369.034. Incorporation fee, how computed, bond required.
Incorporation fee, how computed, bond required.
369.034. 1. The incorporators shall appoint one of theirnumber as chairman. The incorporators of a mutual association,before a certificate of incorporation is issued, shall pay incash to the chairman, as the initial accounts of the proposedassociation, an amount, fixed as follows in relation to thepopulation of the city, or the largest city in the county, inwhich the home office of the association is to be located:
(1) In a county having no city in excess of ten thousandpopulation, the minimum sum of one hundred thousand dollars;
(2) In a city not in excess, or a county having no city inexcess, of one hundred thousand population, the minimum sum ofthree hundred thousand dollars;
(3) In all other cities or counties, the minimum sum offive hundred thousand dollars; but the director of the divisionof finance may, in the director's discretion, require a largeramount to be paid in. The population shall be determined by thedirector of the division of finance based upon the latest federalcensus.
2. The initial stockholders of a capital stock association,before a certificate of incorporation is issued, shall pay incash to the chairman of the incorporators a minimum amount insubscriptions for capital stock determined and fixed by thedirector of the division of finance.
3. The chairman of the incorporators shall be bonded by afidelity insurance company licensed to do business in this state,in the form approved by the director of the division of finance,ensuring proper application of all funds and in an amount equalto the amount subscribed by the incorporators plus the expensefund or the paid-in surplus. The bond shall name the director ofthe division of finance as obligee and shall be delivered to thedirector and shall be in such form as to permit suit thereon byany interested person.
(L. 1971 S.B. 3 § 6, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)Effective 7-6-94