Statute · New York Not-for-Profit Corporation Law
N.Y. Not-for-Profit Corp. Law § 1212 — Disposition of moneys retained; surplus; unclaimed distributions
N.Y. Not-for-Profit Corp. Law § 1212
- Type
- Statute
- Source
- New York Not-for-Profit Corporation Law
- Jurisdiction
- New York
- Current through
- Nov 4, 2026 (NY Senate Open Legislation)
§ 1212. Disposition of moneys retained; surplus; unclaimed
Citator
N.Y. Not-for-Profit Corp. Law § 1212 — Disposition of moneys retained; surplus; unclaimed distributions is in force in the current edition of the Code, and nothing recorded condemns it.
§ 1212. Disposition of moneys retained; surplus; unclaimed
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.