375.176. Proceedings against promoters. - Missouri Statutes

Proceedings against promoters.

375.176. 1. Whenever it appears to the director of the department ofinsurance, financial institutions and professional registration from anyexamination made by himself, or from the report of the person or personsappointed by him to make an examination, or from the statements of thecompany, or its officers or promoters, or from any knowledge or information inhis possession that it would be hazardous to the public or to its stockholdersfor the company to proceed with its organization, the director may, if thecompany is a domestic corporation, institute proceedings in the circuit courtof the county or city in which the company was organized, or in which it has,or last had, its principal or chief office or place of business, and enjointhe company from further proceeding with its organization, either temporarilyor perpetually, or for an injunction or dissolution of the company and thesettlement or winding up of its affairs or for any or all of these remediescombined and for such other decrees and relief as the court shall deemadvisable.

2. In the event that the court appoints a receiver for any company, thedirector of the department of insurance, financial institutions andprofessional registration may be appointed as receiver, or some person otherthan the director of the department of insurance, financial institutions andprofessional registration may be appointed, in the discretion of the court.

3. The compensation paid to any receiver appointed, upon petition of thedirector of the department of insurance, financial institutions andprofessional registration filed against any company under this section, shall,in all cases, be fair and reasonable, and when approved by the court, shall bepaid out of any assets which may be in the hands of the receiver.

(RSMo 1939 § 6076, A.L. 1967 p. 516)