US Laws, Codes, Statutes & Cases

§144.  Qualifications of liquidator; filling vacancies in the office of liquidator

A.  A liquidator may, but need not, be a shareholder, director or officer of the corporation.  In no case shall a liquidator appointed by the court be (1) a relative, employer, employee, partner or other business associate of any judge, or of the spouse of any judge, of the court, or (2) a person who is, or within twelve months next preceding such appointment has been, with regard to the court, a district attorney, assistant district attorney, clerk of court, deputy clerk of court, sheriff, deputy sheriff, bailiff, crier, minute clerk, reporter, stenographer or other court attaché or other employee.  

B.  Unless otherwise provided by the shareholders or incorporators, a vacancy occurring by death, resignation or otherwise in the office of liquidator, when the proceeding is not subject to the supervision of the court, may be filled by the shareholders or incorporators.  At any meeting of shareholders called for this purpose, those present or represented by proxy thereat shall constitute a quorum.  In case of a proceeding under the supervision of the court, the vacancy shall be filled by the court.  

Acts 1968, No. 105, §1.