380.501. Company may dissolve--procedure. - Missouri Statutes

Company may dissolve--procedure.

380.501. A company may at any meeting of members, due noticeof the time, place and object of which shall have been given, bya vote of three-fourths or more of the members voting,voluntarily discontinue its operations and settle its affairs.Thereupon it shall designate a committee of three members whoshall on behalf of the company, within a time fixed in theirdesignation or any extension thereof and under the supervision ofthe director, liquidate its assets, pay its debts and expenses,and divide any surplus among the existing members and those whowere members within the preceding three years, as they may beentitled. Upon final settlement by such committee, it shall makea report of the proceedings had under the provisions of thissection, which shall be signed by its members and filed with thedirector. If he approves the same, he shall transmit to suchcommittee a certificate of his approval and thereupon the companyshall be deemed dissolved and shall cease to exist under sections380.201 to 380.591. The director shall certify the liquidationand dissolution to the secretary of state who shall rescind thecorporation's charter.

(L. 1984 H.B. 1498)

Effective 1-1-85