Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 1206
Powers of permanent receiver
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 12
§ 1206. Powers of permanent receiver.

(a) A permanent receiver, upon qualifying under section 1204 (Oath and
security), shall be vested with title to all the property of the
corporation wherever situated or of the property in this state of a
foreign corporation against which an action or special proceeding has
been brought under subparagraph (a) (4) of section 1202 (Appointment of
receiver of property of a domestic or foreign corporation), for the
benefit of the creditors and members of the corporation.

(b) A permanent receiver shall have the power:

(1) To sue in his own name or otherwise for the recovery of the
property, debts and causes of action of the corporation. No set-off or
counterclaim shall be allowed in any such action for any demand unless
it was owing by the corporation to the defendant before the commencement
of the action or special proceeding in which the receiver was appointed
or unless it shall have been incurred by the receiver subsequent to his
appointment.

(2) To sell at public or private sale all the property vested in the
permanent receiver, in such manner and on such terms and conditions as
the court shall direct, and to make necessary transfers and conveyances
thereof.

(3) To examine on oath, to be administered by the permanent receiver,
any person concerning any matter pertaining to or affecting the
receivership.

(4) To settle or compound any demands by or against the receivership.

(c) When more than one receiver is appointed, all provisions in this
article in reference to one receiver shall apply to them.

(d) When more than one receiver is appointed, the debts and property
of the corporation may be collected and received by any of them; when
more than two receivers are appointed, the powers and rights conferred
on them may be exercised by any two.

(e) When more than one receiver is appointed, the survivor or
survivors of such receivers shall have all the powers and rights of the
receivers.