Effective - 28 Aug 1961
371.230. Compromise, arrangement or plan of reorganization, how adopted — effect. — 1. Whenever a compromise or arrangement or any plan of reorganization of the corporation is proposed between the corporation and its creditors, members or shareholders, the circuit court of Cole County by virtue of its general equity powers may, on application of the corporation or of any creditor, member or shareholder thereof, or on the application of any receiver or receivers appointed for the corporation, order a meeting of such creditors, members or shareholders as the case may be, as may be affected by the proposed compromise or arrangement or plan of reorganization, which shall be called in such manner as the court directs.
2. If, at this meeting, the compromise or arrangement or plan of reorganization is agreed to by or on behalf of the creditors, if affected thereby, holding two-thirds in amount of the claims against the corporation, and by or on behalf of the shareholders, if affected thereby, holding the majority of each class of capital stock, and by or on behalf of the members, if affected thereby, holding two-thirds in amount of the outstanding notes or other interest-bearing obligations of the corporation provided for in section 371.120, and if such agreement shall be further evidenced by the written acceptance of the creditors, shareholders and members duly filed in the court, the compromise or arrangement or plan of reorganization shall, if approved by the court as just and equitable, be binding on all the creditors, shareholders or members, as the case may be, who are affected thereby, and also on this corporation. All persons who become creditors, shareholders or members of the corporation are deemed to have become creditors, shareholders or members subject in all respects to this section, and the same shall be absolutely binding upon them. For the purposes of this section only, members are not deemed creditors and shall act under this section as a separate class.
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(L. 1961 p. 157 § 22)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 371 - Development Finance Corporations
Section 371.010 - Purpose of chapter.
Section 371.020 - Number of incorporators required.
Section 371.030 - Director of finance to investigate and approve proposed articles.
Section 371.040 - Organization may be completed after approval.
Section 371.050 - Certificate of organization to be filed — contents.
Section 371.070 - Corporate existence begins, when — recording of articles.
Section 371.080 - Articles of incorporation — contents.
Section 371.090 - Amendment of articles, procedure — when effective.
Section 371.100 - Stockholders' meetings — election of directors — voting rights.
Section 371.110 - Board of directors to manage corporation — number, terms.
Section 371.120 - Members of corporation to be financial institutions — loans by members, limits.
Section 371.130 - Powers of corporation.
Section 371.150 - Accumulation of earned surplus, requirements.
Section 371.160 - Limit on obligations, exceptions.
Section 371.170 - Deposits and loans of funds, regulation — not to receive deposits.
Section 371.180 - Limitation on lending powers.
Section 371.190 - Examination by director of finance — reports.
Section 371.200 - Stockholders not to have preemptive rights.
Section 371.210 - Interest paid exempt from intangible and income taxes.
Section 371.220 - Corporate income exempt from income tax.
Section 371.230 - Compromise, arrangement or plan of reorganization, how adopted — effect.
Section 371.240 - Dissolution, when authorized — procedure.
Section 371.250 - Corporations and banks may own stock or securities of company, securities exempt.