N.Y. Not-for-Profit Corporation Law 1212 – Disposition of moneys retained; surplus; unclaimed distributions
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§ 1212. Disposition of moneys retained; surplus; unclaimed
Terms Used In N.Y. Not-for-Profit Corporation Law 1212
- 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.
distributions.
(a) When any action pending at the time of final distribution shall be terminated, the receiver shall apply the moneys retained by the receiver to the payment of the amount recovered, and the receiver's necessary charges and expenses incurred therein.
(b) After the final distribution to creditors and after deducting the receiver's charges and expenses, the receiver shall distribute any surplus in the manner prescribed in section 1002-a of this chapter or, if dissolution of the corporation is not involved, in such manner as the court shall order.