Missouri § 370.040 Approval by director, certificate, provisional issuance, fee, examination.

Missouri Statutes

§ 370.040 — Approval by director, certificate, provisional issuance, fee, examination.

Missouri § 370.040

Title XXIVBUSINESS AND FINANCIAL INSTITUTIONS

Ch. 370Credit Unions

This text of Missouri § 370.040 (Approval by director, certificate, provisional issuance, fee, examination.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 370.040 (2026).

Text

1.The director may approve the certificate of organization, if it is in conformity with this chapter and the bylaws, if satisfied that the proposed field of operation is favorable to the success of such credit union and that the standing of the proposed organizers is such as to give assurance that its affairs will be properly administered.

2.He shall thereupon issue to the proposed organizers a certificate of approval in triplicate, annexed respectively to the triplicates of the certificate of organization and of the bylaws. He shall retain one copy, send the second copy to the credit union, and the third copy, together with attachments, shall be filed with secretary of state.

3.Thereupon the organizers shall become and be created a corporation under the name used in the certifica

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1. The director may approve the certificate of organization, if it is in conformity with this chapter and the bylaws, if satisfied that the proposed field of operation is favorable to the success of such credit union and that the standing of the proposed organizers is such as to give assurance that its affairs will be properly administered.

2. He shall thereupon issue to the proposed organizers a certificate of approval in triplicate, annexed respectively to the triplicates of the certificate of organization and of the bylaws. He shall retain one copy, send the second copy to the credit union, and the third copy, together with attachments, shall be filed with secretary of state.

3. Thereupon the organizers shall become and be created a corporation under the name used in the certificate of organization.

4. At the time of the issuance of the certificate, an organization fee of five dollars shall be paid to the director of revenue.

5. A certificate of organization so issued shall be provisional, and an examination will be conducted of the credit union after six months, at division expense, and after one year of operation, to determine that the credit union is a viable entity meeting minimum standards as set by the director. If it is found that the credit union has not made satisfactory progress in meeting minimum standards, the director may revoke the charter, dissolve the credit union, or merge it with another credit union as provided in this chapter.

Legislative History

(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1975 H.B. 227, A.L. 1985 H.B. 469) Prior revision: 1929 § 5079 Effective 6-11-85