361.590. Duties of director where he continues liquidation--termination of corporate existence. - Missouri Statutes

Duties of director where he continues liquidation--termination ofcorporate existence.

361.590. 1. In case it is determined to continue theliquidation under the director, he shall continue the liquidationof the affairs of such corporation and after paying the expensesthereof shall distribute the proceeds among the stockholders inproportion to the several holdings of stock and in such mannerand upon such notice as may be directed by order of the circuitcourt.

2. Upon a petition by the director showing that all theassets of such corporation have been duly distributed and thatunclaimed sums have been duly deposited by him as provided insection 361.200 and that more than one year has elapsed since thelast required publication of notice to creditors to present theirclaims, and upon such notice as the court may prescribe, thecircuit court may, on such terms as justice requires, make anorder affirming such disposition of such unclaimed sums anddeclaring such corporation dissolved and the corporate existencethereof terminated. Upon the filing of a certified copy of suchorder in the office of the director, the existence of suchcorporation shall cease and determine.

(RSMo 1939 § 7935)

Prior revisions: 1929 § 5340; 1919 § 11723