17-6912.   Compromise or arrangement between corporation andstockholders or creditors.(a) Whenever the provision permitted by subsection (b)(2) of K.S.A. 17-6002is included in the original articles ofincorporation of any corporation, all persons who become creditors orstockholders thereof shall be deemed to have become such creditors orstockholders subject in all respects to that provision and the sameshall be absolutely binding upon them. Whenever that provision isinserted in the articles of incorporation of any such corporation by anamendment of its articles all persons who become creditors orstockholders of such corporation after such amendment shall be deemed tohave become such creditors or stockholders subject in all respects tothat provision, and the same shall be absolutely binding upon them.

      (b)   The district court may administer and enforce any compromise orarrangement made pursuant to the provision contained in subsection (b)(2)of K.S.A. 17-6002, and it may restrain pendentelite all actions and proceedings against any corporation with respectto which the court shall have begun the administration and enforcementof that provision. The court also may appoint a temporary receiver forsuch corporation, with such powers as it deems proper, and may make andenforce such rules as it deems necessary for the exercise of suchjurisdiction.

      History:   L. 1972, ch. 52, § 115; July 1.