17-6912. Compromise or arrangement between corporation and stockholders or creditors.
17-6912
17-6912. Compromise or arrangement between corporation and
stockholders or creditors.
(a) Whenever the provision permitted by subsection (b)(2) of K.S.A. 17-6002
is included in the original articles of
incorporation of any corporation, all persons who become creditors or
stockholders thereof shall be deemed to have become such creditors or
stockholders subject in all respects to that provision and the same
shall be absolutely binding upon them. Whenever that provision is
inserted in the articles of incorporation of any such corporation by an
amendment of its articles all persons who become creditors or
stockholders of such corporation after such amendment shall be deemed to
have become such creditors or stockholders subject in all respects to
that provision, and the same shall be absolutely binding upon them.
(b) The district court may administer and enforce any compromise or
arrangement made pursuant to the provision contained in subsection (b)(2)
of K.S.A. 17-6002, and it may restrain pendente
lite all actions and proceedings against any corporation with respect
to which the court shall have begun the administration and enforcement
of that provision. The court also may appoint a temporary receiver for
such corporation, with such powers as it deems proper, and may make and
enforce such rules as it deems necessary for the exercise of such
jurisdiction.
History: L. 1972, ch. 52, § 115; July 1.