North Dakota Century Code Title 10. Corporations § 10-33-108. Procedure in involuntary or supervised voluntary dissolution

1. In dissolution proceedings the court may issue injunctions, appoint receivers with all powers and duties the court directs, take other actions required to preserve the corporate assets wherever situated, and carry on the activities of the corporation until a full hearing can be held.

2. When a proceeding involving a corporation described in subsection 1 of section 10-33-122 is begun, the court shall order that a copy of the petition be served on the attorney general.  In all proceedings under this section, the attorney general has a right to participate as a party.

3. After a full hearing has been held, upon whatever notice the court directs to be given to all parties to the proceedings and to any other parties in interest designated by the court, the court may appoint a receiver to collect the corporate assets.  A receiver has authority, subject to the order of the court, to continue the activities of the corporation and to sell, lease, transfer, or otherwise dispose of all or any of the property and assets of the corporation either at public or private sale.

4. The assets of the corporation or the proceeds resulting from a sale, lease, transfer, or other disposition must be applied in the following order of priority to the payment and discharge of:

5. After payment of the expenses of receivership and claims of creditors duly proved, the remaining assets, if any, must be distributed in accordance with section 10-33-105.