Missouri Laws 379.985 – Member’s interest — nontransference of membership — immunity from liability ..
1. The membership interests of the policyholders of a reorganized insurance company shall become membership interests in the mutual holding company. Policyholders of the reorganized insurance company shall be members of the mutual holding company in accordance with the articles of incorporation and bylaws of the mutual holding company and the applicable provisions of this chapter relating to mutual insurance companies.
2. No member of a mutual holding company may transfer membership or any right arising therefrom.
Terms Used In Missouri Laws 379.985
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
3. A member of a mutual holding company is not, as such, personally liable for the acts, debts, liabilities or obligations of the company.
4. No assessments of any kind may be imposed upon the members of a mutual holding company by the directors, or members, or because of any liability of any company owned or controlled by the mutual holding company, or because of any act, debt or liability of the mutual holding company itself.
5. A membership interest in a domestic mutual holding company shall not constitute a security under the laws of this state.