369.675. Savings bank, establishment--articles of agreement, requirements. - Missouri Statutes

Savings bank, establishment--articles of agreement, requirements.

369.675. 1. When authorized by the director, any five or morepersons who associate themselves by written articles of agreement, asprovided by law, for the purpose of establishing a savings bank, may beincorporated under any name or title designating such business. Suchpersons may act on behalf of a holding company.

2. The articles of agreement shall set forth:

(1) The name of the proposed savings bank, which shall not beconfusingly similar to the name of any other existing depositoryinstitution;

(2) The address at which such savings bank is to be located;

(3) The amount to be paid in for its capital stock;

(4) The duration of its existence which shall be perpetual;

(5) The purposes of the proposed savings bank;

(6) The number of directors which shall be not more than fifteen norless than five, all of whom shall satisfy the qualifications in section369.109;

(7) The names of the incorporators, who shall be its directors untilthe first annual meeting; and

(8) Any other provisions, not inconsistent with law, which theincorporators may choose to insert.

(L. 1997 H.B. 257 § 369.405)