06.15.120 Receivership or Custodianship.
(1) A Tribal Council or Court of Competent Jurisdiction in a proceeding brought to dissolve a non-profit corporation may appoint one or more receivers to wind up and liquidate, or one or more custodians to manage, the affairs of the non-profit corporation. The Economic Development and Operations Director shall notify all parties and any interested persons designated by Tribal Council or Court of Competent Jurisdiction of a proceeding and before appointing a receiver or custodian. The Tribal Council or Court of Competent Jurisdiction appointing a receiver or custodian has exclusive jurisdiction over the corporation and all of its property wherever located.
(2) The Tribal Council or Court of Competent Jurisdiction may appoint an individual, or a domestic or foreign business or non-profit corporation as a receiver or custodian. The Tribal Council or Court of Competent Jurisdiction may require the receiver or custodian to post bond, with or without sureties, in an amount the Tribal Council or Court of Competent Jurisdiction directs.
(3) The Tribal Council or Court of Competent Jurisdiction 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:
(A) The receiver:
(i) 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 Tribal Council or Court of Competent Jurisdiction; provided, however, that the receiver’s power to dispose of the assets of the non-profit corporation is subject to any trust and other restrictions that would be applicable to the non-profit corporation; and
(ii) May sue and defend in the receiver’s or custodian’s name as receiver or custodian of the non- profit corporation;
(B) The custodian may exercise all of the powers of the non-profit corporation, through or in place of its board of directors or officers, to the extent necessary to manage the affairs of the non-profit corporation in the best interests of its members and creditors.
(4) During a receivership the Tribal Council or Court of Competent Jurisdiction may re-designate the receiver a custodian, and during a custodianship may re-designate the custodian a receiver, if doing so is in the best interests of the Tribe, non-profit corporation, its members, and creditors.
(5) From time to time during the receivership or custodianship the Tribal Council or Court of Competent Jurisdiction may order compensation paid and reimbursements made to the receiver or custodian and to his or her counsel and accountant from the assets of the non-profit corporation or proceeds from the sale of the assets.