Section 352.210

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 352

Effective - 28 Aug 1939   

  352.210.  Decree of dissolution — disposition of property. — 1.  If upon a hearing of such application the court shall be satisfied that the prayer of such petition can be granted without prejudice of the public welfare, or the interest of the members of the association, or the creditors of the same, it may enter a judgment or decree dissolving said association, and to provide by such judgment for the vesting of the property of such association, in a receiver or receivers, to be appointed by the court, and in his or their successors in office.

  2.  Such receiver or receivers, upon giving sufficient security, to be approved by the court for the faithful performance of his or their duties, shall succeed to the title of such association in and to all its property and estate, and shall hold the same in trust for the creditors thereof, and other persons who may be entitled thereto, and shall receive, collect, sue for, recover, hold, manage, dispose of the same under and in pursuance to the orders of such court, to be made from time to time in that behalf according to right and justice.

  3.  Any surplus remaining after paying the debts of such association shall, except as herein provided, be distributed among the persons who were members of such association at the time of such dissolution, or their legal representatives respectively, in equal shares, unless for good cause shown the court shall otherwise order; provided, that no property devoted to religious, literary or charitable uses shall be diverted from the objects for which they were granted by means of the powers herein given to any association to dissolve, but the same shall be preserved by the decree of the court.

­­--------

(RSMo 1939 § 5464)