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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

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  370.358.  Foreign credit union may apply for certificate — transfer of domestic credit union to another state. — 1.  A credit union organized under the laws of another state may apply to the director of the division of credit unions for a certificate of organization as a credit union under the laws of this state and may be issued such a certificate by complying with the provisions of this section.

  2.  The application shall state:

  (1)  The name of the credit union and the state or country under the laws of which it is organized;

  (2)  The date of its organization and the period of its duration;

  (3)  The place where its business office will be located in this state;

  (4)  The names and address of its directors and officers;

  (5)  A statement of its capital and the amount of its surplus, if any;

  (6)  Such additional information as may be necessary or appropriate in order to enable the director of the division of credit unions to determine whether the credit union should be issued a certificate of organization.

  3.  The application shall be executed in triplicate by the credit union by its president or a vice president and verified by him.

  4.  There shall be delivered to the director of the division of credit unions with the application a copy of its certificate of organization in the state in which it is organized, and all amendments thereto and a copy of its bylaws and amendments duly authenticated by the proper officer of the state or country where it was organized.  There shall also be submitted a statement similarly authenticated that the credit union is in good standing in the state or country.

  5.  (1)  When the application is filed in conformity with the foregoing sections and the same fee paid to the director of the division of credit unions as would be paid by applicants for organization of a credit union in Missouri, the director of the division of credit unions, if he finds the application is in conformity herewith, may issue a certificate of organization creating the credit union as a Missouri corporation pending cancellation of its charter in the state in which it is organized, but having a duration of ninety days.  A copy of the certificate shall be filed in the office of the secretary of state.

  (2)  When the director of the division of credit unions receives a certificate duly authenticated by the proper officer of the state or country where it was organized that the credit union's charter in that state has been cancelled, then he shall issue a certificate of approval as provided for in subsection 2 of section 370.040.

  (3)  Thereafter, the provisions of subsections 2, 3 and 4 of section 370.040 shall be followed in organizing the credit union as a Missouri corporation.

  6.  Any credit union organized under the laws of this state and in good standing may transfer its charter to another state or country by complying with the following requirements:

  (1) The proposition for the transfer shall first be approved by the board of directors of the credit union and a date set for a vote thereon by the members.  Written notice of the proposition to transfer and of the date of the members' meeting to vote on the same shall be mailed to each member at the member's address as it appears on the credit union records, not more than thirty nor less than seven days prior to the date.  Approval of the proposition to transfer shall be by the affirmative vote of a majority of the members voting in person or by a written ballot filed with the credit union secretary on or before the date of the meeting.  The board of directors may prescribe the form of the ballot and the procedure for its use.

  (2) An application for the transfer shall be filed with the director of the division of credit unions with a statement of the results of the vote of the meeting verified by the affidavits of the president or vice president and the secretary of the credit union within ten days after the date of the meeting.

  (3)  The transfer of the credit union to another state or country shall be subject to the approval of the director of the division of credit unions.

  (4)  After the application and approval, there shall be filed with the director of the division of credit unions a written certificate duly authenticated by the official of another state or country in charge of issuing credit union charters stating that upon cancellation of the charter of the Missouri credit union it will be organized as a credit union in the state or country with all of the rights of its members unimpaired.

  (5)  When the foregoing provisions are complied with the director of the division of credit unions may issue a certificate of cancellation of the credit union charter, a copy of which shall be filed with the secretary of state.

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(L. 1967 p. 509, A.L. 1972 S.B. 502)


---- end of effective   28 Aug 1972 ----

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