369.675. Savings bank, establishment — articles of agreement, requirements.

200 words·~1 min read·/mo/chapter-369/369-675

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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)