Missouri § 371.230 - Compromise, arrangement or plan of reorganization, how adopted — effect.
Full text of Missouri Revised Statutes of Missouri § 371.230 — Compromise, arrangement or plan of reorganization, how adopted — effect., with citation guidance and answers to common questions.
§ 371.230. Compromise, arrangement or plan of reorganization, how adopted — effect.
1. Whenever a compromise or arrangement or any plan of reorganization of the corporation is proposed between the corporation and its creditors, members or shareholders, the circuit court of Cole County by virtue of its general equity powers may, on application of the corporation or of any creditor, member or shareholder thereof, or on the application of any receiver or receivers appointed for the corporation, order a meeting of such creditors, members or shareholders as the case may be, as may be affected by the proposed compromise or arrangement or plan of reorganization, which shall be called in such manner as the court directs.
2. If, at this meeting, the compromise or arrangement or plan of reorganization is agreed to by or on behalf of the creditors, if affected thereby, holding two-thirds in amount of the claims against the corporation, and by or on behalf of the shareholders, if affected thereby, holding the majority of each class of capital stock, and by or on behalf of the members, if affected thereby, holding two-thirds in amount of the outstanding notes or other interest-bearing obligations of the corporation provided for in section 371.120, and if such agreement shall be further evidenced by the written acceptance of the creditors, shareholders and members duly filed in the court, the compromise or arrangement or plan of reorganization shall, if approved by the court as just and equitable, be binding on all the creditors, shareholders or members, as the case may be, who are affected thereby, and also on this corporation. All persons who become creditors, shareholders or members of the corporation are deemed to have become creditors, shareholders or members subject in all respects to this section, and the same shall be absolutely binding upon them. For the purposes of this section only, members are not deemed creditors and shall act under this section as a separate class.
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(L. 1961 p. 157 § 22)
---- end of effective 28 Aug 1961 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 371.230
What does Revised Statutes of Missouri § 371.230 cover?
Section 371.230 ("Compromise, arrangement or plan of reorganization, how adopted — effect.") 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 § 371.230?
A common citation format is "Revised Statutes of Missouri § 371.230" (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 § 371.230 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.