US Laws, Codes, Statutes & Cases

 
  § 1215. Resignation by receiver; filling any vacancy.
    (a)   A receiver may petition the court appointing him for an order to
  show cause why he 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 him, of all payments or other
  disposition thereof  made  by  him,  of  the  remaining  assets  of  the
  corporation  in  respect  to  which  he  was  appointed receiver and the
  situation of  the  same,  and  of  all  his  transactions  as  receiver.
  Thereupon,  the  court shall grant an order directing notice to be given
  to the sureties on his 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 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 he shall be discharged and his powers as receiver shall cease,
  but he 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.