361.300. Director may take possession of property of corporation.
Director may take possession of property of corporation.
361.300. The finance director may forthwith take possessionof the business and property of any corporation, subject to theprovisions of this chapter
(1) Whenever such corporation has refused, upon properdemand to submit its records and affairs for inspection to thedirector, one of his deputies, or an examiner of the financedivision; or
(2) Whenever from an examination made by the director, or byone of his deputies or examiners, it shall be discovered that anysuch corporation is insolvent, or that its continuance inbusiness will seriously jeopardize the safety of its depositorsor other indebtedness, and if the action is taken from anexamination by an examiner and such examiner shall recommend theclosing of the corporation, then it shall be the duty of thedirector, if he approved such recommendation, by himself or oneof his examiners, immediately to close said corporation and takecharge of all the property and effects thereof;
(3) Whenever any corporation subject to the provisions ofthis chapter so desires, it may place its affairs and assetsunder the control of the director by posting a notice on itsfront door as follows: "This bank (or trust company) is in thehands of the finance director." The posting of this notice or ofa notice by the director that he has taken possession of any suchcorporation shall be sufficient to place all its assets andproperty, of whatever nature, in the possession of the director,and shall operate as a bar to any proceedings whatever whether inlaw or in equity, against any incorporated bank or trust company,or its assets, and if any such action is begun, then all suchproceedings shall be summarily dismissed and for naught held,upon the certificate of the director being filed in such cause,showing that he has taken possession of the assets of such bankor trust company, and any court in which such proceedings arepending shall have no power, authority, or jurisdiction toproceed further in any such cause, and any officer or otherperson having possession of any assets or property of any suchbank or trust company shall immediately deliver the possession ofthe same to the director unless otherwise provided in thischapter; provided, however, nothing herein shall in any wiseprevent or prohibit any bank or trust company from beinggarnished in any case;
(4) The powers and authority conferred on the director bythis section except in case of voluntary surrender, shall beconsidered as discretionary and not as mandatory, and so long asthe director acts in good faith in the matter, neither he nor hisdeputies shall be held liable civilly or criminally or upon theirofficial bonds in any action taken thereunder or for any failureto act thereunder.
(RSMo 1939 § 7910)Prior revisions: 1929 § 5316; 1919 § 11700; 1909 § 1081