379.270. Director may advance money.
152 words·~1 min read·
/mo/chapter-379/379-270A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
379.270. Director may advance money. — 1. Any director, officer or member of any such company, or any other person, may advance to such company any sum or sums of money necessary for the purpose of its business or to enable it to comply with any of the requirements of the law, and such moneys and such interest thereon as may have been agreed upon, not exceeding ten percent per annum, shall be payable only out of the surplus remaining after providing for all reserves and other liabilities, and shall not otherwise be a liability or claim against the company or any of its assets.
2. No commission or promotion expenses shall be paid in connection with the advance of any such money to the company, and the amount of such advance shall be reported in each annual statement.
--------
(RSMo 1939 § 5963)
Prior revisions: 1929 § 5852; 1919 § 6262