§ 1206 — Powers of permanent receiver

§ 1206. Powers of permanent receiver.\n (a) A permanent receiver, upon qualifying under section 1204 (Oath and\nsecurity), shall be vested with title to all the property of the\ncorporation wherever situated or of the property in this state of a\nforeign corporation against which an action or special proceeding has\nbeen brought under subparagraph (a) (4) of section 1202 (Appointment of\nreceiver of property of a domestic or foreign corporation), for the\nbenefit of the creditors and shareholders of the corporation.\n (b) A permanent receiver shall have the power:\n (1) To sue in his own name or otherwise for the recovery of the\nproperty, debts and causes of action of the corporation. No set-off or\ncounterclaim shall be allowed in any such action for any demand unless\nit was owing by the corporation to the defendant before the commencement\nof the action or special proceeding in which the receiver was appointed\nor unless it shall have been incurred by the receiver subsequent to his\nappointment.\n (2) To sell at public or private sale all the property vested in him,\nin such manner and on such terms and conditions as the court shall\ndirect, and to make necessary transfers and conveyances thereof.\n (3) To examine on oath, to be administered by him, any person\nconcerning any matter pertaining to or affecting the receivership.\n (4) To settle or compound any demands by or against the receivership.\n (c) When more than one receiver is appointed, all provisions in this\narticle in reference to one receiver shall apply to them.\n (d) When more than one receiver is appointed, the debts and property\nof the corporation may be collected and received by any of them; when\nmore than two receivers are appointed, the powers and rights conferred\non them may be exercised by any two.\n (e) When more than one receiver is appointed, the survivor or\nsurvivors of such receivers shall have all the powers and right of the\nreceivers.\n