Section 380.321

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 380

Effective - 01 Jan 1985, see footnote   

  380.321.  Director to review petition for merger — hearing to be held, when — procedure — costs. — 1.  Whenever two companies propose to merge under the provisions of section 380.281 and their membership has approved the plan of merger, a petition shall be presented to the director, accompanied by the articles of merger, and praying for the approval or modification of the plan of merger.

  2.  The director shall review the petition and may waive any hearing if he finds the proposed merger does not prejudice the interests of the policyholders of the companies.

  3.  If the director deems it necessary, he shall issue an order of notice, requiring notice to be given, to the policyholders of the company, of the pendency of the petition, and the time and place at which the same will be heard, by publication of the order of notice in not less than two daily newspapers designated by the director, at least one of which shall be published in the city of Jefferson City, for at least once a week for two successive weeks on the same day of each week, the last notice appearing not more than five calendar days before the time appointed for the hearing upon the petition and any further notice which the director may require to be given by the petitioners.

  4.  At the time and place fixed in the notice, or at such time and place as shall be fixed by order of the director, or by recess from time to time or adjournment, the director shall proceed with the hearing, and may make such examination into the affairs and conditions of the companies as is proper.  The director may summon and compel the attendance and testimony of witnesses and the production of books and papers at the hearing.  Any policyholder or member of the company or companies or any member of the public with an interest may appear at the hearing and be heard in reference to the petition.

  5.  The director, if satisfied that the interests of the policyholders of the companies are properly protected, and that no reasonable objections exist thereto, may approve and authorize the proposed merger, or order such modification thereof as may seem best for the interests of the policyholders.

  6.  Expenses and costs incident to the proceeding under the provisions of this section shall be paid by the company or companies bringing the petition upon order of the director.

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(L. 1984 H.B. 1498)

Effective 1-01-85