375.380. Dividends shall not be paid, when--penalty--liability of stockholder. - Missouri Statutes

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Statutes > Missouri > T24 > C375 > 375_380

Dividends shall not be paid, when--penalty--liability ofstockholder.

375.380. 1. It shall not be lawful for the directors,trustees or managers of any insurance company to make anydividend, except from the surplus profits arising from theirbusiness, nor for any company to solicit or do new business, whenits assets are less than three-fourths of its liabilities.

2. Any company violating the provisions aforesaid shall besubject to proceedings for dissolution.

3. Each stockholder in a stock company receiving anydividend made in violation of the above provision shall be liableto the creditors of such company to the extent of the dividendreceived, with compound interest on the same from the date of itsreceipt, as well as the costs of collecting the same, and themanagers, trustees or directors assenting to the same, or anyagent soliciting or doing new business, knowing or havingreasonable cause to believe that such company is impaired asaforesaid, shall be deemed guilty of a violation of theprovisions of this law, and shall be punished as by sections375.010 to 375.920 provided.

(RSMo 1939 § 6036) Prior revisions: 1929 § 5925; 1919 § 6333; 1909 § 7064

State Codes and Statutes

Statutes > Missouri > T24 > C375 > 375_380

Dividends shall not be paid, when--penalty--liability ofstockholder.

375.380. 1. It shall not be lawful for the directors,trustees or managers of any insurance company to make anydividend, except from the surplus profits arising from theirbusiness, nor for any company to solicit or do new business, whenits assets are less than three-fourths of its liabilities.

2. Any company violating the provisions aforesaid shall besubject to proceedings for dissolution.

3. Each stockholder in a stock company receiving anydividend made in violation of the above provision shall be liableto the creditors of such company to the extent of the dividendreceived, with compound interest on the same from the date of itsreceipt, as well as the costs of collecting the same, and themanagers, trustees or directors assenting to the same, or anyagent soliciting or doing new business, knowing or havingreasonable cause to believe that such company is impaired asaforesaid, shall be deemed guilty of a violation of theprovisions of this law, and shall be punished as by sections375.010 to 375.920 provided.

(RSMo 1939 § 6036) Prior revisions: 1929 § 5925; 1919 § 6333; 1909 § 7064

State Codes and Statutes

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State Codes and Statutes

Statutes > Missouri > T24 > C375 > 375_380

Dividends shall not be paid, when--penalty--liability ofstockholder.

375.380. 1. It shall not be lawful for the directors,trustees or managers of any insurance company to make anydividend, except from the surplus profits arising from theirbusiness, nor for any company to solicit or do new business, whenits assets are less than three-fourths of its liabilities.

2. Any company violating the provisions aforesaid shall besubject to proceedings for dissolution.

3. Each stockholder in a stock company receiving anydividend made in violation of the above provision shall be liableto the creditors of such company to the extent of the dividendreceived, with compound interest on the same from the date of itsreceipt, as well as the costs of collecting the same, and themanagers, trustees or directors assenting to the same, or anyagent soliciting or doing new business, knowing or havingreasonable cause to believe that such company is impaired asaforesaid, shall be deemed guilty of a violation of theprovisions of this law, and shall be punished as by sections375.010 to 375.920 provided.

(RSMo 1939 § 6036) Prior revisions: 1929 § 5925; 1919 § 6333; 1909 § 7064