379.025. Plans for formation of companies--name--prohibitions. - Missouri Statutes

Plans for formation of companies--name--prohibitions.

379.025. Corporations may be formed for the purpose of doingbusiness mentioned in section 379.010, either on the stock ormutual plan; and every corporation so formed on the mutual planshall have the word "mutual" affixed to the name which itassumes; and it shall not be lawful for any corporation so formedto do business on any other plan than that upon which it isorganized, or for a corporation formed upon the mutual plan inany manner to use its name or to make publication thereof, unlessthe word "mutual" be affixed thereto in plain letters of the sizeof the letters in which the balance of the name is printed; andno such corporation shall adopt the name of any existing companyor corporation transacting the same kind of business, or a nameso similar as to be calculated to mislead the public; and themutual companies shall not issue policies known as stockpolicies, or do business as joint stock companies, or upon thejoint stock plan; but any mutual company upon a majority vote ofits members present at an annual meeting, or at any specialmeeting called for that purpose after one week's notice byadvertisement in one or more newspapers printed and published inthe city or county where the chief office of said company islocated, may charge and receive for the mutual benefit of all itspolicyholders cash in payment of premiums on such of its policiesas shall be, by a majority vote of such meeting, determined upon.

(RSMo 1939 § 5907, A.L. 1989 S.B. 250)

Prior revisions: 1929 § 5796; 1919 § 6206; 1909 § 6998