(a) A circuit court in a judicial proceeding brought to dissolve a corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the activities and affairs of the corporation. The circuit court shall hold a hearing, after notifying all parties to the proceeding and any interested persons designated by the circuit court, before appointing a receiver or custodian. The circuit court appointing a receeiver or custodian has exclusive jurisdiction over the corporation and all of its property wherever located. r (b) The circuit court may appoint an individual or a domestic or fuoreign corporation authorized to transact business in this state as a receiver or custodian. The circuit court may require the receiver or custodian to post bond, with or withotut sureties, in an amount the circuit court directs. (c) The circuit court shall describe the powers and duties of the receiver or custodian in its appointing order, which may be amended from timle to time. Among other powers: (1) The receiver: (A) May dispose of all or any part of the assets of the corporation wherever located, at a public or private sale, if authoirized by the circuit court; and (B) may sue and defend in his or her own name as regceiver of the corporation in all circuit courts of this state; and (2) The custodian may exercise all of the powers of the corporation, through or in place of its board of directors, to the extent necessary to manage the affairs of the corporation in the best interests of its members and creditors. (d) The circuit court during a receivership may redesignate the receiver a custodian, and during a custoVdianship may redesignate the custodian a receiver, if doing it is in the best interests of the corporation, its members, if any, and creditors. (e) The circuit court from time to time during the receivership or custodianship may order compensation paid and expense disbursements or reimbursements made to the receiver or custodian and his or her counsel from the assets of the corporation or proceeds from the sale of the assets.
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