Missouri Revised Statutes













Chapter 370

Credit Unions

←370.357

Section 370.358.1

370.359→

August 28, 2015

Foreign credit union may apply for certificate--transfer of domestic credit union to another state.

370.358. 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 union under the laws of this state and may be issued

such a certificate by complying with the provisions of this section.



2. The application shall state:



(1) The name of the credit union and the state or country under the laws

of which it is organized;



(2) The date of its organization and the period of its duration;



(3) The place where its business office will be located in this state;



(4) The names and address of its directors and officers;



(5) A statement of its capital and the amount of its surplus, if any;



(6) Such additional information as may be necessary or appropriate in

order to enable the director of the division of credit unions to determine

whether the credit union should be issued a certificate of organization.



3. The application shall be executed in triplicate by the credit union

by its president or a vice president and verified by him.



4. There shall be delivered to the director of the division of credit

unions with the application a copy of its certificate of organization in the

state in which it is organized, and all amendments thereto and a copy of its

bylaws and amendments duly authenticated by the proper officer of the state or

country where it was organized. There shall also be submitted a statement

similarly authenticated that the credit union is in good standing in the state

or country.



5. (1) When the application is filed in conformity with the foregoing

sections and the same fee paid to the director of the division of credit

unions as would be paid by applicants for organization of a credit union in

Missouri, the director of the division of credit unions, if he finds the

application is in conformity herewith, may issue a certificate of organization

creating the credit union as a Missouri corporation pending cancellation of

its charter in the state in which it is organized, but having a duration of

ninety days. A copy of the certificate shall be filed in the office of the

secretary of state.



(2) When the director of the division of credit unions receives a

certificate duly authenticated by the proper officer of the state or country

where it was organized that the credit union's charter in that state has been

cancelled, then he shall issue a certificate of approval as provided for in

subsection 2 of section 370.040.



(3) Thereafter, the provisions of subsections 2, 3 and 4 of section

370.040 shall be followed in organizing the credit union as a Missouri

corporation.



6. Any credit union organized under the laws of this state and in good

standing may transfer its charter to another state or country by complying

with the following requirements:



(1) The proposition for the transfer shall first be approved by the board

of directors of the credit union and a date set for a vote thereon by the

members. Written notice of the proposition to transfer and of the date of the

members' meeting to vote on the same shall be mailed to each member at the

member's address as it appears on the credit union records, not more than

thirty nor less than seven days prior to the date. Approval of the

proposition to transfer shall be by the affirmative vote of a majority of the

members voting in person or by a written ballot filed with the credit union

secretary on or before the date of the meeting. The board of directors may

prescribe the form of the ballot and the procedure for its use.



(2) An application for the transfer shall be filed with the director of

the division of credit unions with a statement of the results of the vote of

the meeting verified by the affidavits of the president or vice president and

the secretary of the credit union within ten days after the date of the

meeting.



(3) The transfer of the credit union to another state or country shall

be subject to the approval of the director of the division of credit unions.



(4) After the application and approval, there shall be filed with the

director of the division of credit unions a written certificate duly

authenticated by the official of another state or country in charge of issuing

credit union charters stating that upon cancellation of the charter of the

Missouri credit union it will be organized as a credit union in the state or

country with all of the rights of its members unimpaired.



(5) When the foregoing provisions are complied with the director of the

division of credit unions may issue a certificate of cancellation of the

credit union charter, a copy of which shall be filed with the secretary of

state.



(L. 1967 p. 509, A.L. 1972 S.B. 502)







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