Section 375.231

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1967, highlighted 1    

  375.231.  Reduction of capital stock where same has not been fully subscribed. — Any insurance company incorporated under the laws of this state, the capital stock of which has not been fully subscribed, may, by the vote of a majority of its stockholders and subscribers of its capital stock, reduce its capital stock to the extent prescribed by law in the following manner: The stockholders and subscribers of its capital stock of any company desiring so to reduce its stock, shall file or cause to be filed with the director of the department of commerce and insurance a certified copy of the proceedings of the stockholders and subscribers of its capital stock at which it was determined to reduce the stock, which copy of the proceedings shall set forth in full the amount of the capital stock after the reduction, the number of shares and the par value of each, a list of the stockholders of the company, together with their residences and the amount of stock subscribed by each and the amount paid therefor and such other information as shall be necessary to give the director of the department of commerce and insurance a complete record of all transactions of the insurance company from its incorporation to the time of the reduction of its capital stock as voted by the stockholders and subscribers of its capital stock, and the director of the department of commerce and insurance may, in his discretion, make an examination of the records and books of the insurance company; and if the director of the department of commerce and insurance is satisfied that the provisions of this section have been fully complied with, and that the proceedings were regular, the director shall issue a certificate authorizing the reduction and showing that the capital stock of the company has been reduced, the number and par value of the shares; and the certificate shall be filed and recorded as in sections 375.010 to 375.920 is provided for filing and recording the certificates of incorporation; and thereafter the company shall, with the reduced capital, be subject to the same liabilities that it possessed or was subject to at the time of the reduction of its capital; and the charter or certificate of incorporation of the company shall be deemed to be amended in respect to the amount of capital stock, and the par value and number of shares, so as to conform to the reduction.

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(RSMo 1939 § 6025, A.L. 1967 p. 516)