2018 Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance
Section 377.070 Effect of refusal to pay — duty of director.
Effective 28 Aug 1939
Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 377377.070. Effect of refusal to pay — duty of director. — 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 insurance, financial institutions and professional registration 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 insurance, financial institutions and professional registration 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.
--------
(RSMo 1939 § 5858)
Prior revisions: 1929 § 5747; 1919 § 6157; 1909 § 6952
