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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 377

previous next Effective - 28 Aug 1963bottom

  377.220.  Articles of agreement — approval — filing — issuance of certificate. — 1.  The persons mentioned in section 377.210 shall be designated as corporators, and such persons shall associate themselves by articles of agreement, in writing, duly signed and acknowledged, setting forth:

  (1)  The corporate name of the proposed corporation, which shall not be the name of any corporation heretofore incorporated or doing business in this state for similar purposes, or any such imitation of such name calculated to mislead the public;

  (2)  The name of the city, town or county in which the principal office is located;

  (3)  The amount of the capital stock of the corporation, provided the same be a stock company, which shall not be less than fifty thousand dollars and a surplus of not less than fifty thousand dollars, the number of shares into which the capital stock is divided, and the par value thereof, that the same has been bona fide subscribed, and actually paid up in lawful money of the United States, and is in the custody of the persons named as the first board of directors; the name and place of the several shareholders and the number of shares subscribed by each;

  (4)  The number of the board of directors or managers, which shall be not less than seven, their powers and duties and the names agreed upon for the first year;

  (5)  The number of years the corporation is to continue;

  (6)  A statement that the company is formed for the purpose of carrying on the business of insurance under the provisions of sections 377.200 to 377.460;

  (7)  Any other provision of this section notwithstanding, a stipulated premium life insurance company licensed to do business in this state on October 13, 1963, may renew its license for business specified therein until December 31, 1965, by maintaining in lieu of the capital and surplus requirements an actual capital of at least twenty-five thousand dollars.

  2.  Said articles of agreement shall be submitted to the director of the department of commerce and insurance and attorney general, and if they are found by these officers to comply with the provisions of sections 377.200 to 377.460, they shall approve the same.

  3.  When approved, they shall be filed and recorded in the office of the secretary of state, who shall issue a certificate of incorporation, upon the receipt of which such persons shall be a body corporate and politic, under the statutes of this state.

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(RSMo 1939 § 5871, A.L. 1963 p. 485)

Prior revisions: 1929 § 5760; 1919 § 6170; 1909 § 6964


---- end of effective   28 Aug 1963 ----

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