Section 379.985 Member's interest — nontransference of membership — immunity from liability — assessments, not imposed

Section 379.985 Member's interest — nontransference of membership — immunity from liability — assessments, not imposed — security, membership interest.

MO Rev Stat § 379.985 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Effective 28 Aug 1996

379.985. Member's interest — nontransference of membership — immunity from liability — assessments, not imposed — security, membership interest. — 1. The membership interests of the policyholders of a reorganized insurance company shall become membership interests in the mutual holding company. Policyholders of the reorganized insurance company shall be members of the mutual holding company in accordance with the articles of incorporation and bylaws of the mutual holding company and the applicable provisions of this chapter relating to mutual insurance companies.

2. No member of a mutual holding company may transfer membership or any right arising therefrom.

3. A member of a mutual holding company is not, as such, personally liable for the acts, debts, liabilities or obligations of the company.

4. No assessments of any kind may be imposed upon the members of a mutual holding company by the directors, or members, or because of any liability of any company owned or controlled by the mutual holding company, or because of any act, debt or liability of the mutual holding company itself.

5. A membership interest in a domestic mutual holding company shall not constitute a security under the laws of this state.

--------

(L. 1996 S.B. 759)

Previous Section

Section 379.982 Formation of holding company, application — shareholder approval — issuance of shares.

Next Section

Section 379.987 Nonapplicability of certain provisions of insurance holding companies law — incorporation of mutual holding company, authority, approval — powers of mutual holding company, engaging in business of insurance, no authority, affiliation and merger agreements.

Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.

LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.

The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.

You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.

The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.

Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.