4814

The mayor may ask the Court of First Instance to appoint a receiver or court administrator in the following situations, when:\n(a) In the process of dissolution of the corporation it is unable to pay its overdue debts.\n(b) Assets are being misspent or improperly distributed.\n(c) The special corporation is being administered fraudulently or improperly.\n(d) When the corporation becomes inactive or is abandoned by the officials, directors and members. This procedure shall be governed by the norms established to such effects by §§ 3501 et seq. of Title 14.\nHistory —Aug. 30, 1991, No. 81, § 17.013, renumbered as § 17.014 on Apr. 13, 1995, No. 36, § 56.