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.
Final distribution by receiver
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 12
§ 1211. Final distribution by receiver.

(a) If there remains property of the corporation after the first
distribution, the receiver shall, within one year thereafter, make a
final distribution among the creditors entitled thereto. Notice that
such distribution will be the final distribution to creditors shall be
published once a week for two consecutive weeks in a newspaper of
general circulation in the county where the office of the corporation is
located and posted prominently and continuously for two consecutive
weeks on the homepage of any website maintained by the corporation.

(b) A creditor or claimant who failed to prove his claim before the
first distribution and who proves it before the final one shall receive
the sum he would have been entitled to on the first distribution before
any further distribution shall be made to other creditors or claimants.

(c) Unless the court shall otherwise direct, no other distribution
shall be made thereafter to creditors, except to those having pending
actions against the corporation or the receiver.

(d) After the final distribution to creditors, the receiver shall not
be answerable to any creditor or claimant, unless his claim shall have
been proved before or at the time specified in the notice of the final