Powers of director during take-over of association.
369.344. 1. When the director of the division of financetakes possession of the property, business and assets of anassociation, the director may manage and conduct its business andaffairs and collect all money due to such association, and thedirector may do such other acts as are necessary or expedient tocollect, conserve or protect the association's business, propertyand assets.
2. Unless the director finds either as the result of anexamination or otherwise that the association is in an impairedcondition, the director may while in possession of an associationaccept additional accounts or payments to existing accounts withsuch provisions for preference of the funds so received, or forsegregating or trusteeing such funds or the assets arising fromthe investment thereof, or for both, as the director deemsappropriate for the protection of the account holders providingsuch funds. The director may pay earnings on accounts at suchrate as he deems appropriate for the protection of theassociation and its account holders; and the director may pay thewithdrawal value of accounts, either with or without noticesubject to other provisions of sections 369.010 to 369.369 and tosuch limitations and restrictions, if any, as the director deemsappropriate for the protection of the association and its accountholders.
3. The director may while in possession of an associationapply to the circuit court of the county in which the principaloffice of the association is located for an order confirming anyaction taken by the director or authorizing the director to doany act or execute any instrument not expressly authorized. Theappropriate order shall be entered after a hearing on such noticeas the court prescribes.
4. The director may also disaffirm any executory contractsincluding leases to which the association is a party anddisaffirm any partially executed contracts including leases tothe extent that they remain executory. The disaffirmance shallbe made within six months after obtaining knowledge of theexistence of the contract or lease. Claims for damages resultingfrom the disaffirmance of an executory contract or lease by thedirector may be filed and allowed. No claim of a landlord fordamages resulting from the disaffirmance of an unexpired lease ofreal property or under any covenant of such lease shall beallowed in an amount exceeding the rent reserved by the leasewithout acceleration for the year succeeding the date of thesurrender of the premises plus the amount of any unpaid accruedrent without acceleration. Any such claim must be filed withinthirty days of the date of such disaffirmance or within the timethat claims must be filed.
5. If it appears that a reorganization is necessary andfeasible, the director may propose a plan which shall besubmitted to the members of a mutual association or thestockholders of a capital stock association at a special meetingcalled by the director. If the plan of reorganization isapproved by a two-thirds majority of the votes cast in person orby proxy at such meeting, it shall become effective upon thedate, terms and conditions specified therein and the directorshall, in accordance therewith, return the possession of theproperty, business and assets to the association. If theassociation is an insured association, the plan of reorganizationshall be approved by the Federal Deposit Insurance Corporation orany successor thereto before becoming effective.
6. The director may propose a merger or consolidation withanother association to be carried out in accordance with theprovisions of section 369.079, and in such event the directorshall possess all powers formerly held by the board of directorsof the association in the director's possession.
7. Unless the director is enjoined from further proceedingsand directed to surrender the business, property and assets of anassociation or unless such association shall with the consent ofthe director resume business or unless the director shall proposea merger or consolidation of the association, the director shallproceed to liquidate the affairs of the association as providedin section 369.349.
Powers of director during take-over of association.
369.344. 1. When the director of the division of financetakes possession of the property, business and assets of anassociation, the director may manage and conduct its business andaffairs and collect all money due to such association, and thedirector may do such other acts as are necessary or expedient tocollect, conserve or protect the association's business, propertyand assets.
2. Unless the director finds either as the result of anexamination or otherwise that the association is in an impairedcondition, the director may while in possession of an associationaccept additional accounts or payments to existing accounts withsuch provisions for preference of the funds so received, or forsegregating or trusteeing such funds or the assets arising fromthe investment thereof, or for both, as the director deemsappropriate for the protection of the account holders providingsuch funds. The director may pay earnings on accounts at suchrate as he deems appropriate for the protection of theassociation and its account holders; and the director may pay thewithdrawal value of accounts, either with or without noticesubject to other provisions of sections 369.010 to 369.369 and tosuch limitations and restrictions, if any, as the director deemsappropriate for the protection of the association and its accountholders.
3. The director may while in possession of an associationapply to the circuit court of the county in which the principaloffice of the association is located for an order confirming anyaction taken by the director or authorizing the director to doany act or execute any instrument not expressly authorized. Theappropriate order shall be entered after a hearing on such noticeas the court prescribes.
4. The director may also disaffirm any executory contractsincluding leases to which the association is a party anddisaffirm any partially executed contracts including leases tothe extent that they remain executory. The disaffirmance shallbe made within six months after obtaining knowledge of theexistence of the contract or lease. Claims for damages resultingfrom the disaffirmance of an executory contract or lease by thedirector may be filed and allowed. No claim of a landlord fordamages resulting from the disaffirmance of an unexpired lease ofreal property or under any covenant of such lease shall beallowed in an amount exceeding the rent reserved by the leasewithout acceleration for the year succeeding the date of thesurrender of the premises plus the amount of any unpaid accruedrent without acceleration. Any such claim must be filed withinthirty days of the date of such disaffirmance or within the timethat claims must be filed.
5. If it appears that a reorganization is necessary andfeasible, the director may propose a plan which shall besubmitted to the members of a mutual association or thestockholders of a capital stock association at a special meetingcalled by the director. If the plan of reorganization isapproved by a two-thirds majority of the votes cast in person orby proxy at such meeting, it shall become effective upon thedate, terms and conditions specified therein and the directorshall, in accordance therewith, return the possession of theproperty, business and assets to the association. If theassociation is an insured association, the plan of reorganizationshall be approved by the Federal Deposit Insurance Corporation orany successor thereto before becoming effective.
6. The director may propose a merger or consolidation withanother association to be carried out in accordance with theprovisions of section 369.079, and in such event the directorshall possess all powers formerly held by the board of directorsof the association in the director's possession.
7. Unless the director is enjoined from further proceedingsand directed to surrender the business, property and assets of anassociation or unless such association shall with the consent ofthe director resume business or unless the director shall proposea merger or consolidation of the association, the director shallproceed to liquidate the affairs of the association as providedin section 369.349.
Powers of director during take-over of association.
369.344. 1. When the director of the division of financetakes possession of the property, business and assets of anassociation, the director may manage and conduct its business andaffairs and collect all money due to such association, and thedirector may do such other acts as are necessary or expedient tocollect, conserve or protect the association's business, propertyand assets.
2. Unless the director finds either as the result of anexamination or otherwise that the association is in an impairedcondition, the director may while in possession of an associationaccept additional accounts or payments to existing accounts withsuch provisions for preference of the funds so received, or forsegregating or trusteeing such funds or the assets arising fromthe investment thereof, or for both, as the director deemsappropriate for the protection of the account holders providingsuch funds. The director may pay earnings on accounts at suchrate as he deems appropriate for the protection of theassociation and its account holders; and the director may pay thewithdrawal value of accounts, either with or without noticesubject to other provisions of sections 369.010 to 369.369 and tosuch limitations and restrictions, if any, as the director deemsappropriate for the protection of the association and its accountholders.
3. The director may while in possession of an associationapply to the circuit court of the county in which the principaloffice of the association is located for an order confirming anyaction taken by the director or authorizing the director to doany act or execute any instrument not expressly authorized. Theappropriate order shall be entered after a hearing on such noticeas the court prescribes.
4. The director may also disaffirm any executory contractsincluding leases to which the association is a party anddisaffirm any partially executed contracts including leases tothe extent that they remain executory. The disaffirmance shallbe made within six months after obtaining knowledge of theexistence of the contract or lease. Claims for damages resultingfrom the disaffirmance of an executory contract or lease by thedirector may be filed and allowed. No claim of a landlord fordamages resulting from the disaffirmance of an unexpired lease ofreal property or under any covenant of such lease shall beallowed in an amount exceeding the rent reserved by the leasewithout acceleration for the year succeeding the date of thesurrender of the premises plus the amount of any unpaid accruedrent without acceleration. Any such claim must be filed withinthirty days of the date of such disaffirmance or within the timethat claims must be filed.
5. If it appears that a reorganization is necessary andfeasible, the director may propose a plan which shall besubmitted to the members of a mutual association or thestockholders of a capital stock association at a special meetingcalled by the director. If the plan of reorganization isapproved by a two-thirds majority of the votes cast in person orby proxy at such meeting, it shall become effective upon thedate, terms and conditions specified therein and the directorshall, in accordance therewith, return the possession of theproperty, business and assets to the association. If theassociation is an insured association, the plan of reorganizationshall be approved by the Federal Deposit Insurance Corporation orany successor thereto before becoming effective.
6. The director may propose a merger or consolidation withanother association to be carried out in accordance with theprovisions of section 369.079, and in such event the directorshall possess all powers formerly held by the board of directorsof the association in the director's possession.
7. Unless the director is enjoined from further proceedingsand directed to surrender the business, property and assets of anassociation or unless such association shall with the consent ofthe director resume business or unless the director shall proposea merger or consolidation of the association, the director shallproceed to liquidate the affairs of the association as providedin section 369.349.
