§414-422  Trustees or receivers fordissolved corporations; appointment; powers; duties.  (a)  When anycorporation organized and authorized to issue shares under the laws of thisState shall be or shall have been dissolved or shall cease or shall have ceasedto exist, the circuit court, upon application of any creditor, stockholder, ordirector of the corporation, or any other person who shows good cause therefor,and upon a finding that the persons responsible for settling the unfinishedbusiness and winding up the affairs of the corporation either are notdiligently pursuing such obligations, or cannot be found or otherwise are notavailable, may either appoint one or more of the directors of the corporationto be trustees or appoint one or more persons to be receivers of and for thecorporation, to do all acts that are necessary for the final settlement of theunfinished business of the corporation.  The powers of the trustees orreceivers shall be effective for the time period determined by the circuit court.

(b)  The relief provided in this section shallbe in addition to, and shall not limit or diminish, any remedies otherwiseavailable under the common law or other state or federal statutes or rules.  Inthe event of a conflict between this section and any common law, statute, orrule on the subject, the more beneficial provisions favoring the applicantshall prevail. [L 2002, c 130, §1; am L 2003, c 124, §11; am L 2004, c 121,§14]