reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.325 - Reserves, amounts required, waived when, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1984
370.325. Reserves, amounts required, waived when, procedure. —
1. Notwithstanding any other provisions in this chapter, each credit union organized under the laws of this state having membership shares shall maintain a reserve for losses on loans to members in an amount equal to at least one hundred percent of the average losses on loans over the five most recent years. The director may, upon application by a credit union, waive this reserve requirement for any credit union.
2. Each credit union organized under the laws of this state shall maintain a reserve equal to at least five percent of the membership shares, to meet contingencies or losses other than losses on loans. The director may, upon application by a credit union, waive this reserve requirement for any credit union.
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(L. 1984 H.B. 962)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.328 - Reserve fund distribution, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1984
370.328. Reserve fund distribution, when. —
The required reserve funds shall be held to meet contingencies and shall not be distributed to the members except upon dissolution of the credit union or upon approval of the director.
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(L. 1984 H.B. 962)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.330 - Dividends, when declared — how paid.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1984
370.330. Dividends, when declared — how paid. —
After allocations to required reserves, a credit union may declare dividends on general shares, membership shares, or both, at the discretion of its board of directors and as its bylaws provide.
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(RSMo 1939 § 5538, A.L. 1965 p. 569, A.L. 1969 H.B. 117, A.L. 1984 H.B. 962)
Prior revision: 1929 § 5096
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.340 - Expulsion and withdrawal of members — refunds.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.340. Expulsion and withdrawal of members — refunds. —
1. At any regularly called meeting the members, by a two-thirds vote of those present, may expel from the credit union any member thereof.
2. A member may withdraw from a credit union upon request.
3. The board of directors, the president, or an executive officer designated by the board may expel a member pursuant to a written policy adopted by the board. Any person expelled shall have the right to appeal the decision pursuant to a written policy adopted by the board.
4. The share balance of an expelled or withdrawing member, with any dividends credited to his or her shares to the date of expulsion, or withdrawal, shall be paid to said member but only as funds therefor become available, and, after deducting any amounts due to the credit union by said member. The share balance of an expelled or withdrawing member, with any dividends credited to his or her shares, shall be paid to such member, subject to sixty days' notice, and after deducting any amounts due to the credit union by said member.
5. Said member, when withdrawing shares, shall have no further right in said credit union or to any of its benefits, but such expulsion or withdrawal shall not operate to relieve such member from any remaining liability to the credit union.
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(RSMo 1939 § 5539, A.L. 1945 p. 689, A.L. 1994 H.B. 1312, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5097
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.350 - Dissolution of credit union, liquidation procedure, rulemaking authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.350. Dissolution of credit union, liquidation procedure, rulemaking authority. —
1. At any meeting called for the purpose, notice of the purpose being contained in the call, three-fourths of the membership present may vote to dissolve the credit union and shall thereupon signify their consent to such dissolution in writing and shall file such consent with the director of the division of credit unions attested by a majority of its officers, with a statement of the names and addresses of the directors and officers duly verified.
2. The director of the division of credit unions shall execute a certificate to the effect that such consent and statement have been filed and that it appears therefrom that the credit union has complied with this section.
3. Such certificate shall be filed by the director in the office of the secretary of state.
4. The director shall then appoint the share insurer or guarantor of the credit union, or other suitable person or persons, or entities, as liquidating agent, who shall proceed to liquidate the credit union by procedures as defined by rules and regulations.
5. The director of the division of credit unions is authorized to promulgate rules and regulations concerning the dissolution of credit unions and, upon the termination of such credit union, and upon notice to the director from his or her appointed liquidating agent, the director of the division of credit unions shall notify the secretary of state of such final dissolution.
6. No rule or portion of a rule promulgated under the authority of this chapter shall become effective unless it has been promulgated pursuant to the provisions of section 536.024.
7. The director of the division of credit unions, with the consent of another credit union, may transfer the existing membership and related field of membership of a credit union in dissolution to the second credit union and the liquidating agent, upon receiving notice of such action, shall forward its records of the members so to be transferred to the second credit union.
8. Notwithstanding any other provisions of this section, following a membership vote to dissolve the credit union, the director of the division of credit unions, or his or her appointee, may at the request of the board of directors proceed to bring about an orderly dissolution of the credit union as provided in subsection 4 of this section.
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(RSMo 1939 § 5540, A.L. 1945 p. 720, A.L. 1972 S.B. 502, A.L. 1985 H.B. 469, A.L. 1993 S.B. 52, A.L. 1995 S.B. 3, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5098
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.351 - Credit unions may merge — directors to approve plan, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1988
370.351. Credit unions may merge — directors to approve plan, procedure. —
1. Any two or more credit unions formed under the laws of the state of Missouri and any credit union or unions formed under the laws of the state of Missouri and any credit union formed under the laws of any other state or of the United States which is formed for the same purpose for which a credit union might be formed under the laws of this state, may merge into one of such credit unions.
2. The board of directors of each credit union, by resolution adopted by a majority vote of the members of the board, shall approve a plan of merger setting forth:
(1) The names of the credit unions proposing to merge and the name of the credit union into which they propose to merge, which is hereinafter designated as the "surviving credit union";
(2) The terms and conditions of the proposed merger and the mode of carrying the same into effect;
(3) The manner and basis of converting the membership shares of each merging credit union into the membership shares of the surviving credit union;
(4) A statement of any changes in the articles of agreement and the bylaws of the surviving credit union to be effected by such merger;
(5) Such other provisions with respect to the proposed merger as are deemed necessary or desirable.
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(L. 1955 p. 254, A.L. 1982 H.B. 1099, A.L. 1988 H.B. 1097)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.352 - Consolidation into new credit union — directors to approve plan.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1988
370.352. Consolidation into new credit union — directors to approve plan. —
1. Any two or more credit unions organized under the laws of the state of Missouri, or any credit union organized under the laws of any other state or of the United States and formed for a purpose for which a credit union might be formed under the laws of the state of Missouri may consolidate into a new credit union.
2. The board of directors of each credit union, by resolution adopted by a majority vote of the members of such board, shall approve a plan of consolidation setting forth:
(1) The names of the credit unions proposing to consolidate and the name of the new credit union into which they propose to consolidate, which is hereinafter designated as the "new credit union";
(2) The terms and conditions of the proposed consolidation and the mode of carrying the same into effect;
(3) The manner and basis of converting the membership shares, assets and liabilities of each credit union into membership shares or assets and liabilities of the new credit union;
(4) With regard to the new credit union, all of the statements required to be set forth in the articles of agreement and the bylaws for credit unions;
(5) Such other provisions with regard to the proposed consolidation as are deemed necessary or desirable.
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(L. 1955 p. 254, A.L. 1982 H.B. 1099, A.L. 1988 H.B. 1097)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.353 - Submission of plan to meeting of members or shareholders — notice.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2011
370.353. Submission of plan to meeting of members or shareholders — notice. —
1. The board of directors of the merging credit union or credit unions, upon approving the plan of merger or consolidation, shall direct, by a resolution, that the plan be submitted at a meeting of the members or shareholders, which may be either an annual or special meeting. Notice of the meeting shall be mailed or delivered to each member not more than thirty days and not less than fourteen days prior to the meeting. All members shall be given the opportunity to vote on the plan of merger or consolidation at a meeting or by written or electronic ballot received no later than the date and time announced for the meeting. All members should be provided the opportunity to vote, without being required to attend the meeting where the proposition is voted on. The notice, whether the meeting is an annual or special meeting, shall state the place, day, hour, and purpose of the meeting, and a copy or summary of the plan of merger or plan of consolidation shall be included in or enclosed with the notice. The board of directors of the surviving credit union named in any such plan of merger need not submit the merger plan to its members but shall, instead, ratify such merger plan according to the procedure stated in section 370.351.
2. In the case of a consolidation, the board of directors of each credit union party to such plan of consolidation must submit the plan of consolidation to its members according to the procedure described in subsection 1 of this section.
3. The director may waive any membership meeting required under subsections 1 and 2 of this section upon the request of the board of directors of any of the merging or consolidating credit unions if the credit union seeking the waiver is in financial difficulty, if its field of membership is being lost or substantially reduced, or if it has only limited potential of growth.
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(L. 1955 p. 254, A.L. 1982 H.B. 1099, A.L. 2011 S.B. 306)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.354 - Vote required for approval — director may approve, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1982
370.354. Vote required for approval — director may approve, when. —
1. At each such meeting, a vote of the members or the shareholders entitled to vote shall be taken on the proposed plan of merger or consolidation. The plan of merger or consolidation shall be approved upon receiving the affirmative vote of a majority of the members present and voting at the meeting of each of the credit unions, provided a quorum is present.
2. Upon the approval of the members, articles of merger or consolidation shall be submitted to the director of the division of credit unions, who shall approve the same if the merger or consolidation is made in conformity with the laws of this state and is in the best interest of the majority of the members thereof.
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(L. 1955 p. 254, A.L. 1972 S.B. 502, A.L. 1982 H.B. 1099)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.355 - Certificate of merger or consolidation, issued when — copies, where filed.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.355. Certificate of merger or consolidation, issued when — copies, where filed. —
1. Upon approval by the director of the division of credit unions, articles of merger or articles of consolidation shall be executed by each credit union, by its chair, or a vice chair, and verified by him or her, and with the corporate seal of each credit union affixed thereto, attested by its secretary or an assistant secretary, and shall set forth:
(1) The plan of merger or plan of consolidation;
(2) The total membership of each credit union; and
(3) As to each credit union the number of members voting for and against the plan, respectively.
2. If the director of the division of credit unions finds that the articles conform to law, when all required taxes or fees have been paid, the director shall file the same, keeping one copy as a permanent record, forward a copy to the secretary of state after having issued a certificate of merger or a certificate of consolidation, and a verified copy of the certificate, to which the director shall affix the other copy of the articles.
3. Upon the issuance of the certificate of merger or the certificate of consolidation by the director of the division of credit unions, the merger or consolidation shall be effected.
4. The certificate of merger with a copy of the articles of merger affixed thereto by the director of the division of credit unions, or the certificates of consolidation with the copy of the articles of consolidation and certified copy thereof, with the copy of the articles of consolidation affixed thereto by the director of the division of credit unions, shall be returned to the surviving credit union, or new credit union, as the case may be, or to its representative.
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(L. 1955 p. 254, A.L. 1972 S.B. 502, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.356 - Shareholder may object to merger or consolidation, procedure — payment of value of shares.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2020, 2 histories
370.356. Shareholder may object to merger or consolidation, procedure — payment of value of shares. —
1. If a shareholder of a credit union which is a party to a merger or consolidation files with such credit union, prior to or at the meeting of shareholders or members at which the plan of merger or consolidation is submitted to a vote, a written objection to such a plan of merger or consolidation, and shall not vote in favor thereof, and the shareholder within ten days after the merger or consolidation is effected, makes written demand on the surviving or new credit union for payment of the fair value of his or her share as of the day prior to the date on which the vote was taken approving the merger or consolidation, the surviving or new credit union shall pay to such shareholder, upon surrender of his or her pass book or other record representing the shares, the fair value thereof as reflected by the books of the company, not including any goodwill or statutory reserve fund that may be had by the credit union.
2. The demand shall state the number of shares owned by the dissenting shareholder.
3. Any shareholder failing to make demand within the ten day period shall be conclusively presumed to have consented to the merger or consolidation, and shall be bound by the terms thereof.
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(L. 1955 p. 254 § 370.357, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.357 - Effect of merger or consolidation.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1988
370.357. Effect of merger or consolidation. —
When the merger or consolidation has been effected:
(1) The several credit unions parties to the plan of merger or consolidation shall be a single credit union which, in the case of a merger, shall be that credit union designated in the plan of merger as the surviving credit union, and, in the case of consolidation, shall be the new credit union provided for in the plan of consolidation;
(2) The separate existence of all credit union parties to the plan of merger or consolidation, except the surviving or new credit union, shall cease;
(3) The surviving or new credit union shall have all the rights, privileges, immunities, and powers, and shall be subject to all the duties and liabilities of a new credit union;
(4) The surviving or new credit union shall thereupon and thereafter possess all the rights, privileges, immunities, and franchises of each of the merging or consolidating credit unions; and all property, real, personal, and mixed, and all debts due on whatever account, loans, and all other choses in action, and all and every other interest of or belonging to or due to each of the credit unions so merged or consolidated, shall be taken and deemed to be transferred to and vested in the single credit union, without further act or deed; and the title to any real estate, or any interest therein, under the laws of this state, vested in any of the credit unions, shall not revert or be in any way impaired by reason of the merger or consolidation;
(5) The surviving or new credit union shall thenceforth be responsible and liable for all the liabilities and obligations of each of the credit unions so merged or consolidated; and any claim existing or action or proceeding pending by or against any of such credit unions may be prosecuted to judgment as if the merger or consolidation had not taken place, or the surviving or new credit union may be substituted in its place; neither the rights of creditors nor any liens upon the property of any of the corporations shall be impaired by the merger or consolidation;
(6) In case of a merger, the articles of agreement and the bylaws of the surviving credit union shall be deemed to be amended to the extent, if any, that changes in its articles are stated in the articles of merger; and, in the case of a consolidation, the statement set forth in the articles of consolidation, and which are required or permitted to be set forth in the bylaws of credit unions, shall be deemed to be the articles of agreement of the new credit union.
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(L. 1955 p. 254 § 370.356, A.L. 1988 H.B. 1097)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.360 - Unauthorized use of words "credit union" a misdemeanor.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1972
370.360. Unauthorized use of words "credit union" a misdemeanor. —
The use by any person, copartnership, association or corporation, except credit unions formed under the provisions of this chapter or any association composed exclusively of credit unions, including any service corporation wholly owned by credit unions or an association of them, of any name or title which contains the words "credit union" shall be a misdemeanor.
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(RSMo 1939 § 5523, A.L. 1972 S.B. 502)
Prior revision: 1929 § 5081
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.365 - Central credit union defined — how formed — fee, how determined.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1978
370.365. Central credit union defined — how formed — fee, how determined. —
1. A
"central credit union"
is one organized for the primary purpose of serving other credit unions; except that, where the dollar amount of shares held by credit unions and associations of credit unions shall fall below seventy-five percent of the total shareholdings, the director may suspend the privilege of operating as a central credit union.
2. A central credit union may be chartered in the same manner as are all other credit unions, except that, the field of membership shall be limited to credit unions, associations of credit unions and other persons expressly identified in the bylaws; and further, central credit unions may invest in the shares of other credit unions including other central credit unions, may purchase loans from credit unions, may borrow up to five times its capital, surplus and reserve fund, may lend to each member no more than twenty-five percent of its assets, and may be required to insure its deposits only when so ordered by the director.
3. When a central credit union is organized under this section, the director, in lieu of other fees, shall charge the actual and necessary costs of examination, not to exceed three thousand dollars, to the central credit union.
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(L. 1977 H.B. 48, A.L. 1978 S.B. 746)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.390 - Foreign credit union may operate in state, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1982
370.390. Foreign credit union may operate in state, requirements. —
The director of the division of credit unions may authorize a foreign credit union to open an office in Missouri if he finds that the credit union has insurance of accounts comparable to that required of Missouri credit unions, the field of membership to be served is not now being adequately served, the credit union has designated a registered agent in Missouri, and reciprocal recognition is given by the chartering state of the credit union to Missouri credit unions. If authorization is given, the foreign credit union must abide by Missouri limits on loan interest rates, pay all annual fees on assets held in Missouri as prescribed by section 370.107, follow all provisions of Missouri law relating to credit unions, and allow the director to examine its records and affairs.
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(L. 1982 H.B. 1099)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.395 - State employees, deductions from compensation authorized, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 1982
370.395. State employees, deductions from compensation authorized, requirements. —
Notwithstanding any other provision of law, the commissioner of administration may, in the same manner as provided in section 33.103, deduct from any state employee's compensation warrant any amount authorized by the employee for the purchase of shares in any credit union which is located in this state, has a state charter, and is insured by an agency of the United States government, or a credit union share guaranty corporation approved by the director.
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(L. 1982 H.B. 1099 § 2)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 370 - Credit Unions › Section 370.400 - Credit union may act as custodian, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 370
• Effective - 28 Aug 2004
370.400. Credit union may act as custodian, when. —
In addition to any other credit union authority, a credit union may act as a custodian for any entity, public or private, and place funds in any other financial institutions, provided such funds are placed in deposits and insured by federal deposit insurance.
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(L. 2004 S.B. 1093)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.010 - Purpose of chapter.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.010. Purpose of chapter. —
The purpose of this chapter is to assist and encourage the development and advancement of the business prosperity and economic welfare of the state, to assist and encourage the location of new industries in this state, and to provide for maximum opportunities for employment, and to these ends to establish a source of credit not otherwise available for the promotion, development and conduct of expanded business activities in the state.
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(L. 1961 p. 157 § 1)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.020 - Number of incorporators required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1963
371.020. Number of incorporators required. —
Any three or more qualified natural persons, all of whom shall be bona fide residents of this state, who desire to associate themselves for the purpose of establishing and operating a development finance corporation may subscribe, acknowledge and file with the director of finance for approval articles of incorporation as set out in section 371.080.
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(L. 1961 p. 157 § 2, A.L. 1963 p. 478)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.030 - Director of finance to investigate and approve proposed articles.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.030. Director of finance to investigate and approve proposed articles. —
As soon as practicable after the receipt of the proposed articles of incorporation, the director of finance shall, from the best sources of information available, ascertain the character and general fitness of the applicants, their standing in their respective communities and shall issue his certificate approving the articles of incorporation and authorizing the applicants to proceed with the organization of the development finance corporation if he is satisfied
(1) That all the applicants are bona fide residents of the state;
(2) That they have the confidence of their respective communities; and
(3) That the proposed articles of incorporation conform to the provisions of section 371.080.
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(L. 1961 p. 157 § 3)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.040 - Organization may be completed after approval.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.040. Organization may be completed after approval. —
Upon receipt of the certificate of preliminary approval the applicants may proceed to complete the organization of the development finance corporation, to obtain subscriptions for and payment of its capital stock, and do all other things necessarily incidental and preliminary to its transacting business.
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(L. 1961 p. 157 § 4)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.050 - Certificate of organization to be filed — contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.050. Certificate of organization to be filed — contents. —
1. When the applicants have completed the organization of the proposed development finance corporation, they shall file with the director of finance a certificate of organization executed by its president and attested by its secretary and with its seal affixed thereto, certifying
(1) The names and addresses of all of its subscribers of stock, the number of shares subscribed and the number of shares fully paid for by each;
(2) The total number of shares subscribed but not fully paid for;
(3) The total number of shares paid in full;
(4) The name and address of any depositary holding on deposit any funds of the development finance corporation;
(5) The names and addresses of the officers, directors and members of the executive committee, if any, of the development finance corporation.
2. The certificate of organization of the applicant shall be accompanied by
(1) The certificate of any named depositary certifying the amount of funds on deposit to the credit of the development finance corporation;
(2) Any bylaws or resolutions which have been adopted by the directors of the corporation.
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(L. 1961 p. 157 § 5)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.060 - State banking and savings and loan board to direct issuance of certificate of incorporation, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
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)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.070 - Corporate existence begins, when — recording of articles.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.070. Corporate existence begins, when — recording of articles. —
1. Upon the issuance of the certificate of incorporation by the director of finance, the corporate existence of the development finance corporation begins. The certificate of incorporation is conclusive except as against the state, that all conditions precedent have been complied with and that the corporation has been incorporated under provisions of this chapter.
2. A copy of the articles of incorporation, endorsed by the director of finance, shall be filed for recordation in the office of the recorder of deeds in the county in which the principal office of the development finance corporation is located.
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(L. 1961 p. 157 § 7)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.080 - Articles of incorporation — contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
• Effective - 28 Aug 1963
371.080. Articles of incorporation — contents. —
1. The articles of incorporation for a development finance corporation organized under the provisions of this chapter shall state:
(1) The name of the corporation, which name shall include the words "Missouri development finance corporation" but shall have in addition a numerical or other designation so as to distinguish it from any development finance corporation which may be organized subsequently and the name shall be such as to distinguish it from any other corporation organized and existing under the laws of the state of Missouri;
(2) The purpose for which the corporation is formed;
(3) The period of duration of the corporation which may be perpetual or limited;
(4) The address of its principal office and the name of its agent on whom process may be served;
(5) The total number of shares of stock which the corporation is authorized to issue, which number shall not be less than two hundred fifty shares of no par value, which shall be issued for one hundred dollars per share in cash;
(6) The number of directors, not less than fifteen, to be elected at the annual meeting, their terms of office and any provisions desirable for staggering the terms of office of directors, except that the terms of office of directors and other matters pertaining to the directors may be provided in the bylaws of the corporation;
(7) The names and addresses of the incorporators, not less than three, who will manage the affairs of the corporation until the first meeting of stockholders and members;
(8) Any provisions, not inconsistent with law, which the incorporators may choose to insert for the regulation of the business and the conduct of the affairs of the corporation.
2. It is not necessary to set out in the articles of incorporation any of the corporate powers enumerated in this chapter.
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(L. 1961 p. 157 § 8, A.L. 1963 p. 478)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.090 - Amendment of articles, procedure — when effective.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 2011
371.090. Amendment of articles, procedure — when effective. —
1. The articles of incorporation may be amended by a majority vote of the stockholders at any regular meeting or at a special meeting called for that purpose.
2. Articles of amendment signed by the president or vice president and attested by the secretary certifying to the amendment and its lawful adoption shall be executed, acknowledged and filed with the director of finance and, when approved by the state banking and savings and loan board, recorded with a certificate of the director of finance approving the articles of amendment, in the same manner as the original articles of incorporation. As soon as the director of finance issues his certificate of amendment the amendment is in effect.
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(L. 1961 p. 157 § 13, A.L. 1963 p. 478, A.L. 2011 H.B. 464)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.100 - Stockholders' meetings — election of directors — voting rights.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1963
371.100. Stockholders' meetings — election of directors — voting rights. —
1. The first annual meeting shall be held on a date fixed by the first board of directors and shall be held as soon as practicable after twenty-five thousand dollars of the capital stock of the corporation has been paid into its treasury. The first and subsequent annual meetings of stockholders shall be called as provided in the bylaws of the corporation.
2. At the first annual meeting, and at each annual meeting thereafter, the directors shall be elected by vote of the stockholders. At all meetings, annual or special, of stockholders for whatever purpose held, stockholders shall have one vote for each share of stock owned. Stockholders shall have the right to vote cumulatively in all elections of directors.
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(L. 1961 p. 157 § 9, A.L. 1963 p. 478)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.110 - Board of directors to manage corporation — number, terms.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1963
371.110. Board of directors to manage corporation — number, terms. —
1. The management of the affairs of the corporation shall be administered by a board of directors. In the first instance, the directors, not less than nine, shall be elected by the incorporators to serve until the first annual meeting. Thereafter, the board of directors shall be composed of not less than fifteen persons who shall be residents of this state. Each congressional district shall have at least one director and not more than two directors shall be residents of any one congressional district.
2. If a vacancy occurs in the board of directors through death, resignation or otherwise, the remaining directors may elect a qualified person to fill the vacancy until the next annual meeting of stockholders.
3. The directors shall hold office until their successors are elected and qualified.
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(L. 1961 p. 157 § 9, A.L. 1963 p. 478)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.140 - Development finance corporations subject to chapter 351 and have corporate powers and rights.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.140. Development finance corporations subject to chapter 351 and have corporate powers and rights. —
All development finance corporations shall possess all powers and privileges granted corporations by chapter 351 relating to general business corporations and are subject to all the provisions thereof except as herein otherwise provided.
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(L. 1961 p. 157 § 12)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.150 - Accumulation of earned surplus, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1963
371.150. Accumulation of earned surplus, requirements. —
The corporation shall set apart as an earned surplus seventy-five percent of its net earnings each year until such earned surplus equals the total of the paid-in capital and paid-in surplus then outstanding. The earned surplus shall be held in cash or invested in obligations of the United States government, and shall be kept and used to meet losses and contingencies of the corporation, and, whenever the amount of the earned surplus shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Earned surplus not required to be accumulated shall be available for the payment of such dividends as the board of directors shall deem expedient.
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(L. 1961 p. 157 § 14, A.L. 1963 p. 478)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.160 - Limit on obligations, exceptions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1973
371.160. Limit on obligations, exceptions. —
At no time shall the total obligations of the corporation exceed ten times the amount of paid-in capital and surplus, not including therein the earned surplus. This limitation shall not apply with respect to that portion of the corporation's obligations incurred with respect to assets or investments to the extent that they are secured or covered by guaranties or by commitments or agreements to take over, or purchase, made by the United States of America, or by any department, bureau, agency, board, commission or establishment of the United States including any corporation, wholly owned, directly or indirectly, by the United States, pursuant to the authority of an act of Congress heretofore or hereafter adopted or amended or pursuant to the authority of any executive order of the President of the United States heretofore or hereafter made or amended under the authority of any act of Congress, heretofore or hereafter adopted or amended.
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(L. 1961 p. 157 § 15, A.L. 1973 S.B. 90)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.170 - Deposits and loans of funds, regulation — not to receive deposits.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.170. Deposits and loans of funds, regulation — not to receive deposits. —
The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depositary by a vote of a majority of the directors, exclusive of any director who is an officer or director of the depositary so designated. The corporation shall not receive money on deposit. No loans shall be made directly or indirectly to any officer of the corporation or to any firm of which such officer is a member or officer.
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(L. 1961 p. 157 § 16)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.180 - Limitation on lending powers.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.180. Limitation on lending powers. —
A development finance corporation organized under the provisions of this chapter shall not lend money when credit is readily available elsewhere. Before granting a loan, the directors of the corporation shall endeavor so far as is reasonably possible to ascertain that the first opportunity to grant the loan has been given to the banks, insurance companies and to other lending institutions of the state.
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(L. 1961 p. 157 § 21)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.190 - Examination by director of finance — reports.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.190. Examination by director of finance — reports. —
The corporation shall be subject to the supervision and examination of the director of finance and the corporation shall pay the actual expenses of such examination as determined by the director. The corporation shall make such annual or other reports of its condition to the director as he may prescribe.
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(L. 1961 p. 157 § 17)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.200 - Stockholders not to have preemptive rights.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.200. Stockholders not to have preemptive rights. —
The holders of capital stock as such shall have no preemptive or preferential right to purchase or subscribe for any part of the unissued capital stock of the corporation of any class or for any new issue of stock of any class, whether now or hereafter authorized or issued, or to purchase or subscribe for any bonds or other obligations, whether or not convertible into stock of any class of the corporation, now or hereafter authorized or issued.
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(L. 1961 p. 157 § 18)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.210 - Interest paid exempt from intangible and income taxes.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.210. Interest paid exempt from intangible and income taxes. —
Interest on bonds, notes or other obligations of a development finance corporation issued under and in accordance with the provisions of this chapter is
*
exempt from all intangible taxes imposed by this state and all state income taxes.
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(L. 1961 p. 157 § 19)
*Word "are" appears in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.220 - Corporate income exempt from income tax.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.220. Corporate income exempt from income tax. —
All income received by a development finance corporation is exempt from the taxes imposed on incomes by this state; but this exemption does not apply to income received by stockholders of the development finance corporation in the form of dividends or otherwise.
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(L. 1961 p. 157 § 20)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 371 - Development Finance Corporations › Section 371.230 - Compromise, arrangement or plan of reorganization, how adopted — effect.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 371
Effective - 28 Aug 1961
371.230. Compromise, arrangement or plan of reorganization, how adopted — effect. —
1. Whenever a compromise or arrangement or any plan of reorganization of the corporation is proposed between the corporation and its creditors, members or shareholders, the circuit court of Cole County by virtue of its general equity powers may, on application of the corporation or of any creditor, member or shareholder thereof, or on the application of any receiver or receivers appointed for the corporation, order a meeting of such creditors, members or shareholders as the case may be, as may be affected by the proposed compromise or arrangement or plan of reorganization, which shall be called in such manner as the court directs.
2. If, at this meeting, the compromise or arrangement or plan of reorganization is agreed to by or on behalf of the creditors, if affected thereby, holding two-thirds in amount of the claims against the corporation, and by or on behalf of the shareholders, if affected thereby, holding the majority of each class of capital stock, and by or on behalf of the members, if affected thereby, holding two-thirds in amount of the outstanding notes or other interest-bearing obligations of the corporation provided for in section 371.120, and if such agreement shall be further evidenced by the written acceptance of the creditors, shareholders and members duly filed in the court, the compromise or arrangement or plan of reorganization shall, if approved by the court as just and equitable, be binding on all the creditors, shareholders or members, as the case may be, who are affected thereby, and also on this corporation. All persons who become creditors, shareholders or members of the corporation are deemed to have become creditors, shareholders or members subject in all respects to this section, and the same shall be absolutely binding upon them. For the purposes of this section only, members are not deemed creditors and shall act under this section as a separate class.
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(L. 1961 p. 157 § 22)