§ 376.150 — Stock and mutual companies — content of charter.

Missouri § 376.150

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 376: Life, Health and Accident Insurance

Text

When such corporators propose to form a stock and mutual company for the purposes designated in section 376.010 , the charter comprised in the declaration named in section 376.050 shall set forth all the particulars mentioned in section 376.060 in regard to the formation of corporations on the joint stock plan; and in addition thereto it shall state

(1)  The extent, if any, to which the policyholders shall participate in the election of directors and in the management of the company, and the manner in which they shall do so;

(2)  The time for which it is proposed to remain a stock and mutual company, provided it be intended to limit the same, and the manner of changing into a mutual or stock company, if such change is proposed; but no such change shall be made unless by two-thirds majority of all the votes cast at a meeting held for that purpose, such meeting to be called by a special notice, stating its object; which notice shall be published for at least once a week, for four weeks, in a newspaper of general circulation, and published in the county or city where such company is located.

Legislative History

(RSMo 1939 § 5813) Prior revisions: 1929 § 5702; 1919 § 6113; 1909 § 6907