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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 369

previous next Effective - 06 Jul 1994, see footnotebottom

  369.344.  Powers of director during take-over of association. — 1.  When the director of the division of finance takes possession of the property, business and assets of an association, the director may manage and conduct its business and affairs and collect all money due to such association, and the director may do such other acts as are necessary or expedient to collect, conserve or protect the association's business, property and assets.

  2.  Unless the director finds either as the result of an examination or otherwise that the association is in an impaired condition, the director may while in possession of an association accept additional accounts or payments to existing accounts with such provisions for preference of the funds so received, or for segregating or trusteeing such funds or the assets arising from the investment thereof, or for both, as the director deems appropriate for the protection of the account holders providing such funds.  The director may pay earnings on accounts at such rate as he deems appropriate for the protection of the association and its account holders; and the director may pay the withdrawal value of accounts, either with or without notice subject to other provisions of sections 369.010 to 369.369 and to such limitations and restrictions, if any, as the director deems appropriate for the protection of the association and its account holders.

  3.  The director may while in possession of an association apply to the circuit court of the county in which the principal office of the association is located for an order confirming any action taken by the director or authorizing the director to do any act or execute any instrument not expressly authorized.  The appropriate order shall be entered after a hearing on such notice as the court prescribes.

  4.  The director may also disaffirm any executory contracts including leases to which the association is a party and disaffirm any partially executed contracts including leases to the extent that they remain executory.  The disaffirmance shall be made within six months after obtaining knowledge of the existence of the contract or lease.  Claims for damages resulting from the disaffirmance of an executory contract or lease by the director may be filed and allowed.  No claim of a landlord for damages resulting from the disaffirmance of an unexpired lease of real property or under any covenant of such lease shall be allowed in an amount exceeding the rent reserved by the lease without acceleration for the year succeeding the date of the surrender of the premises plus the amount of any unpaid accrued rent without acceleration.  Any such claim must be filed within thirty days of the date of such disaffirmance or within the time that claims must be filed.

  5.  If it appears that a reorganization is necessary and feasible, the director may propose a plan which shall be submitted to the members of a mutual association or the stockholders of a capital stock association at a special meeting called by the director.  If the plan of reorganization is approved by a two-thirds majority of the votes cast in person or by proxy at such meeting, it shall become effective upon the date, terms and conditions specified therein and the director shall, in accordance therewith, return the possession of the property, business and assets to the association.  If the association is an insured association, the plan of reorganization shall be approved by the Federal Deposit Insurance Corporation or any successor thereto before becoming effective.

  6.  The director may propose a merger or consolidation with another association to be carried out in accordance with the provisions of section 369.079, and in such event the director shall possess all powers formerly held by the board of directors of the association in the director's possession.

  7.  Unless the director is enjoined from further proceedings and directed to surrender the business, property and assets of an association or unless such association shall with the consent of the director resume business or unless the director shall propose a merger or consolidation of the association, the director shall proceed to liquidate the affairs of the association as provided in section 369.349.

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(L. 1971 S.B. 3 § 68, A.L. 1982 S.B. 464, A.L. 1983 H.B. 570, A.L. 1984 S.B. 670 Revision, A.L. 1994 H.B. 1165)

Effective 7-06-94


---- end of effective   06 Jul 1994 ----

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