Effective - 28 Aug 1977
349.095. Dissolution of corporation, effect of. — Upon termination or dissolution, all rights and properties of the corporation shall pass to and be vested in the county or municipality of incorporation, subject to the rights of bondholders, noteholders, and other creditors. Except that no county or municipality nor the citizens thereof shall be subject to any tax assessment or financial liability to any bondholder, noteholder and any other creditor nor shall any county or municipality be permitted to expend any public moneys for the payment of any indebtedness of bonds, notes, or any other claims by creditors of any nature. Any and all indebtedness, whether by bond, note or any creditor claim, shall be paid exclusively from the revenues, if any, from such terminated or dissolved corporation.
--------
(L. 1977 S.B. 267 § 18)
Structure Missouri Revised Statutes
Title XXIII - Corporations, Associations and Partnerships
Chapter 349 - Industrial Development Corporations
Section 349.010 - Definitions.
Section 349.015 - No eminent domain.
Section 349.020 - Agricultural operations not authorized.
Section 349.025 - Who may be incorporators.
Section 349.030 - Articles of incorporation, form and contents of.
Section 349.035 - Articles, where filed — secretary of state to issue certificate, when.
Section 349.040 - Articles, how amended.
Section 349.050 - Powers of corporation.
Section 349.052 - General and business corporation law applicable — exceptions.
Section 349.055 - Revenue bonds, issuance, provisions, sale.
Section 349.060 - Notes, issuance, provisions, sale.
Section 349.065 - Renewal notes, issued when, how.
Section 349.070 - Resolutions authorizing issuance of bonds or notes, provisions authorized in.
Section 349.075 - Trust agreements authorized.
Section 349.080 - Individuals not liable on notes or bonds.
Section 349.085 - Notes and bonds declared to be approved investments for fiduciaries.
Section 349.090 - Projects not tax exempt, exceptions — bond and note interest is exempt, exception.
Section 349.095 - Dissolution of corporation, effect of.
Section 349.100 - Disclaimer as to impairment of other powers of political subdivisions.