Missouri Laws 361.600 – Duties of director where stockholders elect another to liquidate
1. In case the stockholders shall determine to appoint an agent or agents to continue such liquidation, they shall thereupon select by ballot such agent or agents. A majority of the stock present and voting in person or by proxy shall be necessary to determine such question.
2. If such agent or agents shall be duly elected by the stockholders, the director may require such agent or agents to execute and deliver to him a bond to the state, in such amount, with such sureties, and in such form as shall be approved by him, conditioned upon the performance of all the duties of his or her or their trust; and thereupon the director shall transfer and deliver to such agent or agents all the assets of such corporation then remaining in his or her hands.
Terms Used In Missouri Laws 361.600
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- 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. Upon such transfer and delivery, the director shall be discharged from any and all further liability to such corporation and its creditors.
4. Upon the transfer and delivery of said assets by the director, he or she shall file a certified copy of the proceedings of said meeting in the public records of the division of finance.
5. No powers specially set out in its articles of association shall be exercised by such corporation after the director has filed such certified copy in his or her office.