Missouri Laws 369.034 – Incorporation fee, how computed, bond required
1. The incorporators shall appoint one of their number as chairman. The incorporators of a mutual association, before a certificate of incorporation is issued, shall pay in cash to the chairman, as the initial accounts of the proposed association, an amount, fixed as follows in relation to the population of the city, or the largest city in the county, in which the home office of the association is to be located:
(1) In a county having no city in excess of ten thousand population, the minimum sum of one hundred thousand dollars;
Terms Used In Missouri Laws 369.034
- Association: a savings and loan association or a savings association subject to the provisions of this chapter. See Missouri Laws 369.014
- Capital: the capital stock and any other capital contributions in a capital stock association. See Missouri Laws 369.014
- Capital stock: shares of nonwithdrawable capital issued by a capital stock association which may be issued as permitted under chapter 351. See Missouri Laws 369.014
- County: includes the City of St. See Missouri Laws 369.014
- Director of the division of finance: the chief officer of the division of finance. See Missouri Laws 369.014
- Home office: the location named in the articles of incorporation or the new location in place thereof approved by the director of the division of finance. See Missouri Laws 369.014
- Person: any individual, corporation, entity, voting trust, business trust, partnership, association, syndicate, or organized group of persons whether incorporated or not. See Missouri Laws 369.014
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) In a city not in excess, or a county having no city in excess, of one hundred thousand population, the minimum sum of three hundred thousand dollars;
(3) In all other cities or counties, the minimum sum of five hundred thousand dollars; but the director of the division of finance may, in the director’s discretion, require a larger amount to be paid in. The population shall be determined by the director of the division of finance based upon the latest federal census.
2. The initial stockholders of a capital stock association, before a certificate of incorporation is issued, shall pay in cash to the chairman of the incorporators a minimum amount in subscriptions for capital stock determined and fixed by the director of the division of finance.
3. The chairman of the incorporators shall be bonded by a fidelity 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 equal to the amount subscribed by the incorporators plus the expense fund or the paid-in surplus. The bond shall name the director of the division of finance as obligee and shall be delivered to the director and shall be in such form as to permit suit thereon by any interested person.