Effective - 28 Aug 1949
361.370. Director may surrender possession for resumption or liquidation. — 1. Upon such conditions as he may approve, the director may surrender possession of such corporation to its officers or any of them to permit the resumption of business or the liquidation of the corporation.
2. Before such corporation is surrendered for purposes of liquidation, the officer or officers of the corporation shall enter into a good and sufficient personal or surety bond in an amount equal to the total amount of the corporation's liability, capital stock liability excepted; the bond to be conditioned that all of the aforesaid liability be discharged within one year from the date of the making of the bond. The sufficiency of the bond shall be passed upon and approved by both the circuit judge of the county or city in which the corporation is located and the director, and be filed with the circuit clerk of said county or city. The bond shall be for the benefit of the depositors and other creditors. In the event of default, any depositor or other creditor may bring his action singly or collectively or if the claim be assigned the assignee may bring action in like manner.
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(RSMo 1939 § 7916, A. 1949 H.B. 2084)
Prior revisions: 1929 § 5322; 1919 § 11705
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 361 - Division of Finance and Powers of Director of Finance
Section 361.005 - Definitions, chapters 361, 362, and 369.
Section 361.010 - Division of finance created — location of office — transfer of division.
Section 361.020 - Powers of division.
Section 361.030 - Seal — recording of documents.
Section 361.040 - Director — appointment — term of office.
Section 361.050 - Director — qualifications.
Section 361.060 - Deputy director — appointment — qualifications — duties.
Section 361.080 - Confidential information — exceptions — penalty for disclosure.
Section 361.090 - Compensation and travel expenses, how paid.
Section 361.092 - State banking and savings and loan board created.
Section 361.093 - Board to advise and recommend.
Section 361.094 - Board to determine appeals — procedure — hearing officer authorized.
Section 361.095 - Procedure on appeals — costs — parties — judicial review.
Section 361.097 - Board members, appointment, qualifications, terms.
Section 361.098 - Board members, compensation — quorum of board — meetings — seal.
Section 361.100 - Deposits in state treasury.
Section 361.110 - Report of work of division, contents — retention of statements.
Section 361.120 - Preservation of records — report to governor — destruction of records, when.
Section 361.130 - Reports to director — information accepted in lieu of reports.
Section 361.150 - Acceptance of gifts or favors prohibited.
Section 361.160 - Examination of banks and trust companies.
Section 361.180 - False report of corporation solvency.
Section 361.190 - Claims entitled to priority, liquidation or insolvency.
Section 361.220 - Index of persons entitled to unclaimed sums — payment to persons entitled.
Section 361.230 - Branch offices — approval — certificate.
Section 361.240 - Director's approval — discretion — filing — written waivers required.
Section 361.250 - Extensions of time by director.
Section 361.259 - Director's powers extend to out-of-state banks operating in Missouri.
Section 361.261 - Authority to issue orders — includes certain other powers.
Section 361.266 - Stay of suspension or prohibition, procedure.
Section 361.270 - Report to attorney general and action by him in certain cases.
Section 361.280 - Proceedings in name of director for violations of the provisions of this chapter.
Section 361.290 - Penalty for neglect of duty or misfeasance or malfeasance in office.
Section 361.300 - Director may take possession of property of corporation.
Section 361.310 - Information to prosecuting attorney.
Section 361.320 - Director may maintain action against officers, when.
Section 361.330 - Corporation not to make assignment — duty when in failing condition.
Section 361.340 - Circumstances under which possession by director may terminate.
Section 361.360 - Director's possession may be challenged, when.
Section 361.370 - Director may surrender possession for resumption or liquidation.
Section 361.380 - Surrender for liquidation.
Section 361.390 - Liquidation — special deputy may be appointed.
Section 361.400 - Director's assistant may be appointed as special deputy.
Section 361.410 - Expenses of liquidation, how paid.
Section 361.440 - Inventory of assets to be made and filed.
Section 361.480 - Director may borrow on assets of closed corporation.
Section 361.490 - Deposit of moneys collected — preference.
Section 361.510 - Notice to creditors to make proof of claims.
Section 361.520 - Director to list claims duly presented.
Section 361.530 - Objections to claims — procedure.
Section 361.540 - Claims approved or rejected — list of such claims.
Section 361.560 - Judgments recovered after director takes possession shall not be liens.
Section 361.570 - Dividends to creditors — priorities — disposition of unclaimed dividends.
Section 361.600 - Duties of director where stockholders elect another to liquidate.
Section 361.700 - Sale of checks law, how cited — definitions.
Section 361.718 - Reserve required — director may demand proof, when.
Section 361.720 - Licensee may conduct business through unlicensed agents and employees.
Section 361.723 - Annual report filed with director, content.
Section 361.725 - Revocation or suspension of license — grounds — procedure.