New York § 1215 Resignation by receiver; filling any vacancy

New York Statutes

§ 1215 — Resignation by receiver; filling any vacancy

New York § 1215

Law NPCNot-for-Profit Corporation

Art. 12Receivership

This text of New York § 1215 (Resignation by receiver; filling any vacancy) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Not-for-Profit Corporation § 1215 (2026).

Text

§ 1215. Resignation by receiver; filling any vacancy.\n  (a) A receiver may petition the appointing court for an order to show\ncause why he or she 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 the receiver, of all payments or\nother disposition thereof made by the receiver, of the remaining assets\nof the corporation in respect to which the receiver was appointed\nreceiver and the situation of the same, and of all his or her\ntransactions as receiver. Thereupon, the court shall grant an order\ndirecting notice to be given to the sureties on his or her official bond\nand to all persons interested in the property of the corporation to show\ncause, at a time and place specified, why the rece

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§ 1215. Resignation by receiver; filling any vacancy.\n (a) A receiver may petition the appointing court for an order to show\ncause why he or she 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 the receiver, of all payments or\nother disposition thereof made by the receiver, of the remaining assets\nof the corporation in respect to which the receiver was appointed\nreceiver and the situation of the same, and of all his or her\ntransactions as receiver. Thereupon, the court shall grant an order\ndirecting notice to be given to the sureties on his or her official bond\nand to all persons interested in the property of the corporation to show\ncause, at a time and place specified, why the receiver should not be\npermitted to resign. Such notice shall be published once in each week\nfor six successive weeks in one or more newspapers as the court shall\ndirect. If it shall appear that the proceedings of the receiver in the\ndischarge of his or her trust have been fair and honest and that there\nis no good cause to the contrary, the court shall make an order\npermitting such receiver to resign. Thereupon the receiver shall be\ndischarged and his or her powers as receiver shall cease, but he or she\nshall remain subject to any liability incurred prior to the making of\nsuch order. The court, in its discretion, may require the expense of\nsuch proceeding to be paid by the receiver presenting the petition.\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