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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 380

previous next Effective - 01 Jan 1985, see footnotebottom

  380.501.  Company may dissolve — procedure. — A company may at any meeting of members, due notice of the time, place and object of which shall have been given, by a vote of three-fourths or more of the members voting, voluntarily discontinue its operations and settle its affairs.  Thereupon it shall designate a committee of three members who shall on behalf of the company, within a time fixed in their designation or any extension thereof and under the supervision of the director, liquidate its assets, pay its debts and expenses, and divide any surplus among the existing members and those who were members within the preceding three years, as they may be entitled.  Upon final settlement by such committee, it shall make a report of the proceedings had under the provisions of this section, which shall be signed by its members and filed with the director.  If he approves the same, he shall transmit to such committee a certificate of his approval and thereupon the company shall be deemed dissolved and shall cease to exist under sections 380.201 to 380.591.  The director shall certify the liquidation and dissolution to the secretary of state who shall rescind the corporation's charter.

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(L. 1984 H.B. 1498)

Effective 1-01-85


---- end of effective   01 Jan 1985 ----

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