371.230. Compromise, arrangement or plan of reorganization, how adopted--effect. - Missouri Statutes

Compromise, arrangement or plan of reorganization, howadopted--effect.

371.230. 1. Whenever a compromise or arrangement or anyplan of reorganization of the corporation is proposed between thecorporation and its creditors, members or shareholders, thecircuit court of Cole County by virtue of its general equitypowers may, on application of the corporation or of any creditor,member or shareholder thereof, or on the application of anyreceiver or receivers appointed for the corporation, order ameeting of such creditors, members or shareholders as the casemay be, as may be affected by the proposed compromise orarrangement or plan of reorganization, which shall be called insuch manner as the court directs.

2. If, at this meeting, the compromise or arrangement orplan of reorganization is agreed to by or on behalf of thecreditors, if affected thereby, holding two-thirds in amount ofthe claims against the corporation, and by or on behalf of theshareholders, if affected thereby, holding the majority of eachclass of capital stock, and by or on behalf of the members, ifaffected thereby, holding two-thirds in amount of the outstandingnotes or other interest-bearing obligations of the corporationprovided for in section 371.120, and if such agreement shall befurther evidenced by the written acceptance of the creditors,shareholders and members duly filed in the court, the compromiseor arrangement or plan of reorganization shall, if approved bythe court as just and equitable, be binding on all the creditors,shareholders or members, as the case may be, who are affectedthereby, and also on this corporation. All persons who becomecreditors, shareholders or members of the corporation are deemedto have become creditors, shareholders or members subject in allrespects to this section, and the same shall be absolutelybinding upon them. For the purposes of this section only,members are not deemed creditors and shall act under this sectionas a separate class.

(L. 1961 p. 157 § 22)