351.526. Certain corporations, directors and officers as trustees. - Missouri Statutes

Certain corporations, directors and officers as trustees.

351.526. If the corporate rights and privileges of any corporationwere forfeited prior to August 28, 1990, the directors and officers inoffice when the forfeiture occurred shall be the trustees of thecorporation, and shall have full authority to wind up its business andaffairs, sell and liquidate its property and assets, pay its debts andobligations, execute in its corporate name deeds and other instruments oftransfer, and to distribute the net assets among the shareholders. Thetrustees as such may sue for and recover the debts and property due thecorporation, describing it by its corporate name, and may be sued as such,and the trustees shall be jointly and severally responsible to thecreditors and shareholders of the corporation to the extent of its propertyand effects that shall have come into their hands.

(L. 1995 S.B. 115)