[§414-413]  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 business and 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 has exclusive
jurisdiction over the corporation and all of its property wherever located.



(b)  The court may appoint an individual or a
domestic or foreign 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.  Among other powers:



(1)  The receiver:



(A)  May 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; and



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



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