Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

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…

371.220. Corporate income exempt from income tax. — All income received by a development finance corporation is exempt from the taxes imposed on incomes by this state; but this exemption does not apply to income received by stockholders of the development finance corporation in t…

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…

374.005. Department created, duties — definitions. — 1. The department of insurance created by Section 36(b) of Article IV of the Missouri Constitution shall operate under the name "Department of Commerce and Insurance". Under the authority of the Omnibus State Reorganization Act…

374.007. Statutory reference changes authorized. — 1. The revisor of statutes shall change all references in the revised statutes of Missouri from "department of insurance", "insurance department" or "department of insurance, financial and professional regulation" to "department …

374.010. Department — general powers. — The department of commerce and insurance shall be charged with the execution of all laws now in force, or which may be hereafter enacted, in relation to insurance and insurance companies doing business in this state, and such other duties a…

374.015. Issuance of bulletins by director — definitions — bulleting not to have force and effect of law and are not binding. — 1. For purposes of this section, "insurer" shall mean any person, reciprocal exchange, interinsurer, Lloyds insurer, fraternal benefit society, and any …

374.018. Issuance of no-action letters by director — definitions — effect of letters — duty of department — letters not public records. — 1. For purposes of this section, "no-action letter" shall mean a letter that states the intention of the department to not take enforcement ac…

374.020. Director — qualifications — appointment. — 1. The chief officer of said department shall be designated as the director of the department of commerce and insurance. He shall be a citizen of this state, and experienced in matters of insurance, and be appointed by the gover…

374.030. Director — oath — bond. — Within twenty days after receiving his commission, and before entering upon the duties of his office, the director shall take the oath of office prescribed by the constitution of this state, and shall give a bond with a corporate surety or five …

374.040. Director — duties — administrative hearing commission law not applicable. — 1. It shall be the duty of the director of the department of commerce and insurance to file in his office and safely keep all books and papers required by law to be filed therein, to issue certif…

374.045. Director authorized to make rules and regulations, procedure, this chapter. — 1. The director shall have the full power and authority to make all reasonable rules and regulations to accomplish the following purposes: (1) To regulate the internal affairs of the department…

374.046. Relief issued by director for violations of state laws — considerations — notice — effective date of order — contents of order, procedures — penalty — costs — powers of director — service — order filed — noncompliance — modification of order — additional penalties — defi…

374.047. Willful violation of state law, order — notice. — 1. If the director determines, based on substantial and competent evidence, that a corporation or insurer with a certificate of authority under the laws relating to insurance willfully has engaged in an act, practice, omi…

374.048. Violations of state laws, action in circuit court — relief — bond — venue — judgment — fund created. — 1. If the director believes that a person has engaged, is engaging in or has taken a substantial step toward engaging in an act, practice, omission, or course of busine…

374.049. Classification of violations — orders, penalties — enhancement of penalties — reduction of penalties — deposit and use of penalties — effective date. — 1. Violations of the laws of this state relating to insurance in this chapter, chapter 354 and chapters 375 to 385, or …

374.050. Seal of office — effect. — 1. The seal now used by said department shall be the seal of the office of the director of the department of commerce and insurance, and the same may be renewed whenever necessary. 2. Every certificate or other paper executed by said director i…

374.051. Refusal of license and nonrenewal, applicant may appeal, procedure. — 1. Any applicant refused a license or the renewal of a license by order of the director under section 375.141 may file a petition with the administrative hearing commission alleging that the director h…

374.055. Grievance procedure. — 1. Except as otherwise provided, any interested person aggrieved by any order of the director under the laws of this state relating to insurance in this chapter, chapter 354, and chapters 375 to 385, or a rule adopted by the director, or by any ref…

374.056. Rulemaking authority, delivery methods. — Except as limited by section 375.922, the director may promulgate rules establishing the specific type of delivery method for submissions of rate and form filings, rules, license applications, including materials requested in the…

374.057. Filing of records and signatures authorized when in compliance with federal law. — The filing of records and signatures is authorized, when specified under this chapter, or chapters 287, 325, 354, and 375 to 385, or a rule adopted thereunder, when carried out in a manner…

374.060. Office location and hours. — 1. The director shall maintain his office in Jefferson City and shall keep the same open from eight a.m. to five p.m. every day except Saturdays, Sundays and public holidays. He shall be furnished with suitable rooms in the capitol or other s…

374.070. Office and records, public — copies — records disposed of or destroyed, when. — 1. The office shall be a public office and the records shall be public records and shall at all times be open to the inspection of the public subject to such rules as the director shall make …

374.071. Insurance records exempt from public disclosure — release permitted, when. — 1. The following records of the department are not public records and are not available for public examination under section 374.070: (1) Any document or other material in any consumer complaint…

374.075. Divisions, director may establish. — 1. The director may establish three or more divisions within the department to administer and enforce the laws of this state relating to insurance. The director shall establish at least one division, to be known as the "Division of Co…

374.080. Deputy director, appointment, powers — governor to appoint, when. — 1. The director may appoint a deputy, who shall be subject to removal at pleasure by the director, and who shall possess all the powers and perform all the duties attached by law to the office of directo…