805 ILCS 5/12.60
2021 Illinois Compiled Statutes|Chapter 805 - BUSINESS ORGANIZATIONS|805 ILCS 5/ - Business Corporation Act of 1983.|Article 12 - Dissolution And Remedies

 (from Ch. 32, par. 12.60)Sec. 12.60.     Practice in actions under Section 12.50, 12.55, and 12.56.(a) The practice in actions under Sections 12.50, 12.55, and 12.56 shall be  the same as in other civil actions except as may be otherwise provided in  this Act.  Every action under Section 12.50, 12.55, or 12.56 shall be commenced  in the circuit court of the county in which either the registered office or  principal office of the corporation is located.  Summons shall issue and be  served as in other civil actions.(b) In an action brought by the Attorney General under subsection (a)  of Section 12.50, if process is returned not found, the Attorney General  shall cause publication to be made as in other civil actions in a newspaper  of general circulation published in the county in which the action is filed.  The publication shall contain a notice of the pendency of such action, the  title of the court, the title of the case, and the date on or after which  default may be entered.  The Attorney General may include in one notice  the names of any number of corporations against which actions are then pending  in the same court.  The Attorney General shall cause a copy of such notice  to be mailed to the corporation at its registered office within 10 days  after the first publication thereof.  The certificate of the Attorney General  of the mailing of such notice shall be prima facie evidence thereof.  Such  notice shall be published at least once each week for two consecutive weeks  and the first publication thereof may begin at any time after summons has  been returned.  Unless a corporation shall have been served with summons,  no default shall be taken against it  earlier than 30 days after the first publication of such notice.(c) It is not necessary to make shareholders of the corporation named in  an action under Section 12.50, 12.55, or 12.56 parties to any such action or  proceeding unless relief is sought against them personally.  The court, in its  discretion, may order that the shareholders be made parties.(d) The circuit court in an action under Section 12.50, 12.55, or 12.56 may  issue injunctions, appoint an interim receiver with such powers and duties as  the court, from time to time, may direct, and take such other action as  is necessary or desirable to preserve the corporate assets and carry on  the business of the corporation until a full hearing can be had.  Sections 12.50, 12.55, and 12.56 shall not be construed as limiting the  equitable powers of the court in ordering interim or permanent relief.(e) Upon ordering dissolution under Section 12.50, 12.55, or 12.56, and  after such notice as the court may direct to be given to all  parties to the proceeding and to any other parties in interest designated  by the court, the court may appoint a liquidating receiver or receivers  with authority to collect the assets of the corporation, including all amounts  owing to the corporation by shareholders on account of any unpaid portion  of the consideration for the issuance of shares.  Such liquidating receiver  shall have authority, subject to order of court, to sell, convey, and dispose  of all or any part of the assets of the corporation, either at public or  private sale, and to make such other action as is necessary to wind up and  liquidate the corporation's business and affairs under Section 12.30 and to  notify known claimants under Section 12.75.  The order appointing such  liquidating receiver shall state his or her powers and duties.  Such powers and  duties may be increased or diminished at any time during the proceedings by the  court.(f) A receiver of a corporation appointed under the provisions of this  Section shall have authority to sue and defend in all courts in his or her  own name as receiver of such corporation.(g) A receiver shall in all cases be a resident of this State or a  corporation authorized to act as receiver, which corporation may be a domestic  corporation or a foreign corporation authorized to transact business in this  State, and shall give such bond as the court may direct with such sureties as  the court may require.(h) During the pendency of the action, the court may redesignate a receiver  as a custodian, or a custodian as a receiver, if such would be to the general  advantage of the corporation, its shareholders and its creditors.(i) The court shall allow reasonable compensation to the receiver or the  custodian for services rendered and reimbursement or direct payment of  reasonable expenses from the assets of the corporation or the proceeds of sale  of the assets.(j) If the court finds that a party to any proceeding under Section 12.50,  12.55, or 12.56 acted arbitrarily, vexatiously, or otherwise not in good faith,  it may award one or more other parties their reasonable expenses, including  counsel fees and the expenses of appraisers or other experts, incurred in the  proceeding.    (Source: P.A. 89-169, eff. 7-19-95; 89-364, eff. 8-18-95.)