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

New York § 1216

• Jurisdiction: New York
• Law NPC: Not-for-Profit 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 and to any\ngovernmental body or officer whose consent is required for the\ndissolution of the corporation, for an extension of time, setting forth\nthe reasons therefor. If the receiver has not so applied for a\nsettlement of his accounts or for such extension of time, the\nattorney-general or any creditor or member may apply for an order that\nthe receiver show cause why an accounting and distribution should not be\nhad, and after the expiration of eighteen months from the time the\nreceiver qualified, it shall be the duty of the attorney-general to\napply 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) of\nsection 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