Section 379.535

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 1939   

  379.535.  Propositions for reorganization and extension of corporate existence to be voted on. — 1.  At the time and place designated, the proposition as to the reorganization and extension and continuance of the corporate existence of such company under the general laws of the state, increase of capital stock if necessary, and adoption of the proposed articles of association, as submitted or amended, shall be voted upon.

  2.  If a stock company, the assent of the person holding a majority in amount of the capital stock issued by the company and then outstanding, or if it be a mutual company, the assent of a majority in number of the policyholders thereof, or if it be a stock and mutual company, the assent of the persons holding a majority in amount of the capital stock issued by the company and then outstanding and a majority in number of the policyholders in the mutual department of the company, shall be requisite for the adoption of the propositions submitted; and in addition, any company doing a stock and mutual business may submit and determine in the same manner, and decide upon continuing either of the two plans of insurance and discontinuing the other; provided, that the right of any stockholder or policyholder not assenting to such proposition to have paid or distributed to him his equitable interest or proportion, if any, in the net assets which such company might have at the time limited by law or its charter for the termination of its corporate existence shall not be prejudiced by such reorganization and extension and continuance of the corporate existence of such company, but the value of such equitable interest or proportion in such net assets shall be secured and paid to him as herein provided.

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(RSMo 1939 § 5994)

Prior revisions: 1929 § 5883; 1919 § 6293