262.410. Dissolution of society--disposition of property. - Missouri Statutes

Dissolution of society--disposition of property.

262.410. Whenever a majority of two-thirds of the members ofany society organized under the provisions of sections 262.290 to262.540 shall, at an annual meeting, declare such societydissolved, or if from any other cause said society shall bedissolved or fail to meet and pursue the objects of the societyfor the period of five consecutive years, then the real estateand all the other property held by it shall be sold for cash inhand, at public auction, before the courthouse door of thecounty, after thirty days' notice given in some newspaperpublished in the county, if there be one, and, if not, by tenprinted advertisements set up in ten public places in the county,describing the property to be sold, and the time, place and termsof sale. Such sale shall be conducted by the directors, or amajority of them, chosen and elected as provided by sections262.290 to 262.540, and the proceeds of such sales shall, afterpayment of all expenses, be divided among the members of suchsociety in proportion to stock held.

(RSMo 1939 § 14173)

Prior revisions: 1929 § 12496; 1919 § 12065; 1909 § 697