[§414-413]  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 business and affairs of the corporation.  The courtshall hold a hearing, after notifying all parties to the proceeding and anyinterested persons designated by the court, before appointing a receiver orcustodian.  The court appointing a receiver or custodian has exclusivejurisdiction over the corporation and all of its property wherever located.

(b)  The court may appoint an individual or adomestic or foreign corporation (authorized to transact business in this State)as a receiver or custodian.  The court may require the receiver or custodian topost bond, with or without sureties, in an amount the court 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.  Among other powers:

(1)  The receiver:

(A)  May dispose of all or any part of theassets of the corporation wherever located, at a public or private sale, ifauthorized by the court; and

(B)  May sue and defend in the receiver's ownname as receiver of the corporation in all courts of this State; and

(2)  The custodian may exercise all of the powers ofthe corporation, through or in place of its board of directors, to the extentnecessary to manage the affairs of the corporation in the best interests of itsshareholders 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 shareholders, and 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 2000, c 244, pt of §1]