Sec. 33-1189. Receivership or custodianship.
Sec. 33-1189. Receivership or custodianship. (a) A court in a judicial proceeding
brought to dissolve a corporation may appoint one or more receivers to wind up and
liquidate, or one or more custodians to manage, the activities and affairs of the corporation. The court shall hold a hearing, after notifying all parties to the proceeding and any
interested persons designated by the court, before appointing a receiver or custodian.
The court appointing a receiver or custodian has exclusive jurisdiction over the corporation and all of its property wherever located.
(b) The court may appoint an individual or a domestic or foreign corporation or
business corporation authorized to transact business or conduct affairs in this state as a
receiver or custodian. The court may require the receiver or custodian to post bond, with
or without sureties, in an amount the court directs.
(c) The court shall describe the powers and duties of the receiver or custodian in
its appointing order, which may be amended from time to time. Among other powers:
(1) The receiver (A) may dispose of all or any part of the assets of the corporation
wherever located, at a public or private sale, if authorized by the court, and (B) may sue
and defend in his own name as receiver of the corporation in all courts of this state; (2)
the custodian may exercise all of the powers of the corporation, through or in place of
its board of directors or officers, to the extent necessary to manage the affairs of the
corporation in accordance with its purposes and in the best interests of its members, if
any, and creditors.
(d) The court during a receivership may redesignate the receiver a custodian, and
during a custodianship may redesignate the custodian a receiver, if doing so is in the
best interests of the corporation, its members and creditors.
(e) The court from time to time during the receivership or custodianship may order
compensation paid and expense disbursements or reimbursements made to the receiver
or custodian and his counsel from the assets of the corporation or proceeds from the
sale of the assets.
(P.A. 96-256, S. 130, 209.)
History: P.A. 96-256 effective January 1, 1997.