85-9-304. Appointment of receiver -- assessments. (1) If no plan is presented on or before the date set by the court, the court shall appoint a receiver to terminate the affairs of the district under the supervision of the court.
     (2) Upon the appointment of any receiver, all the authority of the directors shall cease. However, until dissolution, the receiver shall have authority to levy assessments for:
     (a) the payment of obligations of the district;
     (b) the costs of termination.
     (3) The directors or, if there is a receiver, then the receiver, with the approval of the court, shall make assessments each year in an amount large enough to retire the obligations of the district.
     (4) If a receiver has been appointed, he shall direct, under court supervision, the disposition of all assessments collected.

     History: En. Sec. 45, Ch. 100, L. 1969; R.C.M. 1947, 89-3445.