361.261. Authority to issue orders--includes certain other powers. - Missouri Statutes

Authority to issue orders--includes certain other powers.

361.261. 1. The authority to issue an order under section361.260 which requires a corporation or any director, officer,employee, agent, or other person participating in the conduct ofthe affairs of such corporation to take affirmative action tocorrect any conditions resulting from any violation or practicewith respect to which such order is issued includes theauthority to require such corporation or such person to:

(1) Make restitution or provide reimbursement,indemnification, or guarantee against loss if:

(a) Such corporation or such person was unjustly enrichedin connection with such violation or practice; or

(b) The violation or practice involved a reckless disregardfor the law or any applicable regulations or prior order of thedirector;

(2) Restrict the growth of the corporation;

(3) Dispose of any loan or asset involved;

(4) Rescind agreements or contracts;

(5) Employ qualified officers or employees, who may besubject to approval by the director; and

(6) Take such other action as the director determines to beappropriate.

2. The authority to issue an order under section 361.260includes the authority to place limitations on the activities orfunctions of the corporation or any director, officer, employee,agent, or other person participating in the conduct of theaffairs of such corporation.

(L. 1990 H.B. 1456)

Effective 4-30-90