162.251. New district, officers, elected, when--funds, how transferred--obligations assumed. - Missouri Statutes

New district, officers, elected, when--funds, howtransferred--obligations assumed.

162.251. Should the proposal to form a seven-directordistrict in the manner provided in section 162.223 receive thenecessary favorable vote, the terms of office of all directorsand officers of each of the school districts comprising theterritory incorporated in the new seven-director district shallcease on July first following the submission of the question, atwhich time such directors and officers shall deliver to theboard of the newly formed school district all property, records,books and papers belonging to the component districts. On suchdate, all funds to the credit of the districts incorporated inthe new seven-director district shall be transferred to the creditof the treasurer of the seven-director district, who shall makesettlement therefor as provided by section 165.101, RSMo. Thenew district shall faithfully perform all existing contracts andassume all legal obligations of the component districts.

(L. 1963 p. 200 § 3-25, A.L. 1969 p. 260, A.L. 1978 H.B. 971, A.L. 1992 S.B. 581)

(Source: RSMo 1959 § 165.690)

Effective 4-17-92