375.231. Reduction of capital stock where same has not been fully subscribed. - Missouri Statutes

Reduction of capital stock where same has not been fullysubscribed.

375.231. Any insurance company incorporated under the laws of thisstate, the capital stock of which has not been fully subscribed, may, by thevote of a majority of its stockholders and subscribers of its capital stock,reduce its capital stock to the extent prescribed by law in the followingmanner: The stockholders and subscribers of its capital stock of any companydesiring so to reduce its stock, shall file or cause to be filed with thedirector of the department of insurance, financial institutions andprofessional registration a certified copy of the proceedings of thestockholders and subscribers of its capital stock at which it was determinedto reduce the stock, which copy of the proceedings shall set forth in full theamount of the capital stock after the reduction, the number of shares and thepar value of each, a list of the stockholders of the company, together withtheir residences and the amount of stock subscribed by each and the amountpaid therefor and such other information as shall be necessary to give thedirector of the department of insurance, financial institutions andprofessional registration a complete record of all transactions of theinsurance company from its incorporation to the time of the reduction of itscapital stock as voted by the stockholders and subscribers of its capitalstock, and the director of the department of insurance, financial institutionsand professional registration may, in his discretion, make an examination ofthe records and books of the insurance company; and if the director of thedepartment of insurance, financial institutions and professional registrationis satisfied that the provisions of this section have been fully compliedwith, and that the proceedings were regular, the director shall issue acertificate authorizing the reduction and showing that the capital stock ofthe company has been reduced, the number and par value of the shares; and thecertificate shall be filed and recorded as in sections 375.010 to 375.920 isprovided for filing and recording the certificates of incorporation; andthereafter the company shall, with the reduced capital, be subject to the sameliabilities that it possessed or was subject to at the time of the reductionof its capital; and the charter or certificate of incorporation of the companyshall be deemed to be amended in respect to the amount of capital stock, andthe par value and number of shares, so as to conform to the reduction.

(RSMo 1939 § 6025, A.L. 1967 p. 516)