Missouri § 371.240 - Dissolution, when authorized — procedure.
Full text of Missouri Revised Statutes of Missouri § 371.240 — Dissolution, when authorized — procedure., with citation guidance and answers to common questions.
§ 371.240. Dissolution, when authorized — procedure.
1. Any corporation organized under this chapter, after the payment in full and cancellation of all its bonds and other obligations issued under the provisions of this chapter, or after the deposit in trust with the respective trustees designated in any deeds of trust given to secure the payment of any such obligation of a sum of money sufficient for the purpose, may dissolve by the vote of a majority of the stockholders at any regular meeting or at a special meeting called for that purpose.
2. A certificate of dissolution shall be signed by the president or vice president and attested by the secretary, certifying to the dissolution and that they have been authorized by lawful action of the stockholders to execute and file such certificate. The certificate of dissolution shall be executed, acknowledged and filed with the director of finance and, when approved by the state banking and savings and loan board, shall be recorded in the same manner as the original articles of incorporation. When the director has endorsed the approval of the state banking and savings and loan board on the certificate of dissolution the corporation is deemed to be dissolved.
3. The corporation shall, however, continue for the purpose of paying, satisfying and discharging any other existing liabilities or obligations and for collecting or liquidating its assets, and doing all other acts required to adjust and wind up its business and affairs, and may sue and be sued in its corporate name.
4. Any assets remaining after all liabilities and obligations have been satisfied shall be distributed pro rata among the stockholders of the corporation.
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(L. 1961 p. 157 § 23, A.L. 1963 p. 478, A.L. 2011 H.B. 464)
---- end of effective 28 Aug 2011 ----
Frequently Asked Questions About Missouri § 371.240
What does Revised Statutes of Missouri § 371.240 cover?
Section 371.240 ("Dissolution, when authorized — procedure.") 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 § 371.240?
A common citation format is "Revised Statutes of Missouri § 371.240" (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 § 371.240 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.