N.Y. Not-for-Profit Corporation Law 1214 – Application by attorney-general for removal of receiver and to close receivership
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§ 1214. Application by attorney-general for removal of receiver and to
Terms Used In N.Y. Not-for-Profit Corporation Law 1214
- 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.
close receivership.
(a) Whenever he or she deems it to be to the advantage of the members, creditors or other persons interested in the assets of any corporation for which a receiver has been appointed, the attorney-general may move:
(1) For an order removing the receiver and appointing another receiver;
(2) To compel the receiver to account;
(3) For such other and additional orders as may facilitate the closing of the receivership.