Revisor Home

previous nextEffective 28 Aug 1967

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.166.  Expense of organization limited. — 1.  It shall be unlawful for any corporation organized under the laws of this state for the purpose of conducting an insurance business of any kind to pay more than ten percent of the total amount realized from the sale of its capital stock, whether in cash or notes, for the organization of the company.

  2.  In every case subscribers to the stock shall consent, in writing, to the payment of the organization expenses, which shall, in all cases, be paid out of the surplus funds of the corporation; the ten percent to include commissions paid to agents for the sale of stock, rent, clerk hire, literature and all other expenses of every kind and nature, and all obligations incurred, up to the time that application is made for a license to do an insurance business.

  3.  No officer of any company shall be permitted to draw any salary before the corporation is fully organized and licensed to do business.

  4.  Any corporation already organized under the laws of this state to engage in the business aforesaid may increase its capital stock for the purpose, in the manner and to the extent prescribed by law; subject, however, to the restrictions as to expenses incurred in the sale thereof, and the consent of the stock subscribers to the payment of such expenses as are herein specified.

­­--------

(RSMo 1939 § 6071, A.L. 1967 p. 516)


< end of effective 28 Aug 1967 >

use this link to bookmark section 375.166


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House
 Errors / suggestions - WebMaster@LR.mo.gov 
Marie Elizabeth Oliver
History and Fun Facts
 ©Missouri Legislature, all rights reserved.
google bing

 5