There is a newer version
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the New York Laws
2017 New York Laws
NPC - Not-For-Profit Corporation
Article 12 - Receivership
1212 - Disposition of Moneys Retained; Surplus; Unclaimed Distributions.
Universal Citation: NY Not for Profit Corp L § 1212 (2017)
1212. Disposition of moneys retained; surplus; unclaimeddistributions.
(a) When any action pending at the time of final distribution shall be terminated, the receiver shall apply the moneys retained by the receiver to the payment of the amount recovered, and the receiver's necessary charges and expenses incurred therein.
(b) After the final distribution to creditors and after deducting the receiver's charges and expenses, the receiver shall distribute any surplus in the manner prescribed in section 1002-a of this chapter or, if dissolution of the corporation is not involved, in such manner as the court shall order.
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