Missouri § 370.151 - Reorganization — approval — procedure, failure — liquidation.
Full text of Missouri Revised Statutes of Missouri § 370.151 — Reorganization — approval — procedure, failure — liquidation., with citation guidance and answers to common questions.
§ 370.151. Reorganization — approval — procedure, failure — liquidation.
1. The director may call a special meeting of the members to consider and act upon a plan of reorganization; but he or she may at his or her option require the president or secretary to do so. Notice of the meeting shall be mailed or delivered to each member, or posted in a conspicuous place frequented by the members, at least seven days before the meeting.
2. If the plan of reorganization is approved by a two-thirds majority of the votes cast at the meeting, it shall become effective upon the date, terms and conditions specified therein, and the director shall, upon, or as of, the date, return the possession, assets and conduct of the business of the credit union to its directors and officers.
3. If a reorganization plan, when submitted to the members as herein provided, is not approved by the required majority, the director may issue a notice of involuntary liquidation and appoint a liquidating agent to liquidate the credit union.
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(L. 1967 p. 509, A.L. 1985 H.B. 469, A.L. 2020 S.B. 599)
---- end of effective 28 Aug 2020 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 370.151
What does Revised Statutes of Missouri § 370.151 cover?
Section 370.151 ("Reorganization — approval — procedure, failure — liquidation.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 370.151?
A common citation format is "Revised Statutes of Missouri § 370.151" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 370.151 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.