by their written assent, adopt bylaws.
Auditing of books annually.
357.140. All associations formed under the provisions of section 357.010, shall keep a set of books showing the business operation of said association, and said books shall be audited by competent auditors once each year; which auditor shall not be a member or stockholder of said association. At the completion of the audit herein provided for, said auditor shall have the right to call a meeting of the board of directors, and explain his report and the financial condition of said association, and a copy of the report of said auditor shall be filed with the secretary and president of the board of directors of such an association, which report may contain recommendations for the proper handling of the business of said association.
(RSMo 1939 § 14418)
Prior revision: 1929 § 12760
357.150. None of the funds of any association organized under the provisions of this chapter shall be used in the payment of any expenses for promotion of any such organization, such, for instance, as commissions, salaries or expenses of any kind, character, or nature whatsoever.
(RSMo 1939 § 14422)
Prior revisions: 1929 § 12764; 1919 § 10260
Private property exempt.
357.160. The private property of shareholders shall be exempt from execution for the debts of any such association.
(RSMo 1939 § 14423)
Prior revisions: 1929 § 12765; 1919 § 10261
Prior cooperative associations.
357.170. All cooperative agricultural corporations, companies or associations, coming within the purview of this law, and heretofore organized and doing business under prior statutes and which have attempted so to organize and do business, shall have the benefit of all provisions of this law and be bound thereby on filing with the secretary of state a written declaration, signed and sworn to by the president and secretary, to the effect that such cooperative company or association has, by a majority vote of its shareholders, decided to accept the benefits of and to be bound by the provisions of this law.
(RSMo 1939 § 14419)
Prior revisions: 1929 § 12761; 1919 § 10258
Dissolution proceedings, how taken.
357.180. 1. Whenever eighty percent of the stockholders of a corporation engaged in agricultural or mercantile business vote for a dissolution of said corporation for the purpose of reincorporating under the cooperative plan as provided for in sections 276.160 to 276.230, the stockholders shall by motion direct the secretary of said corporation to transmit a certified copy of the dissolution proceeds to the secretary of state and said certified copy shall be taken as prima facie evidence of a voluntary dissolution of the corporation; provided, however, that said dissolution shall not become effective until all the provisions as herein stated shall have been complied with.
Use of the name "cooperative" prohibited.
357.190. No corporation or association hereafter organized shall be entitled to use the word "cooperative" as part of its corporate or other business name or title, unless it has complied with the provisions of this chapter or a law providing for the incorporation of associations upon a cooperative plan, and any corporation or association violating this provision of this chapter may be enjoined from doing business under such name in a suit by any association legally organized under the provisions of this chapter.
(RSMo 1939 § 14421)
Prior revisions: 1929 § 12763; 1919 § 10259