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



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