Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

370.154. Powers of receiver. — 1. The director or other suitable person, while acting as temporary or permanent receiver of a credit union, may compromise and settle, under such general or specific authority as may be granted by order of the court, any and all debts owing by or c…

370.156. Withdrawal applications voided, when. — When the director takes charge of a credit union, all notices or applications of members for withdrawal of shares theretofore filed shall thereafter be of no force and effect; and any distribution to members of capital shall be pro…

370.157. Director may remove officers, procedure. — 1. Whenever it shall appear to the director, from any examination made by him or her or her or his examiners, that any director, officer, or any other person participating in the conduct of the affairs of a credit union subject …

370.158. Court may approve or modify reorganization or merger plan. — 1. The director may submit to the court for approval, modification or disapproval any proposed reorganization or merger of the credit union with another credit union. 2. The court may submit the proposed reorga…

370.160. Fiscal year. — The credit union fiscal year shall end at the close of business on the thirty-first day of December. ­­-------- (RSMo 1939 § 5527, A.L. 1945 p. 689, A.L. 1979 S.B. 24) Prior revision: 1929 § 5085

370.161. Notice of intention to remove, contents, procedure. — A notice of intention to remove a director, officer, or other person from office or to prohibit his or her participation in the conduct of the affairs of a credit union shall contain a statement of the facts constitut…

370.162. Appeal to circuit court, when. — Within ten days after any director, officer, or other person has been suspended from office, prohibited from participation in the conduct of the affairs of a credit union, or both, under subsection 3 of section 370.157, such director, off…

370.163. Suspension of director or officer permitted, when, procedure. — Whenever a director or officer of a credit union, or other person participating in the conduct of the affairs of such credit union, is charged in any information or complaint authorized by a prosecuting atto…

370.164. Suspension, effect on board of directors, procedure. — If at any time because of the suspension of one or more directors under sections 370.157 or 370.161 to 370.165 there shall be on the board of directors of a credit union less than a quorum of directors not so suspend…

370.165. Effective date of notice of suspension. — A notice of suspension or order of removal issued under this chapter shall become effective immediately but any director, officer, or other person concerned may, within thirty days of service of any notice of suspension or order …

370.170. Meetings and special meetings, voting — proxies, when — action at meeting. — 1. Special meetings of the members may be held by order of the board of directors, or the supervisory committee, and shall be held on request of ten percent of the members. 2. At all meetings a …

370.180. Board of directors, committees — election — terms — oath. — 1. At the annual meeting the members shall elect a board of directors and, if the bylaws so provide, a credit committee and a supervisory committee. If the bylaws so provide, a supervisory committee may be appoi…

370.190. Directors to elect officers — duties established by board or bylaws. — 1. At its first meeting following the annual membership meeting, the board of directors shall elect from their own number a chair of the board of directors, a vice chair, a secretary and a treasurer; …

370.200. Duties of board — telephone or electronic participation at meetings. — 1. The board of directors shall have the general management of the affairs, funds, and records of the corporation, and unless they shall be specifically reserved to the members or delegated to the pre…

370.210. Compensation not allowed for board of directors — approval of other salaries required. — 1. No member of the board of directors or of the credit or supervisory committees shall receive any compensation for his services as a member of the board or committee. 2. No salary …

370.220. Duties of credit committee — credit manager authorized, delegation of loan authority — appeal from decision — extension of credit, when. — 1. The credit committee or, if authorized, credit manager shall follow the bylaws, policies, and procedures established by the board…

370.230. Powers and duties of supervisory committee. — 1. The supervisory committee shall make, or cause to be made, an examination of the affairs of the credit union, at least annually, including its books and accounts, and shall make, or cause to be made, a verification of memb…

370.235. Employees handling funds of credit union to give surety bond. — As a condition precedent to qualification or entry upon the discharge of his or her duties, every person appointed or elected to any position requiring the receipt, payment of money or other personal propert…

370.240. Capital of credit unions. — The capital of a credit union shall consist of the outstanding share balances of the several members thereof. ­­-------- (RSMo 1939 § 5532, A.L. 1945 p. 689) Prior revision: 1929 § 5090

370.245. Suspected fraudulent activity or financial exploitation, reporting of — trusted contact program, purpose, requirements. — 1. For purposes of this section, the following terms mean: (1) "Credit union", any state or federally chartered credit union providing financial serv…

370.250. Lien on shares, share certificates, deposits, share draft and checking accounts — effect. — 1. A credit union shall have a lien on all shares, share certificates, deposits, deposit certificates, share draft and checking accounts of any member and on the dividends payable…

370.260. Cancellation of shares — member to keep credit union informed of current address. — 1. A credit union may, upon the resignation or expulsion of a member, cancel the shares of such member and apply the withdrawal value of such shares toward the liquidation of the member's…

370.275. Trust accounts, requirements — beneficiaries' rights — payment a discharge of liability, when — death of trust account owner, procedure. — Shares, share certificates, deposits and deposit certificates may be held in the name of a member in trust for a beneficiary, in the…

370.283. Minors may hold or release shares — subject to lien. — 1. When shares are issued in the name of any minor, the same shall be held for the exclusive right and benefit of the minor, and free from the control or lien of all other persons, except creditors, and shall be paid…

370.285. Retirement accounts and pension funds, authority to serve as trustee. — 1. A credit union may act as trustee or custodian of individual retirement accounts authorized by federal or state law, pension funds of self-employed individuals or of a company or organization spon…

370.287. Jointly held shares, survival — effect of incapacity on joint tenancy — payment of shares, release and discharge of the credit union, when. — 1. Shares may be issued in joint tenancy with the right of survivorship with any persons, minor or adult, designated by the credi…

370.288. Refusal to make payment from account, when, requirements — immunity from liability, when. — 1. A credit union may refuse to make a payment from an account to a depositor, a shareholder, any trust or payable-on-death account beneficiary, or any other person claiming an in…

370.290. Power to borrow money from any source. — A credit union shall have the power to borrow from any source, but the total of such borrowing shall at no time exceed fifty percent of the capital, surplus and reserve fund of the borrowing credit union. ­­-------- (RSMo 1939 § 5…

370.300. Loans, interest rate — charges — refunds to members. — 1. A credit union may lend to its members at reasonable rates of interest, which shall not exceed the maximum rate in similar classes allowed all other lenders under the laws of this state; however, a minimum interes…

370.310. Limitations on loans — loans to directors and committee members, report required. — 1. A credit union may lend to its members, as herein provided, for such purposes and upon such security as the bylaws provide and the credit committee or credit manager shall approve, pro…

370.320. Reserve fund required. — All credit unions shall establish and maintain reserves sufficient to qualify for and maintain federal share insurance and meet any requirements concerning minimum reserves established by the director of the credit unions by regulation. ­­-------…

370.325. Reserves, amounts required, waived when, procedure. — 1. Notwithstanding any other provisions in this chapter, each credit union organized under the laws of this state having membership shares shall maintain a reserve for losses on loans to members in an amount equal to …

370.328. Reserve fund distribution, when. — The required reserve funds shall be held to meet contingencies and shall not be distributed to the members except upon dissolution of the credit union or upon approval of the director. ­­-------- (L. 1984 H.B. 962)

370.330. Dividends, when declared — how paid. — After allocations to required reserves, a credit union may declare dividends on general shares, membership shares, or both, at the discretion of its board of directors and as its bylaws provide. ­­-------- (RSMo 1939 § 5538, A.L. 19…

370.340. Expulsion and withdrawal of members — refunds. — 1. At any regularly called meeting the members, by a two-thirds vote of those present, may expel from the credit union any member thereof. 2. A member may withdraw from a credit union upon request. 3. The board of director…

370.350. Dissolution of credit union, liquidation procedure, rulemaking authority. — 1. At any meeting called for the purpose, notice of the purpose being contained in the call, three-fourths of the membership present may vote to dissolve the credit union and shall thereupon sign…

370.351. Credit unions may merge — directors to approve plan, procedure. — 1. Any two or more credit unions formed under the laws of the state of Missouri and any credit union or unions formed under the laws of the state of Missouri and any credit union formed under the laws of a…

370.352. Consolidation into new credit union — directors to approve plan. — 1. Any two or more credit unions organized under the laws of the state of Missouri, or any credit union organized under the laws of any other state or of the United States and formed for a purpose for whi…

370.353. Submission of plan to meeting of members or shareholders — notice. — 1. The board of directors of the merging credit union or credit unions, upon approving the plan of merger or consolidation, shall direct, by a resolution, that the plan be submitted at a meeting of the …

370.354. Vote required for approval — director may approve, when. — 1. At each such meeting, a vote of the members or the shareholders entitled to vote shall be taken on the proposed plan of merger or consolidation. The plan of merger or consolidation shall be approved upon recei…

370.355. Certificate of merger or consolidation, issued when — copies, where filed. — 1. Upon approval by the director of the division of credit unions, articles of merger or articles of consolidation shall be executed by each credit union, by its chair, or a vice chair, and veri…

370.356. Shareholder may object to merger or consolidation, procedure — payment of value of shares. — 1. If a shareholder of a credit union which is a party to a merger or consolidation files with such credit union, prior to or at the meeting of shareholders or members at which t…

370.357. Effect of merger or consolidation. — When the merger or consolidation has been effected: (1) The several credit unions parties to the plan of merger or consolidation shall be a single credit union which, in the case of a merger, shall be that credit union designated in t…

370.358. Foreign credit union may apply for certificate — transfer of domestic credit union to another state. — 1. A credit union organized under the laws of another state may apply to the director of the division of credit unions for a certificate of organization as a credit uni…

370.359. Conversion from state to federal or federal to state credit union, procedure. — 1. A credit union holding a certificate of organization under the laws of this state may be converted into a federal credit union under the laws of the United States by complying with the fol…

370.360. Unauthorized use of words "credit union" a misdemeanor. — The use by any person, copartnership, association or corporation, except credit unions formed under the provisions of this chapter or any association composed exclusively of credit unions, including any service co…

370.362. Insurance required, contents — failure to obtain or maintain, effect — exceptions — limitations of insurers. — 1. Every credit union incorporated under this chapter and not currently insured by the National Credit Union Share Insurance Fund (NCUSIF) shall, within ninety …

370.365. Central credit union defined — how formed — fee, how determined. — 1. A "central credit union" is one organized for the primary purpose of serving other credit unions; except that, where the dollar amount of shares held by credit unions and associations of credit unions …

370.366. Central credit union conversion, consolidation or merger with bank or trust company, when, requirements. — 1. Upon compliance with any applicable laws of the United States and upon obtaining the approval of the directors of the division of finance and the division of cre…

370.390. Foreign credit union may operate in state, requirements. — The director of the division of credit unions may authorize a foreign credit union to open an office in Missouri if he finds that the credit union has insurance of accounts comparable to that required of Missouri…