Missouri Laws 377.070 – Effect of refusal to pay — duty of director
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Terms Used In Missouri Laws 377.070
- 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.
- Department: the department of commerce and insurance. See Missouri Laws 377.005
- Director: the director of the department of commerce and insurance. See Missouri Laws 377.005
If the corporation refuses or fails to make such payment for thirty days after final judgment against said corporation, the failure to pay the amount of such final judgment within said period of thirty days shall ipso facto constitute a forfeiture of the charter of such corporation, and it shall be the duty of the director of the department of commerce and insurance forthwith to cause proceedings by quo warranto to be instituted against said corporation for the purpose of ousting it of its charter; and upon the dissolution of said corporation, the director of the department of commerce and insurance shall take charge of its assets and affairs, and wind up the same, as now provided by law in the case of life insurance companies.