354.357. Receivership, grounds, procedure. - Missouri Statutes

Receivership, grounds, procedure.

354.357. 1. Whenever the director institutes proceedingsunder section 354.355, he may also institute proceedings in thesame case for receivership for any organization or corporationhaving the exclusive or dominant right to manage or control thecorporation subject to the provisions of sections 354.010 to354.380 which is the subject of the main case, when it appearsthat a receiver is necessary for the preservation of the assetsof the corporation or that a receiver is necessary to determinethe assets of the corporation held by the organization orcorporation. The duration of the receivership and the duties ofthe receiver shall be in the discretion of the court.

2. The director may apply to the circuit court of ColeCounty, Missouri, for an order appointing him as receiver orancillary receiver, and directing him to conserve the assetswithin this state of any foreign or alien corporation subject tothe provisions of sections 354.010 to 354.380 upon any of thefollowing grounds:

(1) Upon any of the grounds specified in section 354.355;or

(2) That the corporation has been placed in conservatorshipor receivership in its domiciliary state or sovereignty orelsewhere.

The institution of and the operation of the receivership shallbe in accordance with chapter 355, RSMo.

(L. 1983 H.B. 127 § 354.355 subsecs. 2, 3)