10-1814

10-1814. Appointment of conservator

A. The superior court in the county in which the known place of business or
statutory agent of the corporation is situated, may in an action by any investor, appoint
a conservator or interim manager of the corporation if the court finds that a deadlock or
dispute involving the internal affairs of the corporation impairs or threatens to impair
the value of the assets or the continued conduct of the business of the
corporation. Upon or subsequent to appointing such a conservator or interim manager, the
court may enter orders which, despite any contract or provision of the articles of
incorporation to the contrary:

1. Suspend, revoke or nullify the authority, in whole or in part, of any existing
manager or managers or any conservator or interim manager appointed pursuant to section
10-1806.

2. Define the authority of such conservator or interim manager.

3. Set the compensation of such conservator or interim manager to be paid by the
corporation.

4. Resolve, partially resolve or aid in the resolution of any such deadlock or
dispute.

B. When any order or appointment is issued pursuant to subsection A of this
section, the clerk of the court shall immediately supply a copy thereof to the
commission.