Missouri § 370.040 - Approval by director, certificate, provisional issuance, fee, examination.
Full text of Missouri Revised Statutes of Missouri § 370.040 — Approval by director, certificate, provisional issuance, fee, examination., with citation guidance and answers to common questions.
§ 370.040. Approval by director, certificate, provisional issuance, fee, examination.
1. The director may approve the certificate of organization, if it is in conformity with this chapter and the bylaws, if satisfied that the proposed field of operation is favorable to the success of such credit union and that the standing of the proposed organizers is such as to give assurance that its affairs will be properly administered.
2. He shall thereupon issue to the proposed organizers a certificate of approval in triplicate, annexed respectively to the triplicates of the certificate of organization and of the bylaws. He shall retain one copy, send the second copy to the credit union, and the third copy, together with attachments, shall be filed with secretary of state.
3. Thereupon the organizers shall become and be created a corporation under the name used in the certificate of organization.
4. At the time of the issuance of the certificate, an organization fee of five dollars shall be paid to the director of revenue.
5. A certificate of organization so issued shall be provisional, and an examination will be conducted of the credit union after six months, at division expense, and after one year of operation, to determine that the credit union is a viable entity meeting minimum standards as set by the director. If it is found that the credit union has not made satisfactory progress in meeting minimum standards, the director may revoke the charter, dissolve the credit union, or merge it with another credit union as provided in this chapter.
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(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1975 H.B. 227, A.L. 1985 H.B. 469)
Prior revision: 1929 § 5079
Effective 6-11-85
---- end of effective 11 Jun 1985 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 370.040
What does Revised Statutes of Missouri § 370.040 cover?
Section 370.040 ("Approval by director, certificate, provisional issuance, fee, examination.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 370.040?
A common citation format is "Revised Statutes of Missouri § 370.040" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 370.040 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.