Section 361.580 Director shall call stockholders' meeting after creditors are paid in full

Section 361.580 Director shall call stockholders' meeting after creditors are paid in full — proceedings at such meeting.

MO Rev Stat § 361.580 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Effective 28 Aug 1939

361.580. Director shall call stockholders' meeting after creditors are paid in full — proceedings at such meeting. — 1. Whenever the director shall have paid to each creditor of any stock corporation whose claim has been duly proved the full amount of such claim, and shall have made proper provision for claims in litigation and not finally determined, and shall have paid all the expenses of liquidation, he shall call a meeting of the stockholders of such corporation by causing notice of the time and place of such meeting to be published at least once a week for three successive weeks in one or more newspapers selected by him and published in the county or city where the principal office of such corporation is located.

2. At such meeting, the stockholders shall determine whether the director shall continue as liquidator to wind up the affairs of such corporation, or whether the stockholders themselves shall elect an agent or agents for that purpose.

3. In determining these matters, the stockholders shall vote by ballot in person or by proxy. Each share of stock shall be entitled to one vote and the vote of a majority of the issued stock shall be necessary to a determination.

--------

(RSMo 1939 § 7935)

Prior revisions: 1929 § 5340; 1919 § 11723

Previous Section

Section 361.570 Dividends to creditors — priorities — disposition of unclaimed dividends.

Next Section

Section 361.590 Duties of director where he continues liquidation — termination of corporate existence.