Section 371.060

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 371

Effective - 28 Aug 2011   

  371.060.  State banking and savings and loan board to direct issuance of certificate of incorporation, when. — 1.  Immediately upon the filing of the certificate of organization by the applicants, the director of finance shall submit to the state banking and savings and loan board the proposed articles of incorporation and the certificate of organization of the applicants and as soon as practicable thereafter the state banking and savings and loan board shall direct the director of finance to issue to the applicants a certificate of incorporation in such form as it may prescribe, if the board, from the best information available, determines that:

  (1)  Public convenience and necessity require the development finance corporation;

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

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

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

  2.  The director of finance shall return to the applicants one of the articles of incorporation submitted to him and shall endorse thereon the issuance by him of the certificate of incorporation.

­­--------

(L. 1961 p. 157 § 6, A.L. 1963 p. 478, A.L. 2011 H.B. 464)