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This entry was published on 2014-09-22
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SECTION 1215
Resignation by receiver; filling any vacancy
Not-for-Profit Corporation (NPC) CHAPTER 35, ARTICLE 12
§ 1215. Resignation by receiver; filling any vacancy.

(a) A receiver may petition the appointing court for an order to show
cause why he or she should not be permitted to resign.

(b) The petition shall be accompanied by a verified account of all the
assets of the corporation received by the receiver, of all payments or
other disposition thereof made by the receiver, of the remaining assets
of the corporation in respect to which the receiver was appointed
receiver and the situation of the same, and of all his or her
transactions as receiver. Thereupon, the court shall grant an order
directing notice to be given to the sureties on his or her official bond
and to all persons interested in the property of the corporation to show
cause, at a time and place specified, why the receiver should not be
permitted to resign. Such notice shall be published once in each week
for six successive weeks in one or more newspapers as the court shall
direct. If it shall appear that the proceedings of the receiver in the
discharge of his or her trust have been fair and honest and that there
is no good cause to the contrary, the court shall make an order
permitting such receiver to resign. Thereupon the receiver shall be
discharged and his or her powers as receiver shall cease, but he or she
shall remain subject to any liability incurred prior to the making of
such order. The court, in its discretion, may require the expense of
such proceeding to be paid by the receiver presenting the petition.

(c) Any vacancy created by resignation, removal, death or otherwise,
may be filled by the court, and the property of the receivership shall
be delivered to the remaining receivers or, if there are none, to the
successor appointed by the court. The court may summarily enforce
delivery by order in the action or special proceeding in which the
receiver was appointed.