N.Y. Not-for-Profit Corporation Law § 1215: Resignation by receiver; filling any vacancy

§ 1215. Resignation by receiver; filling any vacancy.

(a) A receiver may petition the appointing court for an order to show

cause why he or she 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 the receiver, of all payments or

other disposition thereof made by the receiver, of the remaining assets

of the corporation in respect to which the receiver was appointed

receiver and the situation of the same, and of all his or her

transactions as receiver. Thereupon, the court shall grant an order

directing notice to be given to the sureties on his or her 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 or her 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 the receiver shall be

discharged and his or her powers as receiver shall cease, but he or she

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.