Connecticut General Statutes 52-507 – Authority of receiver of corporation
(a) Receivers of a corporation, appointed by judicial authority, shall have the following rights and powers: (1) The right to the possession of all the corporation’s books, papers and property; (2) the power in their own names, or in the corporation’s name, to commence and prosecute civil actions for and on behalf of the corporation; (3) the right to defend all actions brought against the corporation or them; (4) the right to demand and receive all evidences of debt and property belonging to the corporation, and to do and execute in the corporation’s name, or in their names as receivers, all other acts and things necessary or proper in the execution of their trust; and (5) all the powers for any of the above-mentioned purposes possessed by the corporation.
Terms Used In Connecticut General Statutes 52-507
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
(b) The receivers of a corporation shall, under the order of the court, have the same power as the directors of the corporation to call in the subscriptions to its capital stock, in such proportions and at such times and places as they think necessary for the purpose of paying all the debts of the corporation and all the expenses of the receivership.