Section 361.600

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 2000   

  361.600.  Duties of director where stockholders elect another to liquidate. — 1.  In case the stockholders shall determine to appoint an agent or agents to continue such liquidation, they shall thereupon select by ballot such agent or agents.  A majority of the stock present and voting in person or by proxy shall be necessary to determine such question.

  2.  If such agent or agents shall be duly elected by the stockholders, the director may require such agent or agents to execute and deliver to him a bond to the state, in such amount, with such sureties, and in such form as shall be approved by him, conditioned upon the performance of all the duties of his or her or their trust; and thereupon the director shall transfer and deliver to such agent or agents all the assets of such corporation then remaining in his or her hands.

  3.  Upon such transfer and delivery, the director shall be discharged from any and all further liability to such corporation and its creditors.

  4.  Upon the transfer and delivery of said assets by the director, he or she shall file a certified copy of the proceedings of said meeting in the public records of the division of finance.

  5.  No powers specially set out in its articles of association shall be exercised by such corporation after the director has filed such certified copy in his or her office.

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(RSMo 1939 § 7935, A.L. 2000 S.B. 896)

Prior revisions: 1929 § 5340; 1919 § 11723