(a) A court in ajudicial proceeding brought to dissolve a corporation may appoint one or morereceivers to wind up and liquidate, or to manage, the business and affairs ofthe corporation. The court shall hold a hearing, after notifying all partiesto the proceeding and any interested persons designated by the court, beforeappointing a receiver. The court appointing a receiver has exclusivejurisdiction over the corporation and all of its property wherever located.
(b) The court mayappoint an individual or a domestic or foreign corporation (authorized totransact business in this State) as a receiver. The court may require thereceiver to post bond, with or without sureties, in an amount the courtdirects.
(c) The court shalldescribe the powers and duties of the receiver in its appointing order, whichmay be amended from time to time. Such powers may include without limitationthe power:
(1) To dispose of all orany part of the assets of the corporation wherever located, at a public orprivate sale, if authorized by the court;
(1a) To sue and defend inhis own name as receiver of the corporation in all courts of this State; and
(2) To exercise all ofthe powers of the corporation, through or in place of its board of directors orofficers, to the extent necessary to manage the affairs of the corporation inthe best interests of its shareholders and creditors.
(d) Reserved for futurecodification purposes.
(e) The court from timeto time during the receivership may order compensation paid and expensedisbursements or reimbursements made to the receiver and his counsel from theassets of the corporation or proceeds from the sale of the assets. (1955,c. 1371, s. 1; 1989, c. 265, s. 1.)
(a) A court in ajudicial proceeding brought to dissolve a corporation may appoint one or morereceivers to wind up and liquidate, or to manage, the business and affairs ofthe corporation. The court shall hold a hearing, after notifying all partiesto the proceeding and any interested persons designated by the court, beforeappointing a receiver. The court appointing a receiver has exclusivejurisdiction over the corporation and all of its property wherever located.
(b) The court mayappoint an individual or a domestic or foreign corporation (authorized totransact business in this State) as a receiver. The court may require thereceiver to post bond, with or without sureties, in an amount the courtdirects.
(c) The court shalldescribe the powers and duties of the receiver in its appointing order, whichmay be amended from time to time. Such powers may include without limitationthe power:
(1) To dispose of all orany part of the assets of the corporation wherever located, at a public orprivate sale, if authorized by the court;
(1a) To sue and defend inhis own name as receiver of the corporation in all courts of this State; and
(2) To exercise all ofthe powers of the corporation, through or in place of its board of directors orofficers, to the extent necessary to manage the affairs of the corporation inthe best interests of its shareholders and creditors.
(d) Reserved for futurecodification purposes.
(e) The court from timeto time during the receivership may order compensation paid and expensedisbursements or reimbursements made to the receiver and his counsel from theassets of the corporation or proceeds from the sale of the assets. (1955,c. 1371, s. 1; 1989, c. 265, s. 1.)
(a) A court in ajudicial proceeding brought to dissolve a corporation may appoint one or morereceivers to wind up and liquidate, or to manage, the business and affairs ofthe corporation. The court shall hold a hearing, after notifying all partiesto the proceeding and any interested persons designated by the court, beforeappointing a receiver. The court appointing a receiver has exclusivejurisdiction over the corporation and all of its property wherever located.
(b) The court mayappoint an individual or a domestic or foreign corporation (authorized totransact business in this State) as a receiver. The court may require thereceiver to post bond, with or without sureties, in an amount the courtdirects.
(c) The court shalldescribe the powers and duties of the receiver in its appointing order, whichmay be amended from time to time. Such powers may include without limitationthe power:
(1) To dispose of all orany part of the assets of the corporation wherever located, at a public orprivate sale, if authorized by the court;
(1a) To sue and defend inhis own name as receiver of the corporation in all courts of this State; and
(2) To exercise all ofthe powers of the corporation, through or in place of its board of directors orofficers, to the extent necessary to manage the affairs of the corporation inthe best interests of its shareholders and creditors.
(d) Reserved for futurecodification purposes.
(e) The court from timeto time during the receivership may order compensation paid and expensedisbursements or reimbursements made to the receiver and his counsel from theassets of the corporation or proceeds from the sale of the assets. (1955,c. 1371, s. 1; 1989, c. 265, s. 1.)
