N.Y. Business Corporation Law § 1207: Duties of receiver upon appointment

§ 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.