361.370. Director may surrender possession for resumption or liquidation. - Missouri Statutes

Director may surrender possession for resumption or liquidation.

361.370. 1. Upon such conditions as he may approve, thedirector may surrender possession of such corporation to itsofficers or any of them to permit the resumption of business orthe liquidation of the corporation.

2. Before such corporation is surrendered for purposes ofliquidation, the officer or officers of the corporation shallenter into a good and sufficient personal or surety bond in anamount equal to the total amount of the corporation's liability,capital stock liability excepted; the bond to be conditioned thatall of the aforesaid liability be discharged within one year fromthe date of the making of the bond. The sufficiency of the bondshall be passed upon and approved by both the circuit judge ofthe county or city in which the corporation is located and thedirector, and be filed with the circuit clerk of said county orcity. The bond shall be for the benefit of the depositors andother creditors. In the event of default, any depositor or othercreditor may bring his action singly or collectively or if theclaim be assigned the assignee may bring action in like manner.

(RSMo 1939 § 7916, A. 1949 H.B. 2084)

Prior revisions: 1929 § 5322; 1919 § 11705