§ 1207 — Duties of receiver upon appointment

§ 1207. Duties of receiver upon appointment.\n (a) Upon appointment and qualification, a receiver shall have the\nfollowing duties:\n (1) To give immediate notice of his or her appointment by publication\nonce a week for two successive weeks in two newspapers of general\ncirculation in the county where the office of the corporation is located\nor, in the case of a foreign corporation against which an action has\nbeen brought under subparagraph (4) of paragraph (a) of section 1202\n(Appointment of receiver of property of a domestic or foreign\ncorporation), in a newspaper of general circulation as directed by the\ncourt, requiring:\n (A) All persons indebted to the corporation to render an account of\nall debts owing by them to the corporation and to pay the same to the\nreceiver at a specified place and by a specified day.\n (B) All persons having in their possession any property of the\ncorporation to deliver the same to the receiver at the specified place\nand by the specified day.\n (C) All creditors and claimants, including any with unliquidated or\ncontingent claims and any with whom the corporation has unfulfilled\ncontracts, to present their claims to the receiver in writing and in\ndetail at a specified place and by a specified day, which shall not be\nless than six months after the first publication of such notice.\nWhenever a receiver is appointed in dissolution proceedings under\narticle 10 (Non-judicial dissolution) or article 11 (Judicial\ndissolution), section 1007 (Notice to creditors by corporations\nintending to dissolve; filing or barring claims) of this chapter shall\napply and shall control the giving of notice to creditors and claimants\nand the filing and barring of claims.\n (2) To call a general meeting of the creditors of the corporation\nwithin four months from the date of his appointment by a notice to be\npublished as directed in subparagraph (a) (1), setting forth the time\nand place of such meeting, which time shall be not more than two months,\nnor less than one month after the first publication of such notice. At\nsuch meeting, or at an adjournment thereof, the receiver shall present a\nstatement of all accounts and demands for and against the corporation,\nits subsisting contracts, and the money and other assets in his hands.\n (3) To keep true books of account of all moneys received and expended\nby him as receiver, which books shall be open for inspection at\nreasonable times by creditors or other persons interested therein. On or\nbefore the first day of February in each year, for the preceding\ncalendar year, and at such other times as the court shall direct, the\nreceiver shall file with the clerk of the court by which he was\nappointed a verified statement showing the assets received, the\ndisposition thereof, the money on hand, all payments made, specifying\nthe persons to whom paid and the purpose of the payments, the amount\nnecessary to be retained to meet necessary expenses and claims against\nthe receiver, and the distributive share in the remainder of each person\ninterested therein. A copy of such statement shall be served by the\nreceiver upon the attorney-general within five days after the filing\nthereof.\n