2018 Missouri Revised Statutes
Title XXIII - Corporations, Associations and Partnerships
Chapter 348 - Authorities and Corporations for Economic and Technological Development — Small Businesses
Section 348.269 No limitation on enumerated powers — prior authorization of general assembly for sale of assets — inapplicability of sunset act — severability clause.

Universal Citation: MO Rev Stat § 348.269 (2018)

Effective 03 Feb 2012, see footnote

Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS

Chapter 348

348.269. No limitation on enumerated powers — prior authorization of general assembly for sale of assets — inapplicability of sunset act — severability clause. — 1. Nothing contained in sections 348.250 to 348.275 shall be construed as a restriction or limitation upon any powers that the corporation might otherwise have under chapter 355, and the provisions of sections 348.250 to 348.275 are cumulative to such powers.

2. Nothing in sections 348.250 to 348.275 shall be construed as allowing the board to sell the corporation or substantially all of the assets of the corporation, or to merge the corporation with another institution, without prior authorization by the general assembly.

3. Notwithstanding the provisions of section 23.253 to the contrary, the provisions of sections 348.250 to 348.275 shall not sunset.

4. The provisions of sections 348.250 to 348.275 shall not terminate before the satisfaction of all outstanding obligations, notes, and bonds provided for under sections 348.250 to 348.275.

5. If any provision of this act* or the application thereof is held invalid, the invalidity shall not affect other provisions or applications of the act* that can be given effect without the invalid provision or application, and to this end the provisions of this act* are severable. Insofar as the provisions of sections 348.250 to 348.275 are inconsistent with the provisions of any other law, general, specific or local, the provisions of sections 348.250 to 348.275 shall be controlling.

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(L. 2011 1st Ex. Sess. S.B. 7)

Contingent effective date, see § 348.280

*"This act" (S.B. 7, 1st Ex. Sess., 2011) contained numerous sections. Consult Disposition of Sections table for a definitive listing.

(2013) Provisions of SB 7 from First Extraordinary Session in 2011 are unconstitutional; section B of act as codified in section 348.280 is a violation of the single subject requirement of Article III, Section 23 and remaining provisions of bill could not be severed. Missouri Roundtable for Life, Inc. v. State, 396 S.W.3d 348 (Mo.banc).

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