369.064. Failure to commence business within six months, effect of. - Missouri Statutes

Failure to commence business within six months, effect of.

369.064. Any association which shall not commence businesswithin six months after the date upon which its corporateexistence begins shall forfeit its corporate existence, unlessthe director of the division of finance, before the expiration ofsuch six months' period, has approved an extension of time withinwhich it may commence business, upon a written applicationstating the reasons for the delay. Upon such forfeiture allaction taken in connection with the incorporation of theassociation except the payment of the incorporation fee shallbecome void. Amounts paid on accounts and on the expense fund ofa mutual association and amounts paid on stock subscriptions of acapital stock association, less proper expenditures, shall bereturned pro rata to the owners thereof. A certificate recitingthe forfeiture shall be delivered by the director of the divisionof finance to the secretary of state.

(L. 1971 S.B. 3 § 12, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)

Effective 7-6-94