N.Y. Cooperative Corporations Law 18 – Jurisdiction of the supreme court
§ 18. Jurisdiction of the supreme court. In the case of a corporation dissolving as provided in this chapter, the supreme court, upon the petition of the committee or a majority of them, or in a proper case, upon the petition of a creditor or member, or upon the petition of the attorney-general, upon notice to all of the committee and to such other interested persons as the court may specify from time to time may order and adjudge in respect to the following matters:
Terms Used In N.Y. Cooperative Corporations Law 18
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
1. The giving of notice by publication or otherwise of the time and place for the presentation of all claims and demands against the corporation, which notice may require all creditors of and claimants against the corporation to present in writing and in detail at the place specified their respective accounts and demands to the committee by a day therein specified, which shall not be less than forty days from the service or first publication of such notice.
2. The payment or satisfaction in whole or in part of claims and demands against the corporation, or the retention of moneys for such purpose.
3. The presentation and filing of intermediate and final accounts of the committee, the hearing thereon, the allowance and disallowance thereof, and the discharge of the committee or any of them, from their duties and liabilities.
4. The administration of any trust or the disposition of any property held in trust by or for the corporation.
5. The sale and dispostion of any remaining property of the corporation and the distribution of such property or its proceeds among the members or persons entitled thereto.
6. Such matters as justice may require.
All orders and judgments shall be binding upon the corporation, its property and assets, its committee, members, creditors and all claimants against it.