Louisiana Revised Statutes 12:254 – Dissolution proceedings under judicial supervision; procedure; powers of liquidator
Terms Used In Louisiana Revised Statutes 12:254
- Assets: means all of a corporation's property and rights of every kind. See Louisiana Revised Statutes 12:201
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means any court of competent jurisdiction where the registered office of the corporation is located. See Louisiana Revised Statutes 12:201
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
A. Dissolution under supervision by the court is a summary proceeding.
B. Each judicial liquidator confirmed or appointed as provided in La. Rev. Stat. 12:250(E), 250(F) or 251(E), after giving such bond as the court may require for the faithful performance of his duties, shall proceed with the liquidation of the affairs of the corporation under the supervision of the court.
C. A judicial liquidator in dissolution proceedings shall have full authority to retain counsel and auditors, and to prosecute and defend actions; shall have authority to compromise, compound and settle claims by or against the corporation upon such terms as he deems best, subject to supervision by the court; and shall have such other powers as the court may in its discretion grant, which, without limiting the scope of the court’s discretion, may include any or all powers enumerated in La. Rev. Stat. 12:253(C). A judicial liquidator shall have no power or right to have an inventory of the corporation’s assets made by a notary public.
D. The court may enter such injunctive and other orders, ex parte or on such notice as the court may prescribe, as it may deem appropriate, except that the court shall not order or permit the making of an inventory of the corporation’s assets by a notary public.
Acts 1968, No. 105, §1.