Missouri Laws 382.260 – Illegally acquired securities, how treated — impending illegal ..
1. No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the provisions of sections 382.010 to 382.300 or of any rule, regulation or order issued by the director pursuant to sections 382.010 to 382.300 may be voted at any shareholders’ meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding; but no action taken at any such meeting shall be invalidated by the voting of such securities, unless the action would materially affect control of the insurer or unless the courts of this state have so ordered. If an insurer or the director has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of sections 382.010 to 382.300 or of any rule, regulation or order issued by the director pursuant to sections 382.010 to 382.300, the insurer or the director may apply to the circuit court for Cole County or to the circuit court for the county in which the insurer has its principal place of business to enjoin any offer, request, invitation, agreement or acquisition made in contravention of sections 382.010 to 382.300, or any rule, regulation, or order issued by the director under the provisions of sections 382.010 to 382.300, to enjoin the voting of any security so acquired, to void any vote of such security already cast at any meeting of shareholders, and for such other equitable relief as the nature of the case and the interests of the insurer’s policyholders, creditors and shareholders or the public may require.
2. In any case where a person has acquired or is proposing to acquire any voting securities in violation of sections 382.010 to 382.300 or any rule, regulation or order issued by the director pursuant to sections 382.010 to 382.300, the circuit court for Cole County or the circuit court for the county in which the insurer has its principal place of business may on such notice as the court deems appropriate upon the application of the insurer or the director, seize or sequester any voting securities of the insurer owned directly or indirectly by such person, and may issue such orders with respect thereto as may be appropriate to effectuate the provisions of sections 382.010 to 382.300.
Terms Used In Missouri Laws 382.260
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Quorum: The number of legislators that must be present to do business.
- Sequester: To separate. Sometimes juries are sequestered from outside influences during their deliberations.
- 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. Notwithstanding any other provisions of law, for the purposes of sections 382.010 to 382.300 the situs of the ownership of the securities of domestic insurers shall be deemed to be in this state.