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This entry was published on 2014-09-22
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SECTION 1207
Duties of receiver upon appointment
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 12
§ 1207. Duties of receiver upon appointment.

(a) Upon appointment and qualification, a receiver shall have the
following duties:

(1) To give immediate notice of his or her appointment by publication
once a week for two successive weeks in two newspapers of general
circulation in the county where the office of the corporation is located
or, in the case of a foreign corporation against which an action has
been brought under subparagraph (4) of paragraph (a) of section 1202
(Appointment of receiver of property of a domestic or foreign
corporation), in a newspaper of general circulation as directed by the
court, requiring:

(A) All persons indebted to the corporation to render an account of
all debts owing by them to the corporation and to pay the same to the
receiver at a specified place and by a specified day.

(B) All persons having in their possession any property of the
corporation to deliver the same to the receiver at the specified place
and by the specified day.

(C) All creditors and claimants, including any with unliquidated or
contingent claims and any with whom the corporation has unfulfilled
contracts, to present their claims to the receiver in writing and in
detail at a specified place and by a specified day, which shall not be
less than six months after the first publication of such notice.
Whenever a receiver is appointed in dissolution proceedings under
article 10 (Non-judicial dissolution) or article 11 (Judicial
dissolution), section 1007 (Notice to creditors by corporations
intending to dissolve; filing or barring claims) of this chapter shall
apply and shall control the giving of notice to creditors and claimants
and the filing and barring of claims.

(2) To call a general meeting of the creditors of the corporation
within four months from the date of his appointment by a notice to be
published as directed in subparagraph (a) (1), setting forth the time
and place of such meeting, which time shall be not more than two months,
nor less than one month after the first publication of such notice. At
such meeting, or at an adjournment thereof, the receiver shall present a
statement of all accounts and demands for and against the corporation,
its subsisting contracts, and the money and other assets in his hands.

(3) To keep true books of account of all moneys received and expended
by him as receiver, which books shall be open for inspection at
reasonable times by creditors or other persons interested therein. On or
before the first day of February in each year, for the preceding
calendar year, and at such other times as the court shall direct, the
receiver shall file with the clerk of the court by which he was
appointed a verified statement showing the assets received, the
disposition thereof, the money on hand, all payments made, specifying
the persons to whom paid and the purpose of the payments, the amount
necessary to be retained to meet necessary expenses and claims against
the receiver, and the distributive share in the remainder of each person
interested therein. A copy of such statement shall be served by the
receiver upon the attorney-general within five days after the filing
thereof.