361.380. Surrender for liquidation. - Missouri Statutes

Surrender for liquidation.

361.380. 1. Whenever the director shall surrenderpossession of such corporation under the provisions of section361.370 for the purposes of liquidation, the corporation shallnot receive deposits or engage in the general banking business.

2. The officers, as trustees of the corporation, in thecorporate name, may prosecute and defend any action and legalproceeding, execute, acknowledge and deliver any deed,assignment, bill of sale, release, extension, satisfaction, andother instruments necessary and proper to effectuate any sale,lease, or transfer of real or personal property or execute anyother instrument which the corporation was heretofore empoweredto execute, for the proper liquidation of the corporation.

3. If at the end of one year after entering into the bond asrequired by section 361.370 all the liabilities of thecorporation shall be discharged, the bond shall be terminated,and the remaining assets of the corporation shall be dividedamong the stockholders. Nothing in this section or section361.360 shall be construed to release any person from anyliability as provided by sections 362.345 to 362.355, RSMo.

(RSMo 1939 § 7916, A. 1949 H.B. 2084)

Prior revisions: 1929 § 5322; 1919 § 11705