# Mo. Rev. Stat. § 370.040: 370.040 Approval by director, certificate, provisional issuance, fee, examination

> Missouri · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.040

## Section

- **Citation:** Mo. Rev. Stat. § 370.040
- **Heading:** 370.040 Approval by director, certificate, provisional issuance, fee, examination
- **Jurisdiction:** Missouri
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** MO Code / Chapter 370 / Section 370.040

## Text

370.040. Approval by director, certificate, provisional issuance, fee, examination. — 1. The director may approve the certificate of organization, if it is in conformity with this chapter and the bylaws, if satisfied that the proposed field of operation is favorable to the success of such credit union and that the standing of the proposed organizers is such as to give assurance that its affairs will be properly administered.

2. He shall thereupon issue to the proposed organizers a certificate of approval in triplicate, annexed respectively to the triplicates of the certificate of organization and of the bylaws. He shall retain one copy, send the second copy to the credit union, and the third copy, together with attachments, shall be filed with secretary of state.

3. Thereupon the organizers shall become and be created a corporation under the name used in the certificate of organization.

4. At the time of the issuance of the certificate, an organization fee of five dollars shall be paid to the director of revenue.

5. A certificate of organization so issued shall be provisional, and an examination will be conducted of the credit union after six months, at division expense, and after one year of operation, to determine that the credit union is a viable entity meeting minimum standards as set by the director. If it is found that the credit union has not made satisfactory progress in meeting minimum standards, the director may revoke the charter, dissolve the credit union, or merge it with another credit union as provided in this chapter.

(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1975 H.B. 227, A.L. 1985 H.B. 469) Prior revision: 1929 § 5079 Effective 6-11-85

## Nearby sections

- [Mo. Rev. Stat. § 370.005 370.005 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.005.md)
- [Mo. Rev. Stat. § 370.006 370.006 Division of credit unions created — transfer — salary of director.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.006.md)
- [Mo. Rev. Stat. § 370.010 370.010 Credit union, how organized.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.010.md)
- [Mo. Rev. Stat. § 370.020 370.020 Certificate of organization, contents — membership shares, minimum, maximum ...](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.020.md)
- [Mo. Rev. Stat. § 370.030 370.030 Bylaws, contents.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.030.md)
- [Mo. Rev. Stat. § 370.040 370.040 Approval by director, certificate, provisional issuance, fee, examination.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.040.md)
- [Mo. Rev. Stat. § 370.050 370.050 Change of business location — notice — approval required.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.050.md)
- [Mo. Rev. Stat. § 370.060 370.060 Amendments to bylaws, effective when.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.060.md)
- [Mo. Rev. Stat. § 370.061 370.061 Credit union commission, created, members, term, compensation — credit ...](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.061.md)
- [Mo. Rev. Stat. § 370.062 370.062 Duties.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.062.md)
- [Mo. Rev. Stat. § 370.063 370.063 Appeals — rules — nonseverability clause.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.063.md)
- [Mo. Rev. Stat. § 370.070 370.070 Powers of a credit union.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.070.md)
- [Mo. Rev. Stat. § 370.071 370.071 Additional powers of a credit union — membership fee allowed, when.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.071.md)
- [Mo. Rev. Stat. § 370.072 370.072 Safe deposit boxes, to have same rights, powers and duties as bank and ...](https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.072.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MO_C370_S370.040. Check the current official text before relying on it. Not legal advice.