369.684. Examination required, expenses. - Missouri Statutes

Examination required, expenses.

369.684. 1. When any savings bank has filed with the director propercopies of its articles of agreement, paid the incorporation and other feesin full, and provided the cash, as required by law, the director, beforethe savings bank completes its incorporation, shall cause an examination tobe made to determine whether:

(1) The requisite capital of the savings bank has been subscribed ingood faith and paid in actual cash and is ready for use in the transactionof its business;

(2) The character, responsibility and general fitness of the personsnamed in the articles of agreement and any holding company on whose behalfthey are acting are such as to command confidence and warrant belief thatthe business of the proposed institution will be conducted honestly andefficiently in accordance with the intent and purpose of this chapter; and

(3) The convenience and needs of the community to be served justifyand warrant the opening of the savings bank in the community, and if theprobable volume of business in such community is sufficient to ensure andmaintain the solvency of the new savings bank and the solvency of the thenexisting depository institutions in the community.

2. The persons named in the articles of agreement shall be liable forall expenses incurred in making the examination, including the wages andother necessary expenses of each examiner making the examination; exceptthat, if the charter is granted, such incurred expenses may be assumed bythe savings bank so chartered.

(L. 1997 H.B. 257 § 369.415)