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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

 Chapter 369

previous next Effective - 06 Jul 1994, see footnotebottom

  369.034.  Incorporation fee, how computed, bond required. — 1.  The incorporators shall appoint one of their number as chairman.  The incorporators of a mutual association, before a certificate of incorporation is issued, shall pay in cash to the chairman, as the initial accounts of the proposed association, an amount, fixed as follows in relation to the population of the city, or the largest city in the county, in which the home office of the association is to be located:

  (1)  In a county having no city in excess of ten thousand population, the minimum sum of one hundred thousand dollars;

  (2)  In a city not in excess, or a county having no city in excess, of one hundred thousand population, the minimum sum of three hundred thousand dollars;

  (3)  In all other cities or counties, the minimum sum of five hundred thousand dollars; but the director of the division of finance may, in the director's discretion, require a larger amount to be paid in.  The population shall be determined by the director of the division of finance based upon the latest federal census.

  2.  The initial stockholders of a capital stock association, before a certificate of incorporation is issued, shall pay in cash to the chairman of the incorporators a minimum amount in subscriptions for capital stock determined and fixed by the director of the division of finance.

  3.  The chairman of the incorporators shall be bonded by a fidelity insurance company licensed to do business in this state, in the form approved by the director of the division of finance, ensuring proper application of all funds and in an amount equal to the amount subscribed by the incorporators plus the expense fund or the paid-in surplus.  The bond shall name the director of the division of finance as obligee and shall be delivered to the director and shall be in such form as to permit suit thereon by any interested person.

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(L. 1971 S.B. 3 § 6, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)

Effective 7-06-94


---- end of effective   06 Jul 1994 ----

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