376.150. Stock and mutual companies--content of charter.
Stock and mutual companies--content of charter.
376.150. When such corporators propose to form a stock andmutual company for the purposes designated in section 376.010,the charter comprised in the declaration named in section 376.050shall set forth all the particulars mentioned in section 376.060in regard to the formation of corporations on the joint stockplan; and in addition thereto it shall state
(1) The extent, if any, to which the policyholders shallparticipate in the election of directors and in the management ofthe company, and the manner in which they shall do so;
(2) The time for which it is proposed to remain a stock andmutual company, provided it be intended to limit the same, andthe manner of changing into a mutual or stock company, if suchchange is proposed; but no such change shall be made unless bytwo-thirds majority of all the votes cast at a meeting held forthat purpose, such meeting to be called by a special notice,stating its object; which notice shall be published for at leastonce a week, for four weeks, in a newspaper of generalcirculation, and published in the county or city where suchcompany is located.
(RSMo 1939 § 5813)Prior revisions: 1929 § 5702; 1919 § 6113; 1909 § 6907