N.Y. Business Corporation Law § 1215: Resignation by receiver; filling any vacancy

§ 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.