355.611. Amendment terminating members or classes. - Missouri Statutes

Amendment terminating members or classes.

355.611. 1. Any amendment to the articles or bylaws of apublic benefit corporation other than a church or convention orassociation of churches or a mutual benefit corporation whichwould terminate all members or any class of members or redeem orcancel all memberships or any class of memberships must meet therequirements of this chapter and this section.

2. Before adopting a resolution proposing such anamendment, the board of a mutual benefit corporation shall givenotice of the general nature of the amendment to the members.

3. After adopting a resolution proposing such an amendment,the notice to members proposing such amendment shall include onestatement of up to five hundred words opposing the proposedamendment if such statement is submitted by any five members ormembers having three percent or more of the voting power,whichever is less, not later than twenty days after the board hasvoted to submit such amendment to the members for their approval.In a public benefit corporation other than a church or conventionor association of churches the production and mailing costs shallbe paid by the requesting members. In mutual benefitcorporations the production and mailing costs shall be paid bythe corporation.

4. Any such amendment shall be approved by the members bytwo-thirds of the votes cast by each class.

5. The provisions of section 355.211 shall not apply to anyamendment meeting the requirements of this chapter and thissection.

(L. 1994 H.B. 1095)

Effective 7-1-95