N.Y. Business Corporation Law § 1216: Final accounting; notice; duty of attorney-general

§ 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.