355.736. Receivership--custodianship.

MISSOURI STATUTES AND CODES

355.736. Receivership--custodianship.

Receivership--custodianship.

355.736. 1. A court in a judicial proceeding brought todissolve a public benefit or mutual benefit corporation mayappoint one or more receivers to wind up and liquidate, or one ormore custodians to manage, the affairs of the corporation. Thecourt shall hold a hearing, after notifying all parties to theproceeding and any interested persons designated by the court,before appointing a receiver or custodian. The court appointinga receiver or custodian has exclusive jurisdiction over thecorporation and all of its property wherever located.

2. The court may appoint an individual, or a domestic orforeign business or nonprofit corporation, authorized to transactbusiness in this state, as a receiver or custodian. The courtmay require the receiver or custodian to post bond, with orwithout sureties, in an amount the court directs.

3. The court shall describe the powers and duties of thereceiver or custodian in its appointing order, which may beamended from time to time. Among other powers:

(1) The receiver may dispose of all or any part of theassets of the corporation wherever located, at a public orprivate sale, if authorized by the court; but the receiver'spower to dispose of the assets of the corporation is subject toany trust and other restrictions that would be applicable to thecorporation; and the receiver may sue and defend in thereceiver's or custodian's name as receiver or custodian of thecorporation in all courts of this state;

(2) The custodian may exercise all of the powers of thecorporation, through or in place of its board of directors orofficers, to the extent necessary to manage the affairs of thecorporation in the best interests of its members and creditors.

4. The court during a receivership may redesignate thereceiver a custodian, and during a custodianship may redesignatethe custodian a receiver, if doing so is in the best interests ofthe corporation, its members, and creditors.

5. The court from time to time during the receivership orcustodianship may order compensation paid and expensedisbursements or reimbursements made to the receiver or custodianand the receiver's or custodian's counsel from the assets of thecorporation or proceeds from the sale of the assets.