379.525. Additional requirements for articles of association. - Missouri Statutes

Additional requirements for articles of association.

379.525. 1. If such company be a stock company, then thearticles of association shall set forth, in addition to therequirements of section 379.520, the amount of the capital stock,the number of shares into which it shall have been divided, andthe amount which has been paid upon each share, and if thecapital stock is less than that required by the general statutesit shall be increased to at least that amount.

2. If such company be a mutual company, its articles ofassociation shall set forth, in addition to what is required bysection 379.520, the number of policyholders, the amount ofpremium notes, their face value, the amount of assessments paidthereon, and in all cases the amount of cash and other assets,itemized, held and owned by such company; provided, that theaggregate amount of assets shall not be of less value thanrequired by new companies organizing under the insurance statutesof this state concerning mutual companies.

(RSMo 1939 § 5992)

Prior revisions: 1929 § 5881; 1919 § 6291