Effective - 01 Jan 1985
380.321. Director to review petition for merger — hearing to be held, when — procedure — costs. — 1. Whenever two companies propose to merge under the provisions of section 380.281 and their membership has approved the plan of merger, a petition shall be presented to the director, accompanied by the articles of merger, and praying for the approval or modification of the plan of merger.
2. The director shall review the petition and may waive any hearing if he finds the proposed merger does not prejudice the interests of the policyholders of the companies.
3. If the director deems it necessary, he shall issue an order of notice, requiring notice to be given, to the policyholders of the company, of the pendency of the petition, and the time and place at which the same will be heard, by publication of the order of notice in not less than two daily newspapers designated by the director, at least one of which shall be published in the city of Jefferson City, for at least once a week for two successive weeks on the same day of each week, the last notice appearing not more than five calendar days before the time appointed for the hearing upon the petition and any further notice which the director may require to be given by the petitioners.
4. At the time and place fixed in the notice, or at such time and place as shall be fixed by order of the director, or by recess from time to time or adjournment, the director shall proceed with the hearing, and may make such examination into the affairs and conditions of the companies as is proper. The director may summon and compel the attendance and testimony of witnesses and the production of books and papers at the hearing. Any policyholder or member of the company or companies or any member of the public with an interest may appear at the hearing and be heard in reference to the petition.
5. The director, if satisfied that the interests of the policyholders of the companies are properly protected, and that no reasonable objections exist thereto, may approve and authorize the proposed merger, or order such modification thereof as may seem best for the interests of the policyholders.
6. Expenses and costs incident to the proceeding under the provisions of this section shall be paid by the company or companies bringing the petition upon order of the director.
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(L. 1984 H.B. 1498)
Effective 1-01-85
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies
Section 380.005 - Definitions.
Section 380.011 - Classification as Missouri mutual insurance companies — new companies prohibited.
Section 380.031 - Exemption from insurance laws, exceptions.
Section 380.051 - Financial statement filed annually, fee.
Section 380.091 - Forms filed where — disapproval by director, notice, content — judicial review.
Section 380.101 - Policyholder in mutual to be member — eligibility — member's right to sue company.
Section 380.201 - Definitions.
Section 380.211 - New companies prohibited, when.
Section 380.231 - Company operations limited to Missouri.
Section 380.241 - Amendment to articles and bylaws, procedure — fee.
Section 380.261 - Kinds of insurance company may make.
Section 380.271 - Financial reinsurance requirements.
Section 380.281 - Mergers of certain mutual companies, procedure — merger plan, required contents.
Section 380.291 - Meeting to consider merger plan, notice — requirements.
Section 380.301 - Approval of merger plan, votes required.
Section 380.311 - Articles of merger, content — executed by corporate officers.
Section 380.331 - Certificate of merger issued, when — director and secretary of state's duties.
Section 380.341 - Merger effective when.
Section 380.351 - Certificate of merger returned to whom.
Section 380.361 - Surviving corporation after merger, rights and liabilities.
Section 380.371 - Powers of a company, generally.
Section 380.391 - Misuse of company assets for private gain, penalty.
Section 380.411 - Officers, how selected, tenure.
Section 380.421 - Membership in a company, eligibility.
Section 380.461 - Company may borrow to pay losses — assessment to pay loan.
Section 380.471 - Approved investments.
Section 380.482 - Annual statement of company.
Section 380.491 - Director to examine, when — expenses.
Section 380.501 - Company may dissolve — procedure.
Section 380.511 - Company exempt from insurance laws, exception.
Section 380.521 - License for agents — agencies and brokers.
Section 380.531 - Notices, how given.
Section 380.541 - Policy cancellation — exceptions.
Section 380.551 - Waiver of provision or defense, what constitutes — evidence.
Section 380.561 - Rules, authority for, procedure.
Section 380.571 - Violations, penalties.
Section 380.581 - Powers of company in general.
Section 380.591 - Suits against company commenced when — limitation.
Section 380.601 - Conversion to a mutual insurance company — procedure.
Section 380.651 - Provisions inapplicable to mutual companies.