§ 1215 — Resignation by receiver; filling any vacancy

New York § 1215

• Jurisdiction: New York
• Law BSC: Business Corporation
• Art. 12: Receivership

Text

§ 1215. Resignation by receiver; filling any vacancy.\n (a) A receiver may petition the court appointing him for an order to\nshow cause why he should not be permitted to resign.\n (b) The petition shall be accompanied by a verified account of all the\nassets of the corporation received by him, of all payments or other\ndisposition thereof made by him, of the remaining assets of the\ncorporation in respect to which he was appointed receiver and the\nsituation of the same, and of all his transactions as receiver.\nThereupon, the court shall grant an order directing notice to be given\nto the sureties on his official bond and to all persons interested in\nthe property of the corporation to show cause, at a time and place\nspecified, why the receiver should not be permitted to resign. Such\nnotice shall be published once in each week for six successive weeks in\none or more newspapers as the court shall direct. If it shall appear\nthat the proceedings of the receiver in the discharge of his trust have\nbeen fair and honest and that there is no good cause to the contrary,\nthe court shall make an order permitting such receiver to resign.\nThereupon he shall be discharged and his powers as receiver shall cease,\nbut he shall remain subject to any liability incurred prior to the\nmaking of such order. The court, in its discretion, may require the\nexpense of such proceeding to be paid by the receiver presenting the\npetition.\n (c) Any vacancy created by resignation, removal, death or otherwise,\nmay be filled by the court, and the property of the receivership shall\nbe delivered to the remaining receivers or, if there are none, to the\nsuccessor appointed by the court. The court may summarily enforce\ndelivery by order in the action or special proceeding in which the\nreceiver was appointed.\n