377.070. Effect of refusal to pay--duty of director. - Missouri Statutes

Effect of refusal to pay--duty of director.

377.070. If the corporation refuses or fails to make such payment forthirty days after final judgment against said corporation, the failure to paythe amount of such final judgment within said period of thirty days shall ipsofacto constitute a forfeiture of the charter of such corporation, and it shallbe the duty of the director of the department of insurance, financialinstitutions and professional registration forthwith to cause proceedings byquo warranto to be instituted against said corporation for the purpose ofousting it of its charter; and upon the dissolution of said corporation, thedirector of the department of insurance, financial institutions andprofessional registration shall take charge of its assets and affairs, andwind up the same, as now provided by law in the case of life insurancecompanies.

(RSMo 1939 § 5858)

Prior revisions: 1929 § 5747; 1919 § 6157; 1909 § 6952