Effective 28 Aug 2019

369.019. Incorporation, requirements, procedure, contents of petition, fees. — 1. Any five or more individuals, hereinafter referred to as incorporators, who are residents of this state may form an association to promote thrift and home financing. Any such association may be a mutual association or a capital stock association and shall have all the rights, powers, and privileges set out in sections 369.010 to 369.369, and shall be subject to all the restrictions, liabilities, and required approvals as provided in sections 369.010 to 369.369.

2. The incorporators shall file a petition for a certificate of incorporation, in such form as may be required, with the director of the division of finance. The petition shall be signed by the incorporators and shall be acknowledged before an officer competent to take acknowledgments of deeds. An incorporation fee of five cents per one hundred dollars of the capital of a mutual association or of the authorized capital stock of a capital stock association shall accompany each petition.

3. The petition shall set forth:

(1) The names and addresses of the incorporators, the initial stockholders, if any, and the directors, with a statement of their character, experience, and general fitness to engage in the savings and loan business;

(2) An itemized statement of the estimated receipts and expenditures of the proposed association for the first year or such longer period as the director of the division of finance in the director's discretion may require; and

(3) A showing that there is a necessity for the proposed association 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 initial account subscriptions to be paid in before commencing business, or, if a stock association, the amount to be paid in for its capital stock, which shall not be less than the amounts stated in section 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 than fifteen nor less than five;

(7) The names of the incorporators to be its directors until the first annual meeting; and

(8) Any other provisions, not inconsistent with law, which the incorporators may choose to insert.

5. The incorporators shall submit with their petition such additional statements, exhibits, maps and other data as the director of the division of finance may require, all of which shall be sufficiently detailed and comprehensive to enable the director of the division of finance to pass upon the petition as to the criteria set out in section 369.024.

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(L. 1971 S.B. 3 § 3, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165, A.L. 2019 S.B. 179)