537.645. Director may take charge of entity, when. - Missouri Statutes

Director may take charge of entity, when.

537.645. If at any time any association fails or refuses to pay anyclaim finally adjudged to be due pursuant to the provisions of its articles ofassociation and bylaws, or if the director of the department of insurance,financial institutions and professional registration determines that theassociation is unable to satisfy its contractual obligations, he shallimmediately take charge of the association, its assets and affairs, and windup same as now provided by law in the case of life insurance companies.

(L. 1978 H.B. 1650 § 8)