377.040. Qualifications to do business.
Qualifications to do business.
377.040. 1. Any association, society or company duly incorporated underthe laws of this state, having a bona fide membership of not less than fivehundred persons in good standing, and who hold policies or certificates ofinsurance therein in the aggregate of not less than five hundred thousanddollars, may either reincorporate, as herein provided for incorporation, orbecome entitled to do business in this state under the provisions of sections377.010 to 377.190 in the manner following: A declaration duly authorized bysuch corporation, attested by its president and secretary, and with itscorporate seal attached, accompanied by a copy of its charter, bylaws, rulesand regulations, shall be filed in the office of the director of thedepartment of insurance, financial institutions and professional registrationshowing the number of its members in good standing, the aggregate amount ofinsurance held by them, and that it has the amount of one full assessment uponits members paid in and deposited to its credit in bank, and that it acceptsfully and unconditionally the provisions and requirements of sections 377.010to 377.190, and will conform to and abide by the same in good faith.
2. The said director shall thereupon issue his certificate to suchcorporation, setting out the fact that, having complied with the provisions ofsections 377.010 to 377.190 in all respects, it is then permitted andauthorized to do business in this state under the supervision and control ofsaid department, and subject to the provisions of sections 377.010 to 377.190.
(RSMo 1939 § 5866)Prior revisions: 1929 § 5755; 1919 § 6165; 1909 § 6960