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2019 New York Laws
BSC - Business Corporation
Article 12 - Receivership
1216 - Final Accounting; Notice; Duty of Attorney-General.

Universal Citation: NY Bus Corp L § 1216 (2019)
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§ 1216. Final accounting; notice; duty of attorney-general.
  (a)  Within one year after qualifying, the receiver shall apply to the
court for a final settlement of  his  accounts  and  for  an  order  for
distribution,  or, upon notice to the attorney-general, for an extension
of time, setting forth the reasons therefor. If the receiver has not  so
applied  for a settlement of his accounts or for such extension of time,
the attorney-general or any creditor or shareholder  may  apply  for  an
order  that  the  receiver show cause why an accounting and distribution
should not be had, and after the expiration of eighteen months from  the
time   the   receiver   qualified,   it   shall   be  the  duty  of  the
attorney-general to apply for such an order on notice to the receiver.
  (b) Before presenting a final account, the receiver shall give  notice
of  his  intention to file it by publication, under subparagraph (a) (1)
of section 1207 (Duties of receiver upon appointment), setting forth the
time and place of filing and presentation to  the  court.  The  receiver
shall also give not less than eight days' written notice to the sureties
on his official bond.
  (c)  Upon  presentation  of  such  account,  the  court shall hear the
allegations, objections and proofs of all parties interested  and  allow
or  disallow  such account, in whole or in part, and make a final order.
The court may refer the account and the hearing, in whole or in part, to
a referee who shall report thereon to the court.
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