Organization of corporation--contents of articles of agreement.
353.030. Corporations referred to in this chapter as urbanredevelopment corporations may be organized in the followingmanner: The articles of agreement or association shall beprepared, subscribed and acknowledged, and filed in the office ofthe secretary of state pursuant to the general corporations lawsof the state and shall contain:
(1) The name of the proposed corporation, which must havethe words "redevelopment corporation" as a part thereof.
(2) The purposes for which it is formed which shall be asfollows: To acquire, construct, maintain and operate aredevelopment project or redevelopment projects in accordancewith the provisions of this law.
(3) The amount of the capital stock, and if any be preferredstock the preference thereof.
(4) The number of shares of which the capital shall consistall of which shall have a par value.
(5) The city in which its principal business office is to belocated.
(6) Its duration, which shall not exceed ninety-nine years.
(7) The number of directors, which shall not be less thanthree, nor more than thirteen.
(8) The names and post-office addresses of the directors forthe first year, at least one of whom shall be a resident of thestate of Missouri.
(9) The names and post-office addresses of the subscribersto the articles of association or agreement.
(10) A provision that in the event that income debenturecertificates are issued by the corporation, the owners thereofshall have the same right to vote as they would have if possessedof certificates of stock of the amount and par value of theincome debenture certificates held by them. The articles mayprovide for the retirement of income debenture certificates orpreferred stock of the corporation as and when there shall befunds available in the treasury of the corporation from thereceipt of amortization or sinking fund in installments for thepurpose. Interest shall not be paid by the corporation upon suchincome debenture certificates in excess of nine percent perannum. Provided, however, that this limitation shall not applyto other debt of the corporation.
(11) A declaration that the corporation has been organizedto serve a public purpose; that all real estate acquired by itand all structures erected by it are to be acquired for thepurpose of promoting the public health, safety and welfare, andthat the stockholders of the corporation shall when theysubscribe to and receive the stock thereof, agree that the netearnings of the corporation shall be limited to an amount not toexceed eight percent per annum of the cost to such corporation ofthe redevelopment project including the cost of the land, or thebalances of such cost as reduced by amortization payments;provided, that the net earnings derived from any redevelopmentproject shall in no event exceed a sum equal to eight percent perannum upon the entire cost thereof. Such net earnings shall becomputed after deducting from gross earnings the following:
(a) All costs and expenses of maintenance and operation;
(b) Amounts paid for taxes, assessments, insurance premiumsand other similar charges;
(c) An annual amount sufficient to amortize the cost of theentire project at the end of the period, which shall not be morethan sixty years from the date of completion of the project.The development plan may contain provisions satisfactory to thelegislative authority authorizing such plan that any surplusearnings in excess of the rate of net earnings provided in thischapter may be held by the corporation as a reserve formaintenance of such rate of return in the future and may be usedby the corporation to offset any deficiency in such rate ofreturn which may have occurred in prior years; or may be used toaccelerate the amortization payments; or for the enlargement ofthe project; or for reduction in rentals therein; provided, thatany excess of such surplus earnings remaining at the terminationof the tax relief granted pursuant to section 353.110 shall beturned over by the corporation to the city.
(12) A declaration that such corporations are organized* forthe purpose of the clearance, replanning, reconstruction orrehabilitation of blighted areas, and the construction of suchindustrial, commercial, residential or public structures as maybe appropriate, including provisions for recreational and otherfacilities incidental or appurtenant thereto.
(L. 1943 p. 751 § 7, A.L. 1945 p. 1242 § 3, A.L. 1947 V. I p. 393, A.L. 1969 S.B. 373, A.L. 1974 2d Ex. Sess. S.B. 1)
Effective 1-9-75
*Word "recognized" appears in original rolls, probably a typographical error.
(1969) Under the provisions of Chapter 353, RSMo, an urban development corporation cannot pay interest on any of its obligations at an annual rate exceeding six percent. Council Plaza Redevelopment Corporation v. Duffey (Mo.), 439 S.W.2d 526.
Organization of corporation--contents of articles of agreement.
353.030. Corporations referred to in this chapter as urbanredevelopment corporations may be organized in the followingmanner: The articles of agreement or association shall beprepared, subscribed and acknowledged, and filed in the office ofthe secretary of state pursuant to the general corporations lawsof the state and shall contain:
(1) The name of the proposed corporation, which must havethe words "redevelopment corporation" as a part thereof.
(2) The purposes for which it is formed which shall be asfollows: To acquire, construct, maintain and operate aredevelopment project or redevelopment projects in accordancewith the provisions of this law.
(3) The amount of the capital stock, and if any be preferredstock the preference thereof.
(4) The number of shares of which the capital shall consistall of which shall have a par value.
(5) The city in which its principal business office is to belocated.
(6) Its duration, which shall not exceed ninety-nine years.
(7) The number of directors, which shall not be less thanthree, nor more than thirteen.
(8) The names and post-office addresses of the directors forthe first year, at least one of whom shall be a resident of thestate of Missouri.
(9) The names and post-office addresses of the subscribersto the articles of association or agreement.
(10) A provision that in the event that income debenturecertificates are issued by the corporation, the owners thereofshall have the same right to vote as they would have if possessedof certificates of stock of the amount and par value of theincome debenture certificates held by them. The articles mayprovide for the retirement of income debenture certificates orpreferred stock of the corporation as and when there shall befunds available in the treasury of the corporation from thereceipt of amortization or sinking fund in installments for thepurpose. Interest shall not be paid by the corporation upon suchincome debenture certificates in excess of nine percent perannum. Provided, however, that this limitation shall not applyto other debt of the corporation.
(11) A declaration that the corporation has been organizedto serve a public purpose; that all real estate acquired by itand all structures erected by it are to be acquired for thepurpose of promoting the public health, safety and welfare, andthat the stockholders of the corporation shall when theysubscribe to and receive the stock thereof, agree that the netearnings of the corporation shall be limited to an amount not toexceed eight percent per annum of the cost to such corporation ofthe redevelopment project including the cost of the land, or thebalances of such cost as reduced by amortization payments;provided, that the net earnings derived from any redevelopmentproject shall in no event exceed a sum equal to eight percent perannum upon the entire cost thereof. Such net earnings shall becomputed after deducting from gross earnings the following:
(a) All costs and expenses of maintenance and operation;
(b) Amounts paid for taxes, assessments, insurance premiumsand other similar charges;
(c) An annual amount sufficient to amortize the cost of theentire project at the end of the period, which shall not be morethan sixty years from the date of completion of the project.The development plan may contain provisions satisfactory to thelegislative authority authorizing such plan that any surplusearnings in excess of the rate of net earnings provided in thischapter may be held by the corporation as a reserve formaintenance of such rate of return in the future and may be usedby the corporation to offset any deficiency in such rate ofreturn which may have occurred in prior years; or may be used toaccelerate the amortization payments; or for the enlargement ofthe project; or for reduction in rentals therein; provided, thatany excess of such surplus earnings remaining at the terminationof the tax relief granted pursuant to section 353.110 shall beturned over by the corporation to the city.
(12) A declaration that such corporations are organized* forthe purpose of the clearance, replanning, reconstruction orrehabilitation of blighted areas, and the construction of suchindustrial, commercial, residential or public structures as maybe appropriate, including provisions for recreational and otherfacilities incidental or appurtenant thereto.
(L. 1943 p. 751 § 7, A.L. 1945 p. 1242 § 3, A.L. 1947 V. I p. 393, A.L. 1969 S.B. 373, A.L. 1974 2d Ex. Sess. S.B. 1)
Effective 1-9-75
*Word "recognized" appears in original rolls, probably a typographical error.
(1969) Under the provisions of Chapter 353, RSMo, an urban development corporation cannot pay interest on any of its obligations at an annual rate exceeding six percent. Council Plaza Redevelopment Corporation v. Duffey (Mo.), 439 S.W.2d 526.
Organization of corporation--contents of articles of agreement.
353.030. Corporations referred to in this chapter as urbanredevelopment corporations may be organized in the followingmanner: The articles of agreement or association shall beprepared, subscribed and acknowledged, and filed in the office ofthe secretary of state pursuant to the general corporations lawsof the state and shall contain:
(1) The name of the proposed corporation, which must havethe words "redevelopment corporation" as a part thereof.
(2) The purposes for which it is formed which shall be asfollows: To acquire, construct, maintain and operate aredevelopment project or redevelopment projects in accordancewith the provisions of this law.
(3) The amount of the capital stock, and if any be preferredstock the preference thereof.
(4) The number of shares of which the capital shall consistall of which shall have a par value.
(5) The city in which its principal business office is to belocated.
(6) Its duration, which shall not exceed ninety-nine years.
(7) The number of directors, which shall not be less thanthree, nor more than thirteen.
(8) The names and post-office addresses of the directors forthe first year, at least one of whom shall be a resident of thestate of Missouri.
(9) The names and post-office addresses of the subscribersto the articles of association or agreement.
(10) A provision that in the event that income debenturecertificates are issued by the corporation, the owners thereofshall have the same right to vote as they would have if possessedof certificates of stock of the amount and par value of theincome debenture certificates held by them. The articles mayprovide for the retirement of income debenture certificates orpreferred stock of the corporation as and when there shall befunds available in the treasury of the corporation from thereceipt of amortization or sinking fund in installments for thepurpose. Interest shall not be paid by the corporation upon suchincome debenture certificates in excess of nine percent perannum. Provided, however, that this limitation shall not applyto other debt of the corporation.
(11) A declaration that the corporation has been organizedto serve a public purpose; that all real estate acquired by itand all structures erected by it are to be acquired for thepurpose of promoting the public health, safety and welfare, andthat the stockholders of the corporation shall when theysubscribe to and receive the stock thereof, agree that the netearnings of the corporation shall be limited to an amount not toexceed eight percent per annum of the cost to such corporation ofthe redevelopment project including the cost of the land, or thebalances of such cost as reduced by amortization payments;provided, that the net earnings derived from any redevelopmentproject shall in no event exceed a sum equal to eight percent perannum upon the entire cost thereof. Such net earnings shall becomputed after deducting from gross earnings the following:
(a) All costs and expenses of maintenance and operation;
(b) Amounts paid for taxes, assessments, insurance premiumsand other similar charges;
(c) An annual amount sufficient to amortize the cost of theentire project at the end of the period, which shall not be morethan sixty years from the date of completion of the project.The development plan may contain provisions satisfactory to thelegislative authority authorizing such plan that any surplusearnings in excess of the rate of net earnings provided in thischapter may be held by the corporation as a reserve formaintenance of such rate of return in the future and may be usedby the corporation to offset any deficiency in such rate ofreturn which may have occurred in prior years; or may be used toaccelerate the amortization payments; or for the enlargement ofthe project; or for reduction in rentals therein; provided, thatany excess of such surplus earnings remaining at the terminationof the tax relief granted pursuant to section 353.110 shall beturned over by the corporation to the city.
(12) A declaration that such corporations are organized* forthe purpose of the clearance, replanning, reconstruction orrehabilitation of blighted areas, and the construction of suchindustrial, commercial, residential or public structures as maybe appropriate, including provisions for recreational and otherfacilities incidental or appurtenant thereto.
(L. 1943 p. 751 § 7, A.L. 1945 p. 1242 § 3, A.L. 1947 V. I p. 393, A.L. 1969 S.B. 373, A.L. 1974 2d Ex. Sess. S.B. 1)
Effective 1-9-75
*Word "recognized" appears in original rolls, probably a typographical error.
(1969) Under the provisions of Chapter 353, RSMo, an urban development corporation cannot pay interest on any of its obligations at an annual rate exceeding six percent. Council Plaza Redevelopment Corporation v. Duffey (Mo.), 439 S.W.2d 526.
