238.352. Transfer of project to commission, when--dissolution of corporation, required when--procedures.

MISSOURI STATUTES AND CODES

238.352. Transfer of project to commission, when--dissolution of corporation, required when--procedures.

Transfer of project to commission, when--dissolution of corporation,required when--procedures.

238.352. 1. When a project is completed and alloutstanding bonds, notes, obligations, liabilities or otherdebts of the corporation have been paid and retired or thecorporation has provided for payment or retirement as determinedby the commission, title to the project shall be transferred tothe commission pursuant to contract. The commission shall thenbe responsible for all future maintenance costs of the projectpursuant to contract. At such time, the corporation shall bedissolved unless the board amends the articles of incorporationas provided by sections 238.300 to 238.360 to allow thecorporation to commence work on another project.

2. If a corporation is dissolved or liquidated and afterall of its outstanding debts have been paid in full, all otherincome or assets of the corporation shall be liquidated anddeposited in the state road fund and shall become the propertyof the commission.

3. If a corporation must be dissolved or liquidated beforeall of its outstanding debts and obligations have been paid infull, such liquidation shall be through a receivership actioninstituted in the appropriate circuit court of this state or asotherwise provided by law.

4. If the corporation or the commission does not elect tocomplete a project, any real property obtained for the projectfrom the state of Missouri or any agency or politicalsubdivision shall be returned. The state, its agency orpolitical subdivision shall repay or return to the corporationall moneys or property it received from the corporation asconsideration for the original transaction.

5. Bonds, notes, obligations, liabilities or other debts ofthe corporation shall exclusively be the responsibility of thecorporation payable solely out of corporation funds and propertyprovided herein and shall not constitute debt or liability ofthe state of Missouri or any agency or political subdivision ofthe state.