§ 3-414. Appointment of receiver in involuntary dissolution -- In general

   (a) Scope of section. -- This section applies to any proceeding for involuntary dissolution of a corporation, except one brought under § 3-413(c) of this subtitle on grounds of insolvency.

(b) Action by court. -- In a proceeding for the involuntary dissolution of a corporation, after notice and hearing, the court:

   (1) May appoint one or more temporary receivers or trustees to take charge of the assets and operate the business of the corporation, if necessary or proper to preserve them, pending a final determination as to dissolution; and

   (2) Shall determine whether the corporation should be dissolved.

(c) Order of dissolution. -- If it appears that the corporation should be dissolved, the court shall enter a final order dissolving the corporation, and direct that it be liquidated under court supervision by one or more receivers appointed by it.

(d) Powers of receiver or trustee. -- A receiver, temporary receiver, or trustee has all the powers of a receiver provided in this subtitle and any other powers provided in the order of the court, including the power to continue the corporate business.

(e) Distribution of assets to stockholders. -- If it orders dissolution, the court may provide by order:

   (1) For the distribution in kind of the assets of the corporation to the stockholders; or

   (2) For some stockholders to receive assets of a different nature than other stockholders having the same type of interest.

HISTORY: An. Code 1957, art. 23, § 79A; 1975, ch. 311, § 2.