Section 369.675

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

Effective - 28 Aug 1997   

  369.675.  Savings bank, establishment — articles of agreement, requirements. — 1.  When authorized by the director, any five or more persons who associate themselves by written articles of agreement, as provided by law, for the purpose of establishing a savings bank, may be incorporated under any name or title designating such business.  Such persons may act on behalf of a holding company.

  2.  The articles of agreement shall set forth:

  (1)  The name of the proposed savings bank, which shall not be confusingly similar to the name of any other existing depository institution;

  (2)  The address at which such savings bank is to be located;

  (3)  The amount to be paid in for its capital stock;

  (4)  The duration of its existence which shall be perpetual;

  (5)  The purposes of the proposed savings bank;

  (6)  The number of directors which shall be not more than fifteen nor less than five, all of whom shall satisfy the qualifications in section 369.109;

  (7)  The names of the incorporators, who shall be its directors until the first annual meeting; and

  (8)  Any other provisions, not inconsistent with law, which the incorporators may choose to insert.

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(L. 1997 H.B. 257 § 369.405)