Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

371.010. Purpose of chapter. — The purpose of this chapter is to assist and encourage the development and advancement of the business prosperity and economic welfare of the state, to assist and encourage the location of new industries in this state, and to provide for maximum opp…

371.020. Number of incorporators required. — Any three or more qualified natural persons, all of whom shall be bona fide residents of this state, who desire to associate themselves for the purpose of establishing and operating a development finance corporation may subscribe, ackn…

371.030. Director of finance to investigate and approve proposed articles. — As soon as practicable after the receipt of the proposed articles of incorporation, the director of finance shall, from the best sources of information available, ascertain the character and general fitn…

371.040. Organization may be completed after approval. — Upon receipt of the certificate of preliminary approval the applicants may proceed to complete the organization of the development finance corporation, to obtain subscriptions for and payment of its capital stock, and do al…

371.050. Certificate of organization to be filed — contents. — 1. When the applicants have completed the organization of the proposed development finance corporation, they shall file with the director of finance a certificate of organization executed by its president and attested…

371.060. State banking and savings and loan board to direct issuance of certificate of incorporation, when. — 1. Immediately upon the filing of the certificate of organization by the applicants, the director of finance shall submit to the state banking and savings and loan board …

371.070. Corporate existence begins, when — recording of articles. — 1. Upon the issuance of the certificate of incorporation by the director of finance, the corporate existence of the development finance corporation begins. The certificate of incorporation is conclusive except a…

371.080. Articles of incorporation — contents. — 1. The articles of incorporation for a development finance corporation organized under the provisions of this chapter shall state: (1) The name of the corporation, which name shall include the words "Missouri development finance co…

371.090. Amendment of articles, procedure — when effective. — 1. The articles of incorporation may be amended by a majority vote of the stockholders at any regular meeting or at a special meeting called for that purpose. 2. Articles of amendment signed by the president or vice pr…

371.100. Stockholders' meetings — election of directors — voting rights. — 1. The first annual meeting shall be held on a date fixed by the first board of directors and shall be held as soon as practicable after twenty-five thousand dollars of the capital stock of the corporation…

371.110. Board of directors to manage corporation — number, terms. — 1. The management of the affairs of the corporation shall be administered by a board of directors. In the first instance, the directors, not less than nine, shall be elected by the incorporators to serve until t…

371.120. Members of corporation to be financial institutions — loans by members, limits. — 1. The members of the corporation shall consist of such financial institutions as make application for membership in the corporation and membership becomes effective upon the acceptance of …

371.130. Powers of corporation. — Each corporation organized under this chapter shall have power (1) To sue and be sued, complain and defend, in its corporate name; (2) To have perpetual succession, unless a limited period of duration is stated in its articles of incorporation; (…

371.140. Development finance corporations subject to chapter 351 and have corporate powers and rights. — All development finance corporations shall possess all powers and privileges granted corporations by chapter 351 relating to general business corporations and are subject to a…

371.150. Accumulation of earned surplus, requirements. — The corporation shall set apart as an earned surplus seventy-five percent of its net earnings each year until such earned surplus equals the total of the paid-in capital and paid-in surplus then outstanding. The earned surp…

371.160. Limit on obligations, exceptions. — At no time shall the total obligations of the corporation exceed ten times the amount of paid-in capital and surplus, not including therein the earned surplus. This limitation shall not apply with respect to that portion of the corpora…

371.170. Deposits and loans of funds, regulation — not to receive deposits. — The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depositary by a vote of a majority of the directors, exclusive of any direc…

371.180. Limitation on lending powers. — A development finance corporation organized under the provisions of this chapter shall not lend money when credit is readily available elsewhere. Before granting a loan, the directors of the corporation shall endeavor so far as is reasonab…

371.190. Examination by director of finance — reports. — The corporation shall be subject to the supervision and examination of the director of finance and the corporation shall pay the actual expenses of such examination as determined by the director. The corporation shall make …

371.200. Stockholders not to have preemptive rights. — The holders of capital stock as such shall have no preemptive or preferential right to purchase or subscribe for any part of the unissued capital stock of the corporation of any class or for any new issue of stock of any clas…

371.210. Interest paid exempt from intangible and income taxes. — Interest on bonds, notes or other obligations of a development finance corporation issued under and in accordance with the provisions of this chapter is* exempt from all intangible taxes imposed by this state and a…

[Repealed or reserved.]

371.230. Compromise, arrangement or plan of reorganization, how adopted — effect. — 1. Whenever a compromise or arrangement or any plan of reorganization of the corporation is proposed between the corporation and its creditors, members or shareholders, the circuit court of Cole C…

371.240. Dissolution, when authorized — procedure. — 1. Any corporation organized under this chapter, after the payment in full and cancellation of all its bonds and other obligations issued under the provisions of this chapter, or after the deposit in trust with the respective t…

371.250. Corporations and banks may own stock or securities of company, securities exempt. — Notwithstanding any rule at common law or any provision of any law or any provision in their respective charters, agreements of association, articles of organization, certificates of inco…