[§414D-254]  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 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 shall have exclusive jurisdiction
over the corporation and all of its property wherever located.



(b)  The court may appoint an individual, or a
domestic or foreign business or nonprofit corporation (authorized to transact
business 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.  In addition to other powers:



(1)  The receiver may:



(A)  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; provided the receiver's power to dispose of the assets of the
corporation shall be subject to any trust and other restrictions that would be
applicable to the corporation; and



(B)  Sue and defend in the receiver's or
custodian's name as receiver or custodian 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 the best
interests of its members 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 its 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 the
receiver's or custodian's counsel from the assets of the corporation or
proceeds from the sale of the assets. [L 2001, c 105, pt of §1]