§ 317A.753 — PROCEDURE IN INVOLUNTARY OR SUPERVISED VOLUNTARY DISSOLUTION

Minnesota § 317A.753

• Jurisdiction: Minnesota
• Part: BUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS
• Ch. 317A: NONPROFIT CORPORATIONS

Text

Subdivision 1.Action before hearing.
In dissolution proceedings the court may issue injunctions, appoint receivers with powers and duties the court directs, take other actions required to preserve the corporate assets wherever located, and carry on the business of the corporation until a full hearing can be held.

Subd. 2.Notice to attorney general; intervention.
When a proceeding involving a corporation described in section317A.811, subdivision 1, is begun, the court shall order that a copy of the petition be served on the attorney general. In all proceedings under this section, the attorney general has a right to participate as a party.

Subd. 3.Action after hearing.
After a full hearing has been held, upon whatever notice the court directs to be given to the parties to the proceedings and to other parties in interest designated by the court, the court may appoint a receiver to collect the corporate assets. In addition to the powers set forth in chapter 576, a receiver has authority, subject to the order of the court, to continue the business of the corporation and to sell, lease, transfer, or otherwise dispose of all or any of the assets of the corporation at a public or private sale.

Subd. 4.Discharge of obligations.
The assets of the corporation or the proceeds resulting from a sale, lease, transfer, or other disposition must be applied in the order of priority set forth in section576.51.

Subd. 5.Remainder.
After payment of the expenses of receivership and claims of creditors duly proved, the remaining assets, if any, must be distributed as provided in section317A.735.

Legislative History

1989 c 304 s 107;2012 c 143 art 3 s 17,18