Effective - 28 Aug 2020, 2 histories
370.350. Dissolution of credit union, liquidation procedure, rulemaking authority. — 1. At any meeting called for the purpose, notice of the purpose being contained in the call, three-fourths of the membership present may vote to dissolve the credit union and shall thereupon signify their consent to such dissolution in writing and shall file such consent with the director of the division of credit unions attested by a majority of its officers, with a statement of the names and addresses of the directors and officers duly verified.
2. The director of the division of credit unions shall execute a certificate to the effect that such consent and statement have been filed and that it appears therefrom that the credit union has complied with this section.
3. Such certificate shall be filed by the director in the office of the secretary of state.
4. The director shall then appoint the share insurer or guarantor of the credit union, or other suitable person or persons, or entities, as liquidating agent, who shall proceed to liquidate the credit union by procedures as defined by rules and regulations.
5. The director of the division of credit unions is authorized to promulgate rules and regulations concerning the dissolution of credit unions and, upon the termination of such credit union, and upon notice to the director from his or her appointed liquidating agent, the director of the division of credit unions shall notify the secretary of state of such final dissolution.
6. No rule or portion of a rule promulgated under the authority of this chapter shall become effective unless it has been promulgated pursuant to the provisions of section 536.024.
7. The director of the division of credit unions, with the consent of another credit union, may transfer the existing membership and related field of membership of a credit union in dissolution to the second credit union and the liquidating agent, upon receiving notice of such action, shall forward its records of the members so to be transferred to the second credit union.
8. Notwithstanding any other provisions of this section, following a membership vote to dissolve the credit union, the director of the division of credit unions, or his or her appointee, may at the request of the board of directors proceed to bring about an orderly dissolution of the credit union as provided in subsection 4 of this section.
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(RSMo 1939 § 5540, A.L. 1945 p. 720, A.L. 1972 S.B. 502, A.L. 1985 H.B. 469, A.L. 1993 S.B. 52, A.L. 1995 S.B. 3, A.L. 2020 S.B. 599)
Prior revision: 1929 § 5098
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Section 370.005 - Definitions.
Section 370.006 - Division of credit unions created — transfer — salary of director.
Section 370.010 - Credit union, how organized.
Section 370.030 - Bylaws, contents.
Section 370.040 - Approval by director, certificate, provisional issuance, fee, examination.
Section 370.050 - Change of business location — notice — approval required.
Section 370.060 - Amendments to bylaws, effective when.
Section 370.063 - Appeals — rules — nonseverability clause.
Section 370.070 - Powers of a credit union.
Section 370.071 - Additional powers of a credit union — membership fee allowed, when.
Section 370.073 - Fee or service charge authorized, when.
Section 370.075 - Investment of credit union funds.
Section 370.082 - Retroactive applicability.
Section 370.085 - Membership shares, uses — valuation — withdrawal — redemption — dividends.
Section 370.088 - Branches required to be located in geographic area of the credit union.
Section 370.090 - Operation without having filed certificate of approval prohibited.
Section 370.100 - Division director — powers — qualifications — examiners and assistants.
Section 370.101 - Oath required, when — conflict of interest, when — administrative subpoena powers.
Section 370.102 - Confidentiality oath required, exceptions — confidentiality of information.
Section 370.110 - Reports — when — penalty for late, inaccurate or incomplete.
Section 370.120 - Annual examination or audit report, exception — subpoena power.
Section 370.130 - Penalty for noncompliance.
Section 370.151 - Reorganization — approval — procedure, failure — liquidation.
Section 370.154 - Powers of receiver.
Section 370.156 - Withdrawal applications voided, when.
Section 370.157 - Director may remove officers, procedure.
Section 370.158 - Court may approve or modify reorganization or merger plan.
Section 370.160 - Fiscal year.
Section 370.161 - Notice of intention to remove, contents, procedure.
Section 370.162 - Appeal to circuit court, when.
Section 370.163 - Suspension of director or officer permitted, when, procedure.
Section 370.164 - Suspension, effect on board of directors, procedure.
Section 370.165 - Effective date of notice of suspension.
Section 370.170 - Meetings and special meetings, voting — proxies, when — action at meeting.
Section 370.180 - Board of directors, committees — election — terms — oath.
Section 370.190 - Directors to elect officers — duties established by board or bylaws.
Section 370.200 - Duties of board — telephone or electronic participation at meetings.
Section 370.230 - Powers and duties of supervisory committee.
Section 370.235 - Employees handling funds of credit union to give surety bond.
Section 370.240 - Capital of credit unions.
Section 370.260 - Cancellation of shares — member to keep credit union informed of current address.
Section 370.283 - Minors may hold or release shares — subject to lien.
Section 370.285 - Retirement accounts and pension funds, authority to serve as trustee.
Section 370.290 - Power to borrow money from any source.
Section 370.300 - Loans, interest rate — charges — refunds to members.
Section 370.310 - Limitations on loans — loans to directors and committee members, report required.
Section 370.320 - Reserve fund required.
Section 370.325 - Reserves, amounts required, waived when, procedure.
Section 370.328 - Reserve fund distribution, when.
Section 370.330 - Dividends, when declared — how paid.
Section 370.340 - Expulsion and withdrawal of members — refunds.
Section 370.350 - Dissolution of credit union, liquidation procedure, rulemaking authority.
Section 370.351 - Credit unions may merge — directors to approve plan, procedure.
Section 370.352 - Consolidation into new credit union — directors to approve plan.
Section 370.353 - Submission of plan to meeting of members or shareholders — notice.
Section 370.354 - Vote required for approval — director may approve, when.
Section 370.355 - Certificate of merger or consolidation, issued when — copies, where filed.
Section 370.357 - Effect of merger or consolidation.
Section 370.359 - Conversion from state to federal or federal to state credit union, procedure.
Section 370.360 - Unauthorized use of words "credit union" a misdemeanor.
Section 370.365 - Central credit union defined — how formed — fee, how determined.
Section 370.390 - Foreign credit union may operate in state, requirements.
Section 370.395 - State employees, deductions from compensation authorized, requirements.