379.535. Propositions for reorganization and extension of corporate existence to be voted on. - Missouri Statutes

Propositions for reorganization and extension of corporate existenceto be voted on.

379.535. 1. At the time and place designated, theproposition as to the reorganization and extension andcontinuance of the corporate existence of such company under thegeneral laws of the state, increase of capital stock ifnecessary, and adoption of the proposed articles of association,as submitted or amended, shall be voted upon.

2. If a stock company, the assent of the person holding amajority in amount of the capital stock issued by the company andthen outstanding, or if it be a mutual company, the assent of amajority in number of the policyholders thereof, or if it be astock and mutual company, the assent of the persons holding amajority in amount of the capital stock issued by the company andthen outstanding and a majority in number of the policyholders inthe mutual department of the company, shall be requisite for theadoption of the propositions submitted; and in addition, anycompany doing a stock and mutual business may submit anddetermine in the same manner, and decide upon continuing eitherof the two plans of insurance and discontinuing the other;provided, that the right of any stockholder or policyholder notassenting to such proposition to have paid or distributed to himhis equitable interest or proportion, if any, in the net assetswhich such company might have at the time limited by law or itscharter for the termination of its corporate existence shall notbe prejudiced by such reorganization and extension andcontinuance of the corporate existence of such company, but thevalue of such equitable interest or proportion in such net assetsshall be secured and paid to him as herein provided.

(RSMo 1939 § 5994)

Prior revisions: 1929 § 5883; 1919 § 6293