Missouri Laws 354.280 – Officers of corporation found to be of known bad character or incompetent — ..
Terms Used In Missouri Laws 354.280
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Incompetent: if used in a section in a context relating to actual occupational ability without reference to a court adjudication of incompetency, means the actual ability of a person to perform in that occupation. See Missouri Laws 1.020
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
The director shall not grant or continue authority to transact insurance in this state as to any corporation subject to the provisions of sections 354.010 to 354.380, one or more of the managing officers of which is found by him, after hearing, to be of known bad character or to be so incompetent or untrustworthy as to make the proposed operation hazardous to the health services corporation’s current or potential members; or which he has good reason to believe is affiliated directly or indirectly through ownership, control, reinsurance transactions or other insurance or business relations with any person or persons whose business operations are or have been detrimental to policyholders, stockholders, investors, creditors, members or the public by illegal or fraudulent manipulation or dissipation of assets or accounts, or of reinsurance of any insurance company or companies, or by similar injurious actions.