371.060. State banking board to direct issuance of certificate of incorporation, when. - Missouri Statutes

State banking board to direct issuance of certificate ofincorporation, when.

371.060. 1. Immediately upon the filing of the certificateof organization by the applicants, the director of finance shallsubmit to the state banking board the proposed articles ofincorporation and the certificate of organization of theapplicants and as soon as practicable thereafter the statebanking board shall direct the director of finance to issue tothe applicants a certificate of incorporation in such form as itmay prescribe, if the board, from the best information available,determines that

(1) Public convenience and necessity require the developmentfinance corporation;

(2) The holders of the fully paid stock of the corporationare at least ten in number;

(3) That not less than two hundred fifty shares of no parvalue stock issued at one hundred dollars per share have beensubscribed and fully paid for in cash;

(4) The bylaws and regulations submitted, if any, are inconformity with the articles of incorporation and the provisionsof this chapter and not in conflict with any law of this state.

2. The director of finance shall return to the applicantsone of the articles of incorporation submitted to him and shallendorse thereon the issuance by him of the certificate ofincorporation.

(L. 1961 p. 157 § 6, A.L. 1963 p. 478)