[§414D-254]  Receivership or custodianship. (a)  A court in a judicial proceeding brought to dissolve a corporation mayappoint one or more receivers to wind up and liquidate, or one or morecustodians to manage, the affairs of the corporation.  The court shall hold ahearing, after notifying all parties to the proceeding and any interestedpersons designated by the court, before appointing a receiver or custodian. The court appointing a receiver or custodian shall have exclusive jurisdictionover the corporation and all of its property wherever located.

(b)  The court may appoint an individual, or adomestic or foreign business or nonprofit corporation (authorized to transactbusiness in this State) as a receiver or custodian.  The court may require thereceiver or custodian to post bond, with or without sureties, in an amount thecourt directs.

(c)  The court shall describe the powers andduties of the receiver or custodian in its appointing order, which may beamended from time to time.  In addition to other powers:

(1)  The receiver may:

(A)  Dispose of all or any part of the assetsof the corporation wherever located, at a public or private sale, if authorizedby the court; provided the receiver's power to dispose of the assets of thecorporation shall be subject to any trust and other restrictions that would beapplicable to the corporation; and

(B)  Sue and defend in the receiver's orcustodian's name as receiver or custodian of the corporation in all courts ofthis State.

(2)  The custodian may exercise all of the powers ofthe corporation, through or in place of its board of directors or officers, tothe extent necessary to manage the affairs of the corporation in the bestinterests of its members and creditors.

(d)  The court during a receivership mayredesignate the receiver a custodian, and during a custodianship mayredesignate the custodian a receiver, if doing so is in the best interests ofthe corporation, its members, and its creditors.

(e)  The court from time to time during thereceivership or custodianship may order compensation paid and expensedisbursements or reimbursements made to the receiver or custodian and thereceiver's or custodian's counsel from the assets of the corporation orproceeds from the sale of the assets. [L 2001, c 105, pt of §1]