N.Y.
Not-for-Profit Corporation Law Section 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.
Source:
Section 1215 — Resignation by receiver; filling any vacancy, https://www.nysenate.gov/legislation/laws/NPC/1215 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
