US Laws, Codes, Statutes & Cases

 
  § 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 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  (a) (4) 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;  filing  or  barring
  claims)  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.