2012 New York Consolidated Laws
RPP - Real Property
Article 4-A - (124 - 130-K) TRUST INDENTURES AND INTERESTS THEREIN
130-B - Managing agents and management companies.

 
    §  130-b. Managing agents and management companies. 1. A person, firm,
  association or  corporation  appointed,  designated  or  employed  by  a
  trustee  entering  or taking possession of mortgaged property to collect
  rents from, or to manage or supervise the operation and  maintenance  of
  property  shall  be bonded by a surety bond, approved by the court as to
  form and sufficiency, in a sum equivalent to at least the  gross  rental
  or  income  of  the  property for the three months immediately preceding
  such appointment, designation or employment,  running  to  the  trustee,
  during  the  period  of  his  or  its  possession for the benefit of the
  bondholders, conditioned upon the faithful performance by  such  person,
  firm,  association  or  corporation,  of  his  or its duties and the due
  accounting for all moneys received by him or it during the course of his
  or its employment. The  cost  or  premium  of  such  bond  may,  in  the
  discretion  of  the  court,  be  a  charge against and paid for from the
  income of the mortgaged property.
    2. No trustee or committee  shall  employ  as  a  managing  agent  any
  management  company  or  corporation any of whose officers, directors or
  stockholders are also officers, directors or employees of the trustee or
  members or employees of the committee.
    3. No voting trustee, officer or director of a  corporation  acquiring
  the  title  to  property in or through a reorganization of such property
  and no corporation  of  which  he  shall  be  an  officer,  director  or
  stockholder,  shall  be employed as a managing agent for the reorganized
  property except with the approval of the persons owning  or  holding  at
  least  fifty-one  per centum of the securities issued by the reorganized
  company.