Article 65.--MEETINGS, ELECTIONS, VOTING AND NOTICES
17-6516.Appointment of custodian or receiver for deadlocked
corporation; powers of custodian.
(a) The district court, upon application of any stockholder, may appoint
one or more persons to be custodians and, if the corporation is
insolvent, to be receivers, of and for any corporation when:
(1) At any meeting held for the election of directors the
stockholders are so divided that they have failed to elect successors to
directors whose terms have expired or would have expired upon
qualification of their successors; or
(2) The business of the corporation is suffering or is threatened
with irreparable injury because the directors are so divided respecting
the management of the affairs of the corporation that the required vote
for action by the board of directors cannot be obtained and the
stockholders are unable to terminate this division; or
(3) The corporation has abandoned its business and has failed within
a reasonable time to take steps to dissolve, liquidate or distribute its
assets.
(b) A custodian appointed under this section shall have all the
powers and title of a receiver appointed under K.S.A. 17-6901, but the authority
of the custodian is to continue the business
of the corporation and not to liquidate its affairs and distribute its
assets, except when the court shall otherwise order and except in cases
arising under subsection (a)(3) of this section or subsection (a)(2)
of K.S.A. 17-7212.
Article 65.--MEETINGS, ELECTIONS, VOTING AND NOTICES
17-6516.Appointment of custodian or receiver for deadlocked
corporation; powers of custodian.
(a) The district court, upon application of any stockholder, may appoint
one or more persons to be custodians and, if the corporation is
insolvent, to be receivers, of and for any corporation when:
(1) At any meeting held for the election of directors the
stockholders are so divided that they have failed to elect successors to
directors whose terms have expired or would have expired upon
qualification of their successors; or
(2) The business of the corporation is suffering or is threatened
with irreparable injury because the directors are so divided respecting
the management of the affairs of the corporation that the required vote
for action by the board of directors cannot be obtained and the
stockholders are unable to terminate this division; or
(3) The corporation has abandoned its business and has failed within
a reasonable time to take steps to dissolve, liquidate or distribute its
assets.
(b) A custodian appointed under this section shall have all the
powers and title of a receiver appointed under K.S.A. 17-6901, but the authority
of the custodian is to continue the business
of the corporation and not to liquidate its affairs and distribute its
assets, except when the court shall otherwise order and except in cases
arising under subsection (a)(3) of this section or subsection (a)(2)
of K.S.A. 17-7212.
Article 65.--MEETINGS, ELECTIONS, VOTING AND NOTICES
17-6516.Appointment of custodian or receiver for deadlocked
corporation; powers of custodian.
(a) The district court, upon application of any stockholder, may appoint
one or more persons to be custodians and, if the corporation is
insolvent, to be receivers, of and for any corporation when:
(1) At any meeting held for the election of directors the
stockholders are so divided that they have failed to elect successors to
directors whose terms have expired or would have expired upon
qualification of their successors; or
(2) The business of the corporation is suffering or is threatened
with irreparable injury because the directors are so divided respecting
the management of the affairs of the corporation that the required vote
for action by the board of directors cannot be obtained and the
stockholders are unable to terminate this division; or
(3) The corporation has abandoned its business and has failed within
a reasonable time to take steps to dissolve, liquidate or distribute its
assets.
(b) A custodian appointed under this section shall have all the
powers and title of a receiver appointed under K.S.A. 17-6901, but the authority
of the custodian is to continue the business
of the corporation and not to liquidate its affairs and distribute its
assets, except when the court shall otherwise order and except in cases
arising under subsection (a)(3) of this section or subsection (a)(2)
of K.S.A. 17-7212.