Section 380.151

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 380

Effective - 01 Jan 1985, see footnote   

  380.151.  Mutual companies may unite or transfer funds and engagements, procedure — creditor's rights not affected. — Any two or more Missouri mutual insurance companies operating under the provisions of sections 380.011 to 380.151 may unite and become incorporated in one corporate body, with or without any dissolution or division of the funds of either corporation; or any such corporation may transfer its engagements, funds and property to any other such corporation and upon such terms as may be agreed upon by three-fourths of the members of each of the bodies who are either present in person or by proxy at the meeting of the members convened for that purpose by notice, stating the object of the meeting, sent by first class mail to every member, and by a general notice, appearing daily at least one week or weekly at least two weeks in a newspaper published in the county where the principal home office of the company is located; but no such transfer shall prejudice any right of any creditor of any such corporation to have payment of his debt out of the assets and property thereof.

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(L. 1984 H.B. 1498)

Effective 1-01-85