361.340. Circumstances under which possession by director may terminate.
224 words·~1 min read·
/mo/chapter-361/361-340A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
361.340. Circumstances under which possession by director may terminate. — When the director shall have duly taken possession of such corporation, under any provision of this chapter, he may hold such possession until its affairs are finally liquidated by him, unless:
(1)He shall have permitted such corporation to resume business pursuant to the provisions of section 361.370 ;
(2)The director shall have been directed by order of court to surrender such possession, pursuant to the provisions of section 361.360 ;
(3)The director shall have appointed the Federal Deposit Insurance Corporation as the liquidating agent of a bank insured thereby and the Federal Deposit Insurance Corporation shall have accepted the appointment;
(4)The stockholders of such corporation, at a meeting called by the director pursuant to the provisions of section 361.580 , shall have duly determined to appoint and shall have appointed an agent or agents to continue the liquidation of such corporation, and such agent or agents shall have qualified to take possession of its remaining assets as provided in section 361.600 ;
(5)The depositors and other creditors of such corporation and the expenses of such liquidation shall have been paid in full.
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(RSMo 1939 § 7913, A.L. 1977 S.B. 420, A.L. 1978 H.B. 1634, A.L. 2009 H.B. 914)
Prior revisions: 1929 § 5319; 1919 § 11702
Effective 6-25-09