Missouri § 370.350 - Dissolution of credit union, liquidation procedure, rulemaking authority.

§ 370.350. Dissolution of credit union, liquidation procedure, rulemaking authority.

1.  At any meeting called for the purpose, notice of the purpose being contained in the call, three-fourths of the membership present may vote to dissolve the credit union and shall thereupon signify their consent to such dissolution in writing and shall file such consent with the director of the division of credit unions attested by a majority of its officers, with a statement of the names and addresses of the directors and officers duly verified.

2.  The director of the division of credit unions shall execute a certificate to the effect that such consent and statement have been filed and that it appears therefrom that the credit union has complied with this section.

3.  Such certificate shall be filed by the director in the office of the secretary of state.

4.  The director shall then appoint the share insurer or guarantor of the credit union, or other suitable person or persons, or entities, as liquidating agent, who shall proceed to liquidate the credit union by procedures as defined by rules and regulations.

5.  The director of the division of credit unions is authorized to promulgate rules and regulations concerning the dissolution of credit unions and, upon the termination of such credit union, and upon notice to the director from his or her appointed liquidating agent, the director of the division of credit unions shall notify the secretary of state of such final dissolution.

6.  No rule or portion of a rule promulgated under the authority of this chapter shall become effective unless it has been promulgated pursuant to the provisions of section 536.024.

7.  The director of the division of credit unions, with the consent of another credit union, may transfer the existing membership and related field of membership of a credit union in dissolution to the second credit union and the liquidating agent, upon receiving notice of such action, shall forward its records of the members so to be transferred to the second credit union.

8.  Notwithstanding any other provisions of this section, following a membership vote to dissolve the credit union, the director of the division of credit unions, or his or her appointee, may at the request of the board of directors proceed to bring about an orderly dissolution of the credit union as provided in subsection 4 of this section.

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(RSMo 1939 § 5540, A.L. 1945 p. 720, A.L. 1972 S.B. 502, A.L. 1985 H.B. 469, A.L. 1993 S.B. 52, A.L. 1995 S.B. 3, A.L. 2020 S.B. 599)

Prior revision: 1929 § 5098

---- end of effective  28 Aug 2020 ----

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