Missouri § 369.675 - Savings bank, establishment — articles of agreement, requirements.

§ 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)

---- end of effective  28 Aug 1997 ----

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