361.264. Notice of intention to remove or prohibit participation, content--hearing, failure to appear, effect--order issued when, effective when. - Missouri Statutes

Notice of intention to remove or prohibit participation,content--hearing, failure to appear, effect--order issued when,effective when.

361.264. A notice of intention to remove a director,officer, or other person from office or to prohibit hisparticipation in the conduct of the affairs of a corporationshall contain a statement of the facts constituting groundstherefor, and shall fix a time and place at which a hearing willbe held thereon. Unless such director, officer, or other personshall appear at the hearing in person, or by a duly authorizedrepresentative, he shall be deemed to have consented to theissuance of an order of such removal or prohibition. In theevent of such consent or if upon the record made at any suchhearing the director shall find that any of the grounds specifiedin such notice have been established, the director may issue suchorders of suspension or removal from office, or prohibition fromparticipation in the conduct of the affairs of the corporation,as he may deem appropriate. Any such order shall becomeeffective at the expiration of thirty days after service uponsuch corporation and the director, officer, or other personconcerned (except in the case of an order issued upon consent,which shall become effective at the time specified therein).Such order shall remain effective and enforceable except to suchextent as it is stayed, modified, terminated, or set aside byaction of the director or a reviewing court.

(L. 1985 H.B. 408 § 361.265 subsec. 4)