Section 380.611 - Sale of corporate charter, penalty - exclusive right to control a company, approval by director, requirements1. It is unlawful for any person to sell the corporate charter of a Missouri mutual insurance company operating under the provisions of sections 380.011 to 380.151 or operating under the provisions of sections 380.201 to 380.591. Any violation of this provision is a class A misdemeanor.2. An agreement of contract under which any person, organization or corporation is granted the exclusive or dominant right to manage or control a Missouri mutual insurance company operating under the provisions of sections 380.011 to 380.151, or operating under the provisions of sections 380.201 to 380.591, shall be filed with and approved by the director of the department of commerce and insurance. The director of the department of commerce and insurance shall approve such agreements or contracts only if they are not detrimental to the policyholders of the company or the public.L. 1984 H.B. 1498
Effective 1/1/1985