New York Consolidated Laws, Not-For-Profit Corporation Law - NPC § 1204. Oath and security
Current as of January 01, 2021 | Updated by FindLaw Staff
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A receiver, before entering upon his or her duties, shall: (a) Take and subscribe an oath that he or she will faithfully, honestly and impartially discharge the trust committed to him or her, and the oath shall be filed with the clerk of the court in which the action or special proceeding is pending.
(b) File with the clerk of such court a bond to the people, with at least two sufficient sureties or a bond executed by any fidelity or surety company authorized by the laws of this state to transact business, in a penalty fixed by the court appointing him or her, conditioned for the faithful discharge of his or her duties as receiver. The court may at any time direct a receiver to give a new bond with new sureties and with like condition.
Cite this article: FindLaw.com - New York Consolidated Laws, Not-For-Profit Corporation Law - NPC § 1204. Oath and security - last updated January 01, 2021 | https://codes.findlaw.com/ny/notforprofit-corporation-law/npc-sect-1204/
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