370.040. Approval by director, certificate, provisional issuance, fee, examination. - Missouri Statutes

Approval by director, certificate, provisional issuance, fee,examination.

370.040. 1. The director may approve the certificate oforganization, if it is in conformity with this chapter and thebylaws, if satisfied that the proposed field of operation isfavorable to the success of such credit union and that thestanding of the proposed organizers is such as to give assurancethat its affairs will be properly administered.

2. He shall thereupon issue to the proposed organizers acertificate of approval in triplicate, annexed respectively tothe triplicates of the certificate of organization and of thebylaws. He shall retain one copy, send the second copy to thecredit union, and the third copy, together with attachments,shall be filed with secretary of state.

3. Thereupon the organizers shall become and be created acorporation under the name used in the certificate oforganization.

4. At the time of the issuance of the certificate, anorganization fee of five dollars shall be paid to the director ofrevenue.

5. A certificate of organization so issued shall beprovisional, and an examination will be conducted of the creditunion after six months, at division expense, and after one yearof operation, to determine that the credit union is a viableentity meeting minimum standards as set by the director. If itis found that the credit union has not made satisfactory progressin meeting minimum standards, the director may revoke thecharter, dissolve the credit union, or merge it with anothercredit union as provided in this chapter.

(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1975 H.B. 227, A.L. 1985 H.B. 469)

Prior revision: 1929 § 5079

Effective 6-11-85