Missouri § 375.380 Dividends shall not be paid, when — penalty — liability of stockholder.

Missouri Statutes

§ 375.380 — Dividends shall not be paid, when — penalty — liability of stockholder.

Missouri § 375.380

Title XXIVBUSINESS AND FINANCIAL INSTITUTIONS

Ch. 375Provisions Applicable to All Insurance Companies

This text of Missouri § 375.380 (Dividends shall not be paid, when — penalty — liability of stockholder.) is published on Counsel Stack Legal Research, covering Missouri primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Mo. Rev. Stat. § 375.380 (2026).

Text

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

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

3.Each stockholder in a stock company receiving any dividend made in violation of the above provision shall be liable to the creditors of such company to the extent of the dividend received, with compound interest on the same from the date of its receipt, as well as the costs of collecting the same, and the managers, trustees or directors assenting to the same, or any agent soliciting or doing new busin

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

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

3. Each stockholder in a stock company receiving any dividend made in violation of the above provision shall be liable to the creditors of such company to the extent of the dividend received, with compound interest on the same from the date of its receipt, as well as the costs of collecting the same, and the managers, trustees or directors assenting to the same, or any agent soliciting or doing new business, knowing or having reasonable cause to believe that such company is impaired as aforesaid, shall be deemed guilty of a violation of the provisions of this law, and shall be punished as by sections 375.010 to 375.920 provided.