361.340. Circumstances under which possession by director may terminate. - Missouri Statutes

Circumstances under which possession by director may terminate.

361.340. When the director shall have duly taken possession of suchcorporation, under any provision of this chapter, he may hold suchpossession until its affairs are finally liquidated by him, unless:

(1) He shall have permitted such corporation to resume businesspursuant to the provisions of section 361.370;

(2) The director shall have been directed by order of court tosurrender such possession, pursuant to the provisions of section 361.360;

(3) The director shall have appointed the Federal Deposit InsuranceCorporation as the liquidating agent of a bank insured thereby and theFederal Deposit Insurance Corporation shall have accepted the appointment;

(4) The stockholders of such corporation, at a meeting called by thedirector pursuant to the provisions of section 361.580, shall have dulydetermined to appoint and shall have appointed an agent or agents tocontinue the liquidation of such corporation, and such agent or agentsshall have qualified to take possession of its remaining assets as providedin section 361.600;

(5) The depositors and other creditors of such corporation and theexpenses of such liquidation shall have been paid in full.

(RSMo 1939 § 7913, A.L. 1977 S.B. 420, A.L. 1978 H.B. 1634, A.L. 2009 H.B. 914)

Prior revisions: 1929 § 5319; 1919 § 11702

Effective 6-25-09