357.010. Authorization of cooperative plan — purposes — other corporations may convert to cooperatives, procedure.

289 words·~1 min read·/mo/chapter-357/357-010

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357.010. Authorization of cooperative plan — purposes — other corporations may convert to cooperatives, procedure. — 1. Any number of persons, not less than twelve, may associate themselves together as a cooperative association, society or exchange, having all the incidents, powers and privileges of corporations, for the purpose of producing or furnishing goods, services, or housing, or for the purpose of conducting any agricultural or mercantile business on the cooperative plan, including the buying, selling, manufacturing, storage, transportation or other handling or dealing in or with, by associations of agriculturists, of agricultural, dairy or similar products, and including the manufacturing transformation of such articles into products derived therefrom, and for the purpose of the purchasing of or selling to all shareholders and others groceries, provisions and all other articles of merchandise.

2. For the purposes of this section the words "association", "company", "corporation", "society" or "exchange" shall be construed to mean the same.

3. A corporation, other than a cooperative incorporated under this chapter, may convert itself into a cooperative, if such corporation can qualify as a cooperative under the provisions of this chapter, by adopting an amendment to its articles of incorporation by which it elects to become subject to the provisions of this chapter. Such amendment shall include all information required by section 357.020 and may include any desirable changes permitted by this chapter. Such amendment shall be adopted, filed and recorded in the manner provided by law applicable to the corporation prior to such conversion, except that the fee for such amendment shall be that amount required of a newly formed cooperative as set forth in section 357.060 .

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(RSMo 1939 § 14406, A.L. 1985 S.B. 300)

Prior revisions: 1929 § 12748; 1919 § 10247