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A. If it is determined for any reason that a trusteeship should be imposed over a public corporation organized pursuant to this chapter, the city, by resolution of the city council, after a public hearing held with notice to the public corporation, may petition the superior court to impose a trusteeship over the public corporation and to appoint the trustees therefor.

B. The trustees appointed by the superior court shall take such actions as necessary during the trusteeship to achieve the object thereof as reasonable. The trustees shall have the power and authority to reorganize the public corporation and recommend amendment of its Charter and/or its bylaws; suspend and/or remove corporate officials, and manage the assets and affairs of the public corporation; and exercise any and all corporate powers as necessary or appropriate to fulfill outstanding agreements, to restore the capability of the public corporation, to perform the functions and activities for which it is chartered, to reinstate its credit or credibility with its creditors or obligees, and, if so authorized by the superior court, to oversee its dissolution.

(Prior code § 1.98.320)