380.151. Mutual companies may unite or transfer funds and engagements, procedure--creditor's rights not affected. - Missouri Statutes

Mutual companies may unite or transfer funds and engagements,procedure--creditor's rights not affected.

380.151. Any two or more Missouri mutual insurance companiesoperating under the provisions of sections 380.011 to 380.151 mayunite and become incorporated in one corporate body, with orwithout any dissolution or division of the funds of eithercorporation; or any such corporation may transfer itsengagements, funds and property to any other such corporation andupon such terms as may be agreed upon by three-fourths of themembers of each of the bodies who are either present in person orby proxy at the meeting of the members convened for that purposeby notice, stating the object of the meeting, sent by first classmail to every member, and by a general notice, appearing daily atleast one week or weekly at least two weeks in a newspaperpublished in the county where the principal home office of thecompany is located; but no such transfer shall prejudice anyright of any creditor of any such corporation to have payment ofhis debt out of the assets and property thereof.

(L. 1984 H.B. 1498)

Effective 1-1-85