361.267. Information, complaint or indictment of director, officers or other persons--certain charges, effect, procedure. - Missouri Statutes

Information, complaint or indictment of director, officers or otherpersons--certain charges, effect, procedure.

361.267. Whenever a director or officer of a corporation, orother person participating in the conduct of the affairs of suchcorporation, is charged in any information or complaintauthorized by a prosecuting attorney or a United States attorney,or in any indictment, with the commission of or participation ina crime involving dishonesty or breach of trust which ispunishable by imprisonment for a term exceeding one year understate or federal law, the director may, if continued service orparticipation by the individual may pose a threat to theinterests of the corporation's depositors or may threaten toimpair the confidence in the corporation, by written noticeserved upon such director, officer, or other person, suspend himfrom office or prohibit him from further participation in anymanner in the conduct of the affairs of the corporation. A copyof such notice shall also be served upon the corporation. Suchsuspension or prohibition shall remain in effect until suchinformation, indictment or complaint is finally disposed of oruntil terminated by the director. In the event that a judgmentof conviction with respect to such crime is entered against suchdirector, officer, or other person, and at such time as suchjudgment is not subject to further appellate review, the directormay, if continued service or participation by the individual maypose a threat to the interests of the corporation's depositors ormay threaten to impair public confidence in the corporation,initiate action to remove such officer as described in subsection1 of section 361.262.

(L. 1985 H.B. 408 § 361.265 subsec. 6 subdiv. (1))