2018 Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 361 - Division of Finance and Powers of Director of Finance
Section 361.300 Director may take possession of property of corporation.

Effective 28 Aug 1939

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

361.300. Director may take possession of property of corporation. — The finance director may forthwith take possession of the business and property of any corporation, subject to the provisions of this chapter

(1) Whenever such corporation has refused, upon proper demand to submit its records and affairs for inspection to the director, one of his deputies, or an examiner of the finance division; or

(2) Whenever from an examination made by the director, or by one of his deputies or examiners, it shall be discovered that any such corporation is insolvent, or that its continuance in business will seriously jeopardize the safety of its depositors or other indebtedness, and if the action is taken from an examination by an examiner and such examiner shall recommend the closing of the corporation, then it shall be the duty of the director, if he approved such recommendation, by himself or one of his examiners, immediately to close said corporation and take charge of all the property and effects thereof;

(3) Whenever any corporation subject to the provisions of this chapter so desires, it may place its affairs and assets under the control of the director by posting a notice on its front door as follows: "This bank (or trust company) is in the hands of the finance director." The posting of this notice or of a notice by the director that he has taken possession of any such corporation shall be sufficient to place all its assets and property, of whatever nature, in the possession of the director, and shall operate as a bar to any proceedings whatever whether in law or in equity, against any incorporated bank or trust company, or its assets, and if any such action is begun, then all such proceedings shall be summarily dismissed and for naught held, upon the certificate of the director being filed in such cause, showing that he has taken possession of the assets of such bank or trust company, and any court in which such proceedings are pending shall have no power, authority, or jurisdiction to proceed further in any such cause, and any officer or other person having possession of any assets or property of any such bank or trust company shall immediately deliver the possession of the same to the director unless otherwise provided in this chapter; provided, however, nothing herein shall in any wise prevent or prohibit any bank or trust company from being garnished in any case;

(4) The powers and authority conferred on the director by this section except in case of voluntary surrender, shall be considered as discretionary and not as mandatory, and so long as the director acts in good faith in the matter, neither he nor his deputies shall be held liable civilly or criminally or upon their official bonds in any action taken thereunder or for any failure to act thereunder.

­­--------

(RSMo 1939 § 7910)

Prior revisions: 1929 § 5316; 1919 § 11700; 1909 § 1081