376.143. Stock company may acquire its own shares to be held in trust for mutual--appointment, powers and duties of trustees.

MISSOURI STATUTES AND CODES

376.143. Stock company may acquire its own shares to be held in trust for mutual--appointment, powers and duties of trustees.

Stock company may acquire its own shares to be held in trust formutual--appointment, powers and duties of trustees.

376.143. 1. If a domestic stock life insurance corporation determinesto become a mutual life insurance corporation, it may, in carrying out anyplan to that end under section 376.142, acquire any shares of its own stock bygift, bequest, or purchase. Until all of such shares are acquired, any sharesso acquired, or acquired pursuant to section 376.144, shall be acquired intrust for the corporation as provided in subsection 2, and shall be assignedand transferred on the books of the corporation to not less than three normore than five trustees. Such shares shall be held by them in trust and bevoted by such trustees at all corporate meetings at which stockholders havethe right to vote, until all of the capital stock of such corporation isacquired, at which time the entire capital stock shall be retired and canceledand the corporation shall become, thereupon, a mutual life insurancecorporation without capital stock.

2. The trustees provided for in subsection 1 shall be appointed andvacancies shall be filled by the director of the department of insurance,financial institutions and professional registration. Such trustees shall bequalified directors of the corporation at the time of such appointment andshall continue as such trustees until the purpose of the trust is accomplishedor abandoned, unless they are removed for cause by the director. Saidtrustees shall file with the director a verified acceptance of theirappointment and a declaration that they will faithfully discharge their dutiesas trustees. Such trustees shall give and file with the director bonds insuch an amount as under the circumstances the director deems proper, withsureties thereon approved by the director. All dividends and other sumsreceived by said trustees on the shares of stock held by them shall beimmediately repaid to said corporation. The necessary expenses of executingthe trust shall be paid by the corporation. All shares held by such trusteesare considered as admitted assets of such corporation at their par value.

3. Neither the retirement of the corporation's capital stock nor theamendment of its articles of incorporation shall affect existing suits,rights, or contracts of such corporation. The deposit of securities made bysuch corporation, pursuant to sections 376.010 to 376.670, shall be retainedby the director in trust for the benefit and security of all of the membersand policyholders of such corporation.