370.151. Reorganization--approval--procedure, failure--liquidation. - Missouri Statutes

Reorganization--approval--procedure, failure--liquidation.

370.151. 1. The director may call a special meeting of themembers to consider and act upon a plan of reorganization; but hemay at his option require the president or secretary to do so.Notice of the meeting shall be mailed to each member, or postedin a conspicuous place frequented by the members, at least sevendays before the meeting.

2. If the plan of reorganization is approved by a two-thirdsmajority of the votes cast at the meeting, it shall becomeeffective upon the date, terms and conditions specified therein,and the director shall, upon, or as of, the date, return thepossession, assets and conduct of the business of the creditunion to its directors and officers.

3. If a reorganization plan, when submitted to the membersas herein provided, is not approved by the required majority, thedirector may issue a notice of involuntary liquidation andappoint a liquidating agent to liquidate the credit union.

(L. 1967 p. 509, A.L. 1985 H.B. 469)

Effective 6-11-85