Effective - 28 Aug 2011
371.240. Dissolution, when authorized — procedure. — 1. Any corporation organized under this chapter, after the payment in full and cancellation of all its bonds and other obligations issued under the provisions of this chapter, or after the deposit in trust with the respective trustees designated in any deeds of trust given to secure the payment of any such obligation of a sum of money sufficient for the purpose, may dissolve by the vote of a majority of the stockholders at any regular meeting or at a special meeting called for that purpose.
2. A certificate of dissolution shall be signed by the president or vice president and attested by the secretary, certifying to the dissolution and that they have been authorized by lawful action of the stockholders to execute and file such certificate. The certificate of dissolution shall be executed, acknowledged and filed with the director of finance and, when approved by the state banking and savings and loan board, shall be recorded in the same manner as the original articles of incorporation. When the director has endorsed the approval of the state banking and savings and loan board on the certificate of dissolution the corporation is deemed to be dissolved.
3. The corporation shall, however, continue for the purpose of paying, satisfying and discharging any other existing liabilities or obligations and for collecting or liquidating its assets, and doing all other acts required to adjust and wind up its business and affairs, and may sue and be sued in its corporate name.
4. Any assets remaining after all liabilities and obligations have been satisfied shall be distributed pro rata among the stockholders of the corporation.
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(L. 1961 p. 157 § 23, A.L. 1963 p. 478, A.L. 2011 H.B. 464)
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.