Terms Used In Missouri Laws 380.151

  • 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.
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • Property: includes real and personal property. See Missouri Laws 1.020

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.