2023 New York Laws › NPC - Not-For-Profit Corporation › Article 12 - Receivership › 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 or her 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  (4) of paragraph (a) 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  by  corporations
intending to dissolve; filing or barring claims) of this  chapter  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.