370.350. Dissolution of credit union, liquidation procedure, rulemaking authority, procedure, generally, this chapter.
Dissolution of credit union, liquidation procedure, rulemakingauthority, procedure, generally, this chapter.
370.350. 1. At any meeting called for the purpose, notice of thepurpose being contained in the call, three-fourths of the membershippresent may vote to dissolve the credit union and shall thereupon signifytheir consent to such dissolution in writing and shall file such consentwith the director of the division of credit unions attested by a majorityof its officers, with a statement of the names and addresses of thedirectors and officers duly verified.
2. The director of the division of credit unions shall execute induplicate a certificate to the effect that such consent and statement havebeen filed and that it appears therefrom that the credit union has compliedwith this section.
3. Such duplicate certificate shall be filed by the credit union inthe office of the secretary of state.
4. The director shall then appoint the share insurer or guarantor ofthe credit union, or other suitable person or persons, or entities, asliquidating agent, who shall proceed to liquidate the credit union byprocedures as defined by rules and regulations.
5. The director of the division of credit unions is authorized topromulgate rules and regulations concerning the dissolution of creditunions and, upon the termination of such credit union, and upon notice tothe director from his or her appointed liquidating agent, the director ofthe division of credit unions shall notify the secretary of state of suchfinal dissolution.
6. No rule or portion of a rule promulgated under the authority ofthis chapter shall become effective unless it has been promulgated pursuantto the provisions of section 536.024, RSMo.
7. The director of the division of credit unions, with the consent ofanother credit union, may transfer the existing membership and relatedfield of membership of a credit union in dissolution to the second creditunion and the liquidating agent, upon receiving notice of such action,shall forward its records of the members so to be transferred to the secondcredit union.
8. Notwithstanding any other provisions of this section, following amembership vote to dissolve the credit union, the director of the divisionof credit unions, or his or her appointee, may at the request of the boardof directors proceed to bring about an orderly dissolution of the creditunion as provided in subsection 4 of this section.
(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)Prior revision: 1929 § 5098