Missouri Revised Statutes













Chapter 369

Savings and Loan Associations

←369.034

Section 369.039.1

369.044→

August 28, 2015

Expense fund, mutual associations, purpose, amount--contributions, how repaid--associations exempted, when.

369.039. 1. The incorporators of a mutual association shall also create

an expense fund in an amount not less than one-half of the amount of initial

accounts required by section 369.034 from which the expense of organizing the

association and its operating expenses may be paid until such time as its net

income is sufficient to pay such earnings as may be declared. The

incorporators, before a certificate of incorporation is issued, shall pay to

the chairman of the incorporators in cash the amount of the expense fund.

The amounts contributed to the expense fund shall constitute loans to the

association.



2. Contributions made to the expense fund may be repaid pro rata to the

contributors from the net income of the association after provision for

statutory reserves and payment of earnings on accounts. In case of the

liquidation of an association before contributions to the expense fund have

been repaid, any contributions to the expense fund remaining unexpended shall

be repaid to the contributors pro rata after payment of all claims, including

accounts, but before payment of reserves. Contributors to the expense fund

shall be paid interest on the amounts contributed by them.



3. This section shall not apply to an association which has obtained a

firm commitment for insurance of its accounts from the Federal Deposit

Insurance Corporation or any successor thereof or from any other insurer

approved by the director of the division of finance.



(L. 1971 S.B. 3 § 7, A.L. 1982 S.B. 464, A.L. 1994 H.B. 1165)



Effective 7-6-94







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