351.498. Receivership or custodianship.
Receivership or custodianship.
351.498. 1. A court in a judicial proceeding brought todissolve a corporation may appoint one or more receivers to windup and liquidate, or one or more custodians to manage, thebusiness and affairs of the corporation. The court shall hold ahearing, after notifying all parties to the proceeding and anyinterested persons designated by the court, before appointing areceiver or custodian. The court appointing a receiver orcustodian has exclusive jurisdiction over the corporation andall of its property wherever located.
2. The court may appoint an individual or a domestic orforeign corporation, authorized to transact business in thisstate, as a receiver or custodian. The court may require thereceiver or custodian to post bond, with or without sureties, inan amount the court directs.
3. The court shall describe the powers and duties of thereceiver or custodian in its appointing order, which may beamended from time to time. Among other powers:
(1) The receiver may dispose of all or any part of theassets of the corporation wherever located, at a public orprivate sale, if authorized by the court; and may sue and defendin his own name as receiver of the corporation in all courts ofthis state;
(2) The custodian may exercise all of the powers of thecorporation, through or in place of its board of directors orofficers, to the extent necessary to manage the affairs of thecorporation in the best interests of its shareholders andcreditors.
4. The court during a receivership may redesignate thereceiver a custodian, and during a custodianship may redesignatethe custodian a receiver, if doing so is in the best interestsof the corporation, its shareholders, and creditors.
5. The court from time to time during the receivership orcustodianship may order compensation paid and expensedisbursements or reimbursements made to the receiver orcustodian and his counsel from the assets of the corporation orproceeds from the sale of the assets.
(L. 1990 H.B. 1432)