§ 17-19-1432 — Receivership or custodianship

Wyoming § 17-19-1432

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 19: WYOMING NONPROFIT CORPORATION ACT
• Art. 14: DISSOLUTION

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(a) A court in a judicial proceeding brought to dissolve a
public benefit or mutual benefit corporation may appoint one (1)
or more receivers to wind up and liquidate, or one (1) or more
custodians to manage, the affairs of the corporation. The court
shall hold a hearing, after notifying all parties to the
proceeding and any interested persons designated by the court,
before appointing a receiver or custodian. The court appointing
a receiver or custodian has exclusive jurisdiction over the
corporation and all of its property wherever located.
(b) The court may appoint an individual, or a domestic or
foreign business or nonprofit corporation, authorized to
transact business in this state, as a receiver or custodian.
The court may require the receiver or custodian to post bond,
with or without sureties, in an amount the court directs.
(c) The court shall describe the powers and duties of the
receiver or custodian in its appointing order, which may be
amended from time to time. Among other powers:
(i) 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 authorized by the court; provided, however, that the
receiver's power to dispose of the assets of the corporation is
subject to any trust and other restrictions that would be
applicable to the corporation; and
(B) May sue and defend in the receiver's or
custodian's name as receiver or custodian of the corporation in
all Wyoming district courts.
(ii) The custodian may exercise all of the powers of
the corporation, through or in place of its board of directors
or officers, to the extent necessary to manage the affairs of
the corporation in the best interests of its members and
creditors.
(d) The court during a receivership may redesignate the
receiver a custodian, and during a custodianship may redesignate
the custodian a receiver, if doing so is in the best interests
of the corporation, its members, and creditors.
(e) The 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 the receiver or custodian's counsel from the
assets of the corporation or proceeds from the sale of the
assets.