2023 New York Laws › BSC - Business 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 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.