§ 1216 — Final accounting; notice; duty of attorney-general

New York § 1216

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

Text

§ 1216. Final accounting; notice; duty of attorney-general.\n (a) Within one year after qualifying, the receiver shall apply to the\ncourt for a final settlement of his accounts and for an order for\ndistribution, or, upon notice to the attorney-general, for an extension\nof time, setting forth the reasons therefor. If the receiver has not so\napplied for a settlement of his accounts or for such extension of time,\nthe attorney-general or any creditor or shareholder may apply for an\norder that the receiver show cause why an accounting and distribution\nshould not be had, and after the expiration of eighteen months from the\ntime the receiver qualified, it shall be the duty of the\nattorney-general to apply for such an order on notice to the receiver.\n (b) Before presenting a final account, the receiver shall give notice\nof his intention to file it by publication, under subparagraph (a) (1)\nof section 1207 (Duties of receiver upon appointment), setting forth the\ntime and place of filing and presentation to the court. The receiver\nshall also give not less than eight days' written notice to the sureties\non his official bond.\n (c) Upon presentation of such account, the court shall hear the\nallegations, objections and proofs of all parties interested and allow\nor disallow such account, in whole or in part, and make a final order.\nThe court may refer the account and the hearing, in whole or in part, to\na referee who shall report thereon to the court.\n