379.060. Charter of mutual companies.

214 words·~1 min read·/mo/chapter-379/379-060

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

379.060. Charter of mutual companies. — When such incorporators propose to form a corporation for the purpose of doing business on the mutual plan, the charter comprised in the declaration mentioned in section 379.030 shall set forth:

(1)The name assumed by such corporation, and by which it shall be known;

(2)The place where the principal office for the transaction of its business shall be located;

(3)The specific kind or kinds of business which it proposes to transact;

(4)The number of persons from whom proposals for insurance shall be received, the amount of premiums to be received on deposit, and the amount of cash to be paid on the same, before the company shall begin to do business and issue policies;

(5)The manner in which the corporate powers granted by sections 379.010 to 379.160 are to be exercised, showing the number of directors and trustees, which shall not be more than thirteen nor less than nine, and their respective powers and duties, and such other particulars as may be necessary to make manifest the object and purposes of the association, and the manner in which it is to be conducted.

--------

(RSMo 1939 § 5914, A.L. 1989 S.B. 250)

Prior revisions: 1929 § 5803; 1919 § 6213; 1909 § 7004