369.019. Incorporation, requirements, procedure, contents of petition, fees.
Incorporation, requirements, procedure, contents of petition, fees.
369.019. 1. Any five or more individuals, hereinafterreferred to as incorporators, who are residents of this state mayform an association to promote thrift and home financing. Anysuch association may be a mutual association or a capital stockassociation and shall have all the rights, powers, and privilegesset out in sections 369.010 to 369.369, and shall be subject toall the restrictions, liabilities, and required approvals asprovided in sections 369.010 to 369.369.
2. The incorporators shall file a petition for acertificate of incorporation, in such form as may be required,with the director of the division of finance. The petition shallbe signed by the incorporators and shall be acknowledged beforean officer competent to take acknowledgments of deeds. Twocopies of the proposed articles of incorporation, two copies ofthe proposed bylaws and the incorporation fee of five cents perone hundred dollars of the capital of a mutual association or ofthe authorized capital stock of a capital stock association shallaccompany each petition.
3. The petition shall set forth:
(1) The names and addresses of the incorporators, theinitial stockholders, if any, and the directors, with a statementof their character, experience, and general fitness to engage inthe savings and loan business;
(2) An itemized statement of the estimated receipts andexpenditures of the proposed association for the first year orsuch longer period as the director of the division of finance inthe director's discretion may require; and
(3) A showing that there is a necessity for the proposedassociation in the area to be served by it.
4. The articles of incorporation shall set forth:
(1) The name of the proposed association;
(2) The address at which such association is to be located;
(3) If a mutual association, the amount of the initialaccount subscriptions to be paid in before commencing business,or, if a stock association, the amount to be paid in for itscapital stock, which shall not be less than the amounts stated insection 369.034;
(4) The duration of its existence which shall be perpetual;
(5) The purposes of the proposed association;
(6) The number of directors which shall be not more thanfifteen nor less than five;
(7) The names of the incorporators to be its directorsuntil the first annual meeting; and
(8) Any other provisions, not inconsistent with law, whichthe incorporators may choose to insert.
5. The incorporators shall submit with their petition suchadditional statements, exhibits, maps and other data as thedirector of the division of finance may require, all of whichshall be sufficiently detailed and comprehensive to enable thedirector of the division of finance to pass upon the petition asto the criteria set out in section 369.024.
(L. 1971 S.B. 3 § 3, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)Effective 7-6-94