Director to approve or deny petition--tentative approval--protest, howfiled--final approval, effect of.
369.024. 1. Upon receipt of a petition for certificate ofincorporation, the director of the division of finance shall,based upon the petition and all supporting information and uponsuch independent investigation and examination as the directormay make, either refuse the petition or tentatively approve it.The petition shall be refused if the director of the division offinance finds that the proposed association is to be formed forany other than legitimate savings and loan purposes, or that thecharacter and general fitness of the incorporators, or of theinitial stockholders, if any, are not such as to command publicconfidence, or that the proposed directors and officers are notsuch as to tend to the success of the proposed association, orthat the public convenience and advantage will not be promoted byits establishment, or that there is no public need for, or thevolume of business in the location is insufficient to justify,another association. The refusal shall be in writing with thereasons therefor stated and shall be sent by registered mail tothe chairman of incorporators.
2. If the director of the division of finance tentativelyapproves the petition, the director shall give written notice toeach association and each federal association with an office inthe county or in a county adjoining the county in which theproposed association is to be located, stating the name of theproposed association, where it proposes to establish theprincipal office of the association and that a petition forcertificate of incorporation has been approved tentatively. Anyassociation entitled to receive notice may within thirty daysfrom the date of mailing of the notice make written protest tothe director of the division of finance against the granting ofthe petition for incorporation. If no protest is filed withinthat time, the director of the division of finance shall make afinal decision upon the petition either denying or granting thepetition and notice thereof shall be sent by registered mail tothe chairman of incorporators.
3. If a protest is filed, the director of the division offinance shall, if requested, and may on the director's ownmotion, conduct a hearing not less than ten nor more than thirtydays following the end of the time for protest. Upon applicationof any party for good cause, or upon the director of the divisionof finance's own motion, the date of the hearing may bepostponed. Notice shall be given stating the time and place ofthe hearing to the chairman of incorporators and to eachprotesting party. Any interested person may appear at thehearing in person or by counsel and offer any relevant evidence.Following the hearing the director of the division of financeshall deny or grant the petition and give written notice of thedirector's decision to all interested parties.
4. The petition shall not be granted, either with orwithout the hearing provided for in this section, except uponaffirmative findings from all the evidence that the requirementsof sections 369.010 to 369.369 have been complied with and that:
(1) The persons named in the petition are citizens of theUnited States of good character and responsibility; and
(2) There is a necessity for the proposed association inthe area to be served by it; and
(3) There is a reasonable probability of usefulness andsuccess of the proposed association; and
(4) The proposed association can be established withoutundue injury to any properly conducted association or federalassociation.
5. The director of the division of finance may, either withor without the hearing provided for in this section, and thesavings and loan commission may upon an appeal from the ruling ofthe director of the division of finance, require as a conditionof approving the petition that the proposed association obtain afirm commitment for insurance of its accounts from the FederalDeposit Insurance Corporation or any successor thereto or fromany agency of this state insuring savings accounts or from anyother insurer approved by the director of the division offinance.
6. If the petition is approved, the director of thedivision of finance shall, upon receipt of the sworn statement ofthe chairman of incorporators that the initial savings accountsand the expense fund provided for in sections 369.010 to 369.369have been paid in full in cash, or, if a capital stockassociation, all subscriptions for capital stock have been paidin full, certify the approval of the petition in writing to thesecretary of state and deliver to the secretary of state theincorporation fee and two copies of the articles ofincorporation. From the time of such approval, the associationshall be subject to all provisions of sections 369.010 to 369.369and to supervision and control by the director of the division offinance. The secretary of state shall thereupon issue thecertificate of incorporation.
Director to approve or deny petition--tentative approval--protest, howfiled--final approval, effect of.
369.024. 1. Upon receipt of a petition for certificate ofincorporation, the director of the division of finance shall,based upon the petition and all supporting information and uponsuch independent investigation and examination as the directormay make, either refuse the petition or tentatively approve it.The petition shall be refused if the director of the division offinance finds that the proposed association is to be formed forany other than legitimate savings and loan purposes, or that thecharacter and general fitness of the incorporators, or of theinitial stockholders, if any, are not such as to command publicconfidence, or that the proposed directors and officers are notsuch as to tend to the success of the proposed association, orthat the public convenience and advantage will not be promoted byits establishment, or that there is no public need for, or thevolume of business in the location is insufficient to justify,another association. The refusal shall be in writing with thereasons therefor stated and shall be sent by registered mail tothe chairman of incorporators.
2. If the director of the division of finance tentativelyapproves the petition, the director shall give written notice toeach association and each federal association with an office inthe county or in a county adjoining the county in which theproposed association is to be located, stating the name of theproposed association, where it proposes to establish theprincipal office of the association and that a petition forcertificate of incorporation has been approved tentatively. Anyassociation entitled to receive notice may within thirty daysfrom the date of mailing of the notice make written protest tothe director of the division of finance against the granting ofthe petition for incorporation. If no protest is filed withinthat time, the director of the division of finance shall make afinal decision upon the petition either denying or granting thepetition and notice thereof shall be sent by registered mail tothe chairman of incorporators.
3. If a protest is filed, the director of the division offinance shall, if requested, and may on the director's ownmotion, conduct a hearing not less than ten nor more than thirtydays following the end of the time for protest. Upon applicationof any party for good cause, or upon the director of the divisionof finance's own motion, the date of the hearing may bepostponed. Notice shall be given stating the time and place ofthe hearing to the chairman of incorporators and to eachprotesting party. Any interested person may appear at thehearing in person or by counsel and offer any relevant evidence.Following the hearing the director of the division of financeshall deny or grant the petition and give written notice of thedirector's decision to all interested parties.
4. The petition shall not be granted, either with orwithout the hearing provided for in this section, except uponaffirmative findings from all the evidence that the requirementsof sections 369.010 to 369.369 have been complied with and that:
(1) The persons named in the petition are citizens of theUnited States of good character and responsibility; and
(2) There is a necessity for the proposed association inthe area to be served by it; and
(3) There is a reasonable probability of usefulness andsuccess of the proposed association; and
(4) The proposed association can be established withoutundue injury to any properly conducted association or federalassociation.
5. The director of the division of finance may, either withor without the hearing provided for in this section, and thesavings and loan commission may upon an appeal from the ruling ofthe director of the division of finance, require as a conditionof approving the petition that the proposed association obtain afirm commitment for insurance of its accounts from the FederalDeposit Insurance Corporation or any successor thereto or fromany agency of this state insuring savings accounts or from anyother insurer approved by the director of the division offinance.
6. If the petition is approved, the director of thedivision of finance shall, upon receipt of the sworn statement ofthe chairman of incorporators that the initial savings accountsand the expense fund provided for in sections 369.010 to 369.369have been paid in full in cash, or, if a capital stockassociation, all subscriptions for capital stock have been paidin full, certify the approval of the petition in writing to thesecretary of state and deliver to the secretary of state theincorporation fee and two copies of the articles ofincorporation. From the time of such approval, the associationshall be subject to all provisions of sections 369.010 to 369.369and to supervision and control by the director of the division offinance. The secretary of state shall thereupon issue thecertificate of incorporation.
Director to approve or deny petition--tentative approval--protest, howfiled--final approval, effect of.
369.024. 1. Upon receipt of a petition for certificate ofincorporation, the director of the division of finance shall,based upon the petition and all supporting information and uponsuch independent investigation and examination as the directormay make, either refuse the petition or tentatively approve it.The petition shall be refused if the director of the division offinance finds that the proposed association is to be formed forany other than legitimate savings and loan purposes, or that thecharacter and general fitness of the incorporators, or of theinitial stockholders, if any, are not such as to command publicconfidence, or that the proposed directors and officers are notsuch as to tend to the success of the proposed association, orthat the public convenience and advantage will not be promoted byits establishment, or that there is no public need for, or thevolume of business in the location is insufficient to justify,another association. The refusal shall be in writing with thereasons therefor stated and shall be sent by registered mail tothe chairman of incorporators.
2. If the director of the division of finance tentativelyapproves the petition, the director shall give written notice toeach association and each federal association with an office inthe county or in a county adjoining the county in which theproposed association is to be located, stating the name of theproposed association, where it proposes to establish theprincipal office of the association and that a petition forcertificate of incorporation has been approved tentatively. Anyassociation entitled to receive notice may within thirty daysfrom the date of mailing of the notice make written protest tothe director of the division of finance against the granting ofthe petition for incorporation. If no protest is filed withinthat time, the director of the division of finance shall make afinal decision upon the petition either denying or granting thepetition and notice thereof shall be sent by registered mail tothe chairman of incorporators.
3. If a protest is filed, the director of the division offinance shall, if requested, and may on the director's ownmotion, conduct a hearing not less than ten nor more than thirtydays following the end of the time for protest. Upon applicationof any party for good cause, or upon the director of the divisionof finance's own motion, the date of the hearing may bepostponed. Notice shall be given stating the time and place ofthe hearing to the chairman of incorporators and to eachprotesting party. Any interested person may appear at thehearing in person or by counsel and offer any relevant evidence.Following the hearing the director of the division of financeshall deny or grant the petition and give written notice of thedirector's decision to all interested parties.
4. The petition shall not be granted, either with orwithout the hearing provided for in this section, except uponaffirmative findings from all the evidence that the requirementsof sections 369.010 to 369.369 have been complied with and that:
(1) The persons named in the petition are citizens of theUnited States of good character and responsibility; and
(2) There is a necessity for the proposed association inthe area to be served by it; and
(3) There is a reasonable probability of usefulness andsuccess of the proposed association; and
(4) The proposed association can be established withoutundue injury to any properly conducted association or federalassociation.
5. The director of the division of finance may, either withor without the hearing provided for in this section, and thesavings and loan commission may upon an appeal from the ruling ofthe director of the division of finance, require as a conditionof approving the petition that the proposed association obtain afirm commitment for insurance of its accounts from the FederalDeposit Insurance Corporation or any successor thereto or fromany agency of this state insuring savings accounts or from anyother insurer approved by the director of the division offinance.
6. If the petition is approved, the director of thedivision of finance shall, upon receipt of the sworn statement ofthe chairman of incorporators that the initial savings accountsand the expense fund provided for in sections 369.010 to 369.369have been paid in full in cash, or, if a capital stockassociation, all subscriptions for capital stock have been paidin full, certify the approval of the petition in writing to thesecretary of state and deliver to the secretary of state theincorporation fee and two copies of the articles ofincorporation. From the time of such approval, the associationshall be subject to all provisions of sections 369.010 to 369.369and to supervision and control by the director of the division offinance. The secretary of state shall thereupon issue thecertificate of incorporation.
