Effective 28 Aug 1967

375.176. Proceedings against promoters. — 1. Whenever it appears to the director of the department of commerce and insurance from any examination made by himself, or from the report of the person or persons appointed by him to make an examination, or from the statements of the company, or its officers or promoters, or from any knowledge or information in his possession that it would be hazardous to the public or to its stockholders for the company to proceed with its organization, the director may, if the company is a domestic corporation, institute proceedings in the circuit court of the county or city in which the company was organized, or in which it has, or last had, its principal or chief office or place of business, and enjoin the company from further proceeding with its organization, either temporarily or perpetually, or for an injunction or dissolution of the company and the settlement or winding up of its affairs or for any or all of these remedies combined and for such other decrees and relief as the court shall deem advisable.

2. In the event that the court appoints a receiver for any company, the director of the department of commerce and insurance may be appointed as receiver, or some person other than the director of the department of commerce and insurance may be appointed, in the discretion of the court.

3. The compensation paid to any receiver appointed, upon petition of the director of the department of commerce and insurance filed against any company under this section, shall, in all cases, be fair and reasonable, and when approved by the court, shall be paid out of any assets which may be in the hands of the receiver.

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(RSMo 1939 § 6076, A.L. 1967 p. 516)