Ohio § 1702.50
Full text of Ohio Ohio Revised Code § 1702.50, with citation guidance and answers to common questions.
§ 1702.50.
(A) Without limiting the generality of its authority, the court of common pleas of the
county in this state in which is located the principal office of a voluntarily dissolved
corporation or of a corporation whose articles have been canceled or whose period
of existence has expired, upon the complaint of the corporation, a majority of the
directors, or a creditor or member, and upon such notice to all the directors and
such other persons interested as the court considers proper, at any time may order
and adjudge in respect to the following matters: (1) The presentation and proof of all claims and demands against the corporation and
of all rights, interests, or liens in or on any of its property; the fixing of the
time within which and the manner in which such proof shall be made and the person
to whom such presentation shall be made; and the barring from participation in any
distribution of assets of all persons failing to make and present proofs as required
by the order of the court; (2) The stay of the prosecution of any proceeding against the corporation or involving
any of its property, and the requirement that the parties to it present and prove
their claims, demands, rights, interests, or liens at the time and in the manner required
of creditors or others; or the grant of leave to bring or maintain an independent
proceeding to enforce liens; (3) The settlement or determination of all claims of every nature against the corporation
or any of its property; the determination of the assets required to be retained to
pay or provide for the payment of such claims or any claim; the determination of
the assets available for distribution among members and others; and the making of
new parties to the proceeding so far as the court considers proper for the determination
of all matters; (4) The determination of the rights of members or others in and to the assets of the
corporation; (5) The presentation and the filing of intermediate and final accounts of the directors
or of the liquidators and hearings on them; the allowance, disallowance, or settlement
of such accounts; and the discharge of the directors, the liquidators, or any of
them from their duties and liabilities; (6) The appointment of a special master commissioner to hear and determine any such matters
with such authority as the court considers proper; (7) The filling of any vacancies in the number of directors or liquidators when the directors
are unable to act on the vacancies for want of a quorum or for any other reason; (8) The appointment of a receiver, in accordance with the usages of a court in equitable
matters, to wind up the affairs of the corporation, to take custody of any of its
property, or for any other purpose; (9) The issuance or entry of any injunction or any other order that the court considers
proper in the administration of the trust involved in the winding up of the affairs
of the corporation and the giving of notice of it; (10) The allowance and payment of compensation to the directors or any of them, to liquidators,
to a receiver, to the attorney for the complainant, or to any person properly rendering
services beneficial to the corporation or to those interested in it; (11) The entry of a judgment or decree that, if it so provides, may operate as the deed
or other instrument ordered to be executed, or the appointment of a master to execute
such deed or instrument in the name of the corporation with the same effect as if
executed by an authorized officer pursuant to authority conferred by the directors
or the voting members of the corporation, whenever there is no officer or agent competent
to execute such deed or instrument, whenever the corporation or its officers do not
perform or comply with a judgment or decree of court, or whenever the court considers
it proper. (B) A judicial proceeding under this section concerning the winding up of the affairs
of a corporation is a special proceeding, and final orders in the proceeding may be
vacated, modified, or reversed on appeal pursuant to the Rules of Appellate Procedure
and, to the extent not in conflict with those rules, Chapter 2505. of the Revised
Code.
Frequently Asked Questions About Ohio § 1702.50
What does Ohio Revised Code § 1702.50 cover?
Section 1702.50 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1702.50?
A common citation format is "Ohio Revised Code § 1702.50" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1702.50 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.