357.010. Authorization of cooperative plan--purposes--other corporations may convert to cooperatives, procedure. - Missouri Statutes

Authorization of cooperative plan--purposes--other corporations mayconvert to cooperatives, procedure.

357.010. 1. Any number of persons, not less than twelve,may associate themselves together as a cooperative association,society or exchange, having all the incidents, powers andprivileges of corporations, for the purpose of producing orfurnishing goods, services, or housing, or for the purpose ofconducting any agricultural or mercantile business on thecooperative plan, including the buying, selling, manufacturing,storage, transportation or other handling or dealing in or with,by associations of agriculturists, of agricultural, dairy orsimilar products, and including the manufacturing transformationof such articles into products derived therefrom, and for thepurpose of the purchasing of or selling to all shareholders andothers groceries, provisions and all other articles ofmerchandise.

2. For the purposes of this section the words "association","company", "corporation", "society" or "exchange" shall beconstrued to mean the same.

3. A corporation, other than a cooperative incorporatedunder this chapter, may convert itself into a cooperative, ifsuch corporation can qualify as a cooperative under theprovisions of this chapter, by adopting an amendment to itsarticles of incorporation by which it elects to become subject tothe provisions of this chapter. Such amendment shall include allinformation required by section 357.020 and may include anydesirable changes permitted by this chapter. Such amendmentshall be adopted, filed and recorded in the manner provided bylaw applicable to the corporation prior to such conversion,except that the fee for such amendment shall be that amountrequired of a newly formed cooperative as set forth in section357.060.

(RSMo 1939 § 14406, A.L. 1985 S.B. 300)

Prior revisions: 1929 § 12748; 1919 § 10247