Connecticut General Statutes 52-505 – Receivers for certain associations, communities or corporations
(a) If in any town, any association, community or corporation organized in whole or in part for the support of its members, has property upon which its members, in whole or in part, are dependent for support, and, in the opinion of the selectmen of the town, there is danger that the property will be lost or expended in any manner so that some of the members may become an expense to the town, the selectmen may bring an application, in the name of the town, to the superior court for the judicial district in which the town is situated, for the appointment of a receiver of the property of the association, community or corporation and for other equitable relief.
Terms Used In Connecticut General Statutes 52-505
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Dependent: A person dependent for support upon another.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
(b) The court shall have power, if it deems necessary and proper, to appoint a receiver of all the property of the association, community or corporation, and vest all the property in the receiver, by decree or otherwise, to provide that the property shall be managed and used for the benefit and support of the members, in such manner as the court finds to be best for the protection of the town and the members, and to grant such other relief as is necessary for that purpose and to protect the interests of the town and the members, according to the practice and proceedings of courts of equity.
(c) No application may be brought under this section by the selectmen until the matter has been submitted to the town at a special meeting called for that purpose and until the town has approved of the application by vote at the meeting.