Section 361.590

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 361

Effective - 28 Aug 1939   

  361.590.  Duties of director where he continues liquidation — termination of corporate existence. — 1.  In case it is determined to continue the liquidation under the director, he shall continue the liquidation of the affairs of such corporation and after paying the expenses thereof shall distribute the proceeds among the stockholders in proportion to the several holdings of stock and in such manner and upon such notice as may be directed by order of the circuit court.

  2.  Upon a petition by the director showing that all the assets of such corporation have been duly distributed and that unclaimed sums have been duly deposited by him as provided in section 361.200 and that more than one year has elapsed since the last required publication of notice to creditors to present their claims, and upon such notice as the court may prescribe, the circuit court may, on such terms as justice requires, make an order affirming such disposition of such unclaimed sums and declaring such corporation dissolved and the corporate existence thereof terminated.  Upon the filing of a certified copy of such order in the office of the director, the existence of such corporation shall cease and determine.

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(RSMo 1939 § 7935)

Prior revisions: 1929 § 5340; 1919 § 11723